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Eastwind
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January 11, 2015, 09:22:46 AM |
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Bitcoin protocol is safe. If you store it inappropriately, then it is not safe.
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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fildza
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January 11, 2015, 03:25:06 PM |
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Wait. Did you just ask how to safe your money from thief? Ask yourself back where you save your salary. In the bank right? You never heard about bank got rob or credit card fraud? How you gonna save your money from that?
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hexafraction
Sr. Member
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Activity: 392
Merit: 259
Tips welcomed: 1CF4GhXX1RhCaGzWztgE1YZZUcSpoqTbsJ
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January 11, 2015, 04:23:29 PM |
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Also, remember that coin/wallet loss is far more common and damaging than wallet theft. Keep a backup on something that won't easily get damaged such as a good flash drive, or even good paper in a secure bank safe deposit box.
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BittBurger
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January 11, 2015, 04:25:18 PM |
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Please ignore the people here who lack awareness of non-technical people.
Ignore the armory suggestion and the Trezor spam that is saturating this forum and Reddit.
bitaddress.org - free, simple, instant, and 100% secure.
NOTHING ELECTRONIC that you have to 'Trust' in.
-B-
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Kprawn
Legendary
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Activity: 1904
Merit: 1073
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January 11, 2015, 04:38:08 PM |
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The Bitcoin technology/protocol is safe, the services built on top of it, or using it, for example "Online" wallet service providers and Bitcoin exchanges etc, are vulnerable to hacks. Most of the stuff you hear, are not related to the Bitcoin protocol. Most of the hacks occur, where large amount of coins are "collected" or stored for people, by a 3rd party. Bitcoin service providers attract the same people, who hack sites collecting credit card information. It's a currency with value, and people are attracted to the value.  |
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BTCreward
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January 11, 2015, 10:23:08 PM |
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While I do agree with you in principle on your point, it is flawed in that the assets that are stolen in these robberies are insured while bitcoin is not. In this example when a bank is robbed, the bank does not even take a "hit" in their profits because their insurance covers the amount lost in the robbery. As we unfortunately saw in GOX this is not the case for bitcoin exchanges. There is also evidence left behind when a bank is robbed that clearly proves that a third party was behind the robbery (unrelated to the owner(s) of the bank as a whole). This is not the case with bitcoin robberies. |
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bg002h
Donator
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Activity: 1463
Merit: 1047
I outlived my lifetime membership:)
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January 11, 2015, 10:40:31 PM |
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Is Bitcoin really this safe with all this hacking going on?
I really need to know before I throw a ton of money towards it.
If you give someone your money and they promise to take care of it for you, then the probability of loss is very high...this is true with conventional currency too though (though the loss is born by other people, not the depositor, in most cases). Lesson 1: trust no one with your money. Lesson 2: if you must break lesson 1, make sure you only bear a tiny fraction of the burden of loss (ie, be a citizen in a country where the people insure deposits via government program or otherwise). Lesson 3: If you truly want to protect your bitcoins, it can be done but it requires work, knowledge, and skill...although less now than in years past. If you are throwing non-trivial sums into bitcoin, buy a Trezor and learn how to use it and how to back up a wallet seed securely. |
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OleOle
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January 11, 2015, 10:41:18 PM
Last edit: January 11, 2015, 10:55:40 PM by OleOle |
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Is Bitcoin really this safe with all this hacking going on?
I really need to know before I throw a ton of money towards it.
Don't bother throwing a ton of money at it. Use a small amount to get started and get familiar and comfortable with the security knowledge and procedures that you need to know then upscale your investment if you're happy about it. There's some good information on this thread already about cold storage, offline wallets, etc so get your head around that and choose a solution that is right for you. Wondering if "Bitcoin is safe with all this hacking going on" is your mind's way of questioning what you need to keep your bitcoins safe - figure that out then you'll know the answer to your question.  |
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doof
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January 11, 2015, 11:13:51 PM |
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Is Bitcoin really this safe with all this hacking going on?
I really need to know before I throw a ton of money towards it.
If you have to ask... |
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achillez
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January 12, 2015, 03:03:07 AM |
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I'd say no. There are too many wolves among the sheep here.
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doggieTattoo
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January 12, 2015, 04:15:10 AM |
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Is Bitcoin really this safe with all this hacking going on?
I really need to know before I throw a ton of money towards it.
Don't bother throwing a ton of money at it. Use a small amount to get started and get familiar and comfortable with the security knowledge and procedures that you need to know then upscale your investment if you're happy about it. There's some good information on this thread already about cold storage, offline wallets, etc so get your head around that and choose a solution that is right for you. Wondering if "Bitcoin is safe with all this hacking going on" is your mind's way of questioning what you need to keep your bitcoins safe - figure that out then you'll know the answer to your question. You really do not need to "throw" any money at bitcoin prior to learning about proper security techniques. All you really need to do is spend some time leaning about how to properly secure your bitcoin and what mistakes people have made in the past (so you do not make the same mistakes) |
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Boris-The-Blade
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January 12, 2015, 04:23:00 AM |
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Is Bitcoin really this safe with all this hacking going on?
I really need to know before I throw a ton of money towards it.
I think the huge price swings and instability in price added the complications of keeping your coins safe puts people off for sure. Its so easy to make a mistake and all your coins are just 'Gone', I've nearly lost my many coins quite a few times and aged about 10 years in the process  |
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OleOle
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January 12, 2015, 04:59:50 AM |
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I'd say no. There are too many wolves among the sheep here.
^That's probably the most accurate thing said on this thread  |
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panju1
Legendary
Offline
Activity: 1246
Merit: 1000
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January 13, 2015, 01:04:50 AM |
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Is Bitcoin really this safe with all this hacking going on?
I really need to know before I throw a ton of money towards it.
You just have to make sure that the security you put in place is sufficient. Read up more on Bitcoin, before you decide to enter. You have a marvellous price point to enter. |
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