IS Bitcoin Safe

[ranochigo]

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

Blockchain.info is still relatively safe due to the fact that they send backups to the user's email, don't store unencrypted on their servers and allow the user to have full control over the private key. Without the correct encryption key, no one is able to open your wallet. The 2FA also adds another layer of security over it as the wallet cannot be accessed without the correct 2FA key.

[BAGOBO]

I answer with this video:
https://www.youtube.com/watch?v=ZloHVKk7DHk

this explanation is awesome

Quindecillions currency !!
That was a massive ultra huge ammount

I'm pretty sure that someone can't hack bitcoin unless they know your private key

[erikalui]

I don't think so as many don't recognize BTC and it is not a recognized. 

I use it but don't keep BTC in my account and exchange it via PayPal to be on a safe side.

[phillipsjk]

I don't think so as many don't recognize BTC and it is not a recognized. 

I use it but don't keep BTC in my account and exchange it via PayPal to be on a safe side.

Paypal and Bitcoin don't mix; mkay?

The word "account" worries me too. Hopefully you have cold storage somewhere.

[erikalui]

I don't think so as many don't recognize BTC and it is not a recognized. 

I use it but don't keep BTC in my account and exchange it via PayPal to be on a safe side.

Paypal and Bitcoin don't mix; mkay?

The word "account" worries me too. Hopefully you have cold storage somewhere.

I am not mixing it but when I received BTC, I just convert it into PayPal funds and withdraw the same to my bank account.

BTC value fluctuates a lot and a BTC worth $1 can become $0.05 in no time so it's no use in my POV to keep storing it for a long time.

[phillipsjk]

I am not mixing it but when I received BTC, I just convert it into PayPal funds and withdraw the same to my bank account.

BTC value fluctuates a lot and a BTC worth $1 can become $0.05 in no time so it's no use in my POV to keep storing it for a long time.

PayPal and most bank-transfers can be reversed. Bitcoin can not be. Scammers like to exploit this difference for fraud purposes.

[Soros Shorts]

I don't think so as many don't recognize BTC and it is not a recognized. 

I use it but don't keep BTC in my account and exchange it via PayPal to be on a safe side.

Paypal and Bitcoin don't mix; mkay?

The word "account" worries me too. Hopefully you have cold storage somewhere.

I am not mixing it but when I received BTC, I just convert it into PayPal funds and withdraw the same to my bank account.

BTC value fluctuates a lot and a BTC worth $1 can become $0.05 in no time so it's no use in my POV to keep storing it for a long time.

Fair enough use of BTC to accept (and make) payments. Nobody is forcing you to hold bitcoins. If enough people used bitcoins as a medium of exchange even without holding just by having bitcoins in circulation will have a positive and stabilizing effect on its price.

[erikalui]

I am not mixing it but when I received BTC, I just convert it into PayPal funds and withdraw the same to my bank account.

BTC value fluctuates a lot and a BTC worth $1 can become $0.05 in no time so it's no use in my POV to keep storing it for a long time.

PayPal and most bank-transfers can be reversed. Bitcoin can not be. Scammers like to exploit this difference for fraud purposes.

Oh, did not know that bank transfers can be reversed  Yes. PayPal does reverse the transaction but Bitcoins cannot reverse the transaction. Fraud people make the impossible also possible.

[manselr]

I would say yes it is, unless you are something incredibly ilegal like being a drug cartel lord or whatever.

[QuestionAuthority]

I am not mixing it but when I received BTC, I just convert it into PayPal funds and withdraw the same to my bank account.

BTC value fluctuates a lot and a BTC worth $1 can become $0.05 in no time so it's no use in my POV to keep storing it for a long time.

PayPal and most bank-transfers can be reversed. Bitcoin can not be. Scammers like to exploit this difference for fraud purposes.

Oh, did not know that bank transfers can be reversed  Yes. PayPal does reverse the transaction but Bitcoins cannot reverse the transaction. Fraud people make the impossible also possible.

Yes, bank transfers, like all modern financial systems, have fraud protection built in and can be reversed. Bitcoin has no built in fraud protection. The burden is on the consumer to ensure they are not victims. If you're a seller it's great because no one can screw you by taking the product and doing a charge back. If you're a scammer it's also great for the same reason.

Butterfly Labs is a perfect example. BFL went to all of the Bitcoin conferences and did everything they could to convince people they were an honest seller. Well they weren't honest. The only people that got their money back were the people who paid with PayPal because they used the built in fraud protection. The people that paid with Bitcoin need the Federal Trade Commission to get their money back and that may not even work.

[bornil267645]

That's the beauty of Bitcoin. It's much more interesting than any other currency.