How to secure Bitcoins

If Bitcoin is the safest coin,  how can it be stolen from people’s wallets? Bitcoin is an encrypted coin, about which all passionate people will tell you that it is the safest currency and immune to “tampering,” meaning no one can interfere without your will in a blockchain to fake it and record a transaction on which you do not intend to do.

And yet, the significant attacks in bitcoin history have left many users without savings, and besides, at the individual level, you have all heard of users who have woken up with their empty wallets. How did this happen, when we talk about more efficient encryption than the banks have, and when we know that the only way to attack the blockchain would be, theoretically speaking, the quantum computer still uninformed? Who is right? Is the Bitcoin safe or can you wake up with your empty wallet from one day to the next? Those who tell you how secure the bitcoin is, are just evangelists who ignore real evidence and try to serve only the positive side of things? Click here to find out more.

Bitcoin is the most trusted currency?

Your bitcoin wallet has a public address that you can display anywhere and virtually a virtual identity known to everyone. This public address, a long string of numbers and letters, identifies you as such in the bitcoin community and puts your trading partners at their disposal an address where they can contact you for transactions. In addition to this public address, you also have a PRIVATE password associated with it, which must remain private for the duration you use your bitcoin wallet.To safely and securely store your coins get a bitcoin cash wallet. 

Without this password, no one can access your wallet, so you really have the security that a secret password, stronger or weaker, can give you. Blockchain technology provides military-grade protection. Which means a very well-reinforced door that can only be opened with the key.

The blockchain works on a straightforward, logical and easy-to-understand system. There are several nodes in the network that check transactions and record them as valid. Virtually every network participant has a notarized role validating an invalid operation. This means that any hacker may record a fake, malicious and unapproved transaction on a computer, but once network nodes verify this transaction, it will be identified as counterfeit and removed. So no one can break the blockchain and steal your bitcoins from your wallet unless it has a stronger computer than the entire network of millions of users that contributes to network processing power. So it is impossible to attack the blockchain. Read a review on the Bitcoin Trader.

You need to be aware that bitcoin transactions are irreversible. So if you made a wrong transaction to an address to which you did not intend to send bitcoins or if you sent a larger amount than the one you wanted to send it is like having lost your wallet money and your you can take the thought of them.

Robbery on the big road

The stakes of someone who intends to steal your bitcoins is to get your private password through various means. So you can be forced to give your private password or make a transaction to a wallet. This can happen very well in the carbon world – you meet someone you intend to do with a deal, and you find yourself compelled to give your wallet password. That’s what happens if you do not treat bitcoins like fiat money and you do not protect them. You cannot announce that you are going to walk with a walkover wallet in a dark alley, and not put yourself in any danger.

It is good (if not compulsory) to establish a meeting in a public space, to make sure that the person is trustworthy and that you do not put your money (and yourself person) in jeopardy. It is, in the end, generally valid advice, so that you do not find yourself forced to give the keys to your own wallet. Obviously, even if Bitcoins are digital, you can be robbed of them in the physical world.

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The ransomware and DDoS attacks

Moreover, in the digital world, you can be constrained and blackmailed to send someone bitcoins. The ransomware attacks are relatively frequent, and someone can take your data from the host computer until you pay a pre-set amount.

Attacks like ransomware or DDoS are quite expensive. Especially in the case of DDoS, the hacker must devote significant resources to keeping your site hostage and most likely if you have enough patience to get a nerve game, it will give up at some point to attack, and you will release the site.

Spills of the password

Your private password must be secure and confidential. If your password is Password1234, you should not be surprised if it is guessed. Even so, a two-factor authentication on a device

First of all, Bitcoin is not a company; it is not a company or an institution. On the contrary, it is anti-institutional and does not have a director. That is the whole principle of decentralization.

Who is Satoshi Nakamoto

Satoshi Nakamoto came up with the bitcoin principle in the idea that he would be able to destabilize some obsolete institutions using technology. The “dream” was for the pyramid to go downhill and the entire bitter economy not to rely on governmental decisions, that is, the decisions that are in the hands of a few people. The bitcoin economy would be in the hands of the community, and the price would fluctuate according to the real state of the market, not political manipulation.

For skeptics, it may be hard to believe that someone would sacrifice his fame and place in history for the sake of a statement of this kind. It seems, however, that Satoshi Nakamoto’s antipathy for the system is big enough for him not to seek the popularity that his invention might have brought him. This makes it even more exciting and mysterious.

So, those who invest in bitcoin do not invest in a person or institution, instead of in an anti-governmental idea based on libertarian principles. It does not matter who invented the bitcoin, as it does not matter who invented the wheel. The important thing is that they are used for the benefit of humanity. This is what the idealists, the libertarians, the anarchists and, more recently, the market observers who have discovered its benefits.

Bitcoin, the invention that scientists have been expecting for years

Noteworthy is that we are not talking about a totally new idea. The idea of ​​digital gold has been awaited since technology did not allow such a network. Milton Friedman, Nobel Prize winner, said in 1999, “The only thing that is missing but soon to be developed is a secure e-cash system, a meta to buy from the Internet, you can transfer money from A to B without A knowing about B and vice versa. This will happen on the Internet. “. He did not talk about phone calls 20 years ago, nor about online banking or an online shopping system that had appeared since 1994. He was expecting a cryptographic coin, a digital gold, that materialized in 2008.