IS Bitcoin Safe

[choeymethod]

Yes, its safe. ANd its not like people haven't tried, to fuck with btc.

[1715291937]

1715291937

[david wilson]

I don't think, bitcoin is safe.

[amaclin]

...that it's impossible to create counterfeit coins.

Wrong.

[s2]

Safe is rather generic.

Are transactions secure?  Yes, it certainly looks like it as in 5 years this still is working flawlessly.
Are your bitcoins safe if you keep your private key secure?  Yes, it looks safe so far.  The public/private key encryption used and other security measures seems to have stood up to 5 years of hacking attempts and still no obvious exploits to steal funds via the network.  There are multiple layers of security that would need to be compromised for the coins to be moveable by the non-owner, each layer in itself has never been broken yet that I'm aware of.
Is the supply really limited to keep the value safe?  Yes, the supply is defined by the protocol which everyone follows so is very predictable.
Are your coins safe on your PC?  Yes and No.  If anyone gets your private key they can take the funds.  The private key is usually held on your PC or on a website if you use an exchange.  Coins held by someone else are not safe as MtGox demonstrated.  Coins on your PC must make sure you don't expose your private key to viruses/malware/etc.. For that reason any 'savings' of bitcoin should probably be moved offline to be very secure the private key is kept secure.
Is the exchange rate safe?  No, not yet, it's volatile and will remain volatile but as the mining rewards decrease and adoption and awareness increases this volatility should reduce. 


So overall, yes Bitcoin itself is safe on the caveat you are careful about your private keys.

[Nerazzura]

Hi! New to Bitcoin---I am just wondering is Bit Coin safe?? I have seen many things about bitcoin.

Brigitte Grisanti

I say welcome here. and do not forget to tell your friends.
nothing is really safe for a payment. its the same thing in the real world, in bitcoin is also a thief. but it is also very difficult because bitcoin has good security. I liked is bitcoin transaction very easy and fast. do not need no documents in the verification

[ranochigo]

...that it's impossible to create counterfeit coins.

Wrong.

Care to elaborate? AFAIK, the only way to create 'counterfeit' coins is to double spend. Risk of double spending can be reduced if you take the appropriate measures. Most merchants require at least one confirmation to confirm the purchase. To successfully double spend a transaction with 6 confirmations, you would need to have at least 51% of the network's hashrate. If any pool goes near 51%, most of the community would start leaving the pool unless the pool takes appropriate measures.

[mullerdan]

Bitcoin is safe, more than what we have now.

[hsz]

Safe or not safe, it's really a big question!

[RobertDJ]

...that it's impossible to create counterfeit coins.

Wrong.

Actually you are incorrect. Whenever you attempt to spend an input you must sign a transaction with the private keys that is associated with the public hash that the input was last sent to. It is not possible to spend any input that you have not received as if you attempt to do so the transaction will not be accepted by the nodes

[amaclin]

Actually you are incorrect. Whenever you attempt to spend an input you must sign a transaction with the private keys that is associated with the public hash that the input was last sent to. It is not possible to spend any input that you have not received as if you attempt to do so the transaction will not be accepted by the nodes

It is possible to reorganize main chain by 51% attack.
It is very difficult today.
But it will be cheap and easy tomorrow.

[mercistheman]

Safer than a waitress taking your credit card to the back room... or Home Depot... Kmart... Target etc.

[RobertDJ]

Actually you are incorrect. Whenever you attempt to spend an input you must sign a transaction with the private keys that is associated with the public hash that the input was last sent to. It is not possible to spend any input that you have not received as if you attempt to do so the transaction will not be accepted by the nodes

It is possible to reorganize main chain by 51% attack.
It is very difficult today.
But it will be cheap and easy tomorrow.

This is not "counterfeiting" coins.

I would however disagree that it will be easy to launch a 51% attack "tomorrow" as, over time the total block reward should stay the same while the TX fees will increase per block and the block subsidy will decrease per block. This will result in the difficulty decreasing by only small amounts

[Daniel91]

Safe is rather generic.

Are transactions secure?  Yes, it certainly looks like it as in 5 years this still is working flawlessly.
Are your bitcoins safe if you keep your private key secure?  Yes, it looks safe so far.  The public/private key encryption used and other security measures seems to have stood up to 5 years of hacking attempts and still no obvious exploits to steal funds via the network.  There are multiple layers of security that would need to be compromised for the coins to be moveable by the non-owner, each layer in itself has never been broken yet that I'm aware of.
Is the supply really limited to keep the value safe?  Yes, the supply is defined by the protocol which everyone follows so is very predictable.
Are your coins safe on your PC?  Yes and No.  If anyone gets your private key they can take the funds.  The private key is usually held on your PC or on a website if you use an exchange.  Coins held by someone else are not safe as MtGox demonstrated.  Coins on your PC must make sure you don't expose your private key to viruses/malware/etc.. For that reason any 'savings' of bitcoin should probably be moved offline to be very secure the private key is kept secure.
Is the exchange rate safe?  No, not yet, it's volatile and will remain volatile but as the mining rewards decrease and adoption and awareness increases this volatility should reduce. 


So overall, yes Bitcoin itself is safe on the caveat you are careful about your private keys.

Very good explanations, thank you!
In reality, I don't think that anything on Internet can be 100 % safe.
We can witness this every day (even banks have security problems online), but at least we can use regularly all possible ways to protect ourselves on Internet, be careful what we do and where we do, and we will be safe 99,99 %.

[Flashman]

LD50 of bitcoin in rats is 2000 BTC per kilogram by oral ingestion. No figures for humans, but Karpeles is looking a bit peaky since he swallowed 800,000 ish of them. FDA have certified it as a food additive in proportions of less than 5% dry weight. No toxicological reports have arrived from major hospitals, with the exception of one California man, who may have ingested cheap Chinese bitcoins contaminated with melamine.

[rebuilder]

So I was wondering what kind of scheme this thread is part of. OP has no ads in sig, doesn't seem to be inflating post count here, but the post has a vague, clickbaity feel to it. A couple of spammers "taking part" in the discussion.

Is that it? create a thread sure to generate low-signal banter, and therefore stay on top of the topic listing. Also due to the high noise level instilled by how the OP is formulated, spambot alts will blend in better than in bona fide threads.

[Orangina]

It's the safest payment method you can find around , just make sure to use Offline wallets (I personally use Electrum) . and even if you have a computer failure , you can recover your wallet using a seed that you get first time you install Electrum.

Just stay away from Coinbase,Blockchain.info or anything else online

[allthingsluxury]

It really depends on how you use / handle it. It in itself is safe.

[QuestionAuthority]

LD50 of bitcoin in rats is 2000 BTC per kilogram by oral ingestion. No figures for humans, but Karpeles is looking a bit peaky since he swallowed 800,000 ish of them. FDA have certified it as a food additive in proportions of less than 5% dry weight. No toxicological reports have arrived from major hospitals, with the exception of one California man, who may have ingested cheap Chinese bitcoins contaminated with melamine.

HaHa. Classic post!

That's why I mix small doses of Bitcoin with marijuana. That increases the effect of Bitcoin while limiting my exposure.

[phillipsjk]

So I was wondering what kind of scheme this thread is part of. OP has no ads in sig, doesn't seem to be inflating post count here, but the post has a vague, clickbaity feel to it. A couple of spammers "taking part" in the discussion.

Because I have not seen the OP respond yet, I suspect classic troll.

The well-constructed troll is a post that induces lots of newbies and flamers to make themselves look even more clueless than they already do, while subtly conveying to the more savvy and experienced that it is in fact a deliberate troll.

If you don't fall for the joke, you get to be in on it.
...
Section 6: Following-Up
...
Try not to follow-up to your own troll. The troll itself quickly becomes forgotten in the chaos and if you just sit back you can avoid being blamed for causing it.

-http://www.urban75.com/Mag/troll.html

[AaronJacalyn]

I have some, I wish I had more, like everyone else.” Lee has benefitted, though, in terms of community stature and influence, as he and litecoin have come to exemplify the role of altcoins in strengthening the overall cryptocoin ecosystem So it seems to be absoultely Safe

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