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How Safe Is Bitcoin?

by Olufisayo
How Safe Is Bitcoin

Safety is one of the first things that comes to mind when we decide to invest our money somewhere. Whether it is a virtual business or a one in the real world, we always want to make sure we put our money in a safe place.

During their not very long existence time cryptocurrencies have known how to surprise in many aspects. Actually, they got trendy, and they did not need a long time to prove themselves as a very reliable industry, which is turning now into an industry that could change the world. Despite this fact, they still have had their problems.

How safe are cryptocurrencies, really?

Cryptocurrencies have been hacked in the past. The most famous case is the Mt. Gox scandal that had shaken the cryptocurrency world back in February 2014. Mt. Gox suspended trading, closed its website and exchange service, and filed for bankruptcy protection from lenders.

In April 2014, the company began liquidation procedures. A hack that had never happened before occurred, leaving all crypto traders surprised.

Also, in the same year, Bitcoin bank, Flexcoin closed down after it lost bitcoins worth about $600,000 to a hacker attack.

       

Moreover, taking into account these cases, to keep your bitcoins safe, it is preferred to use a hardware cryptocurrency wallet. These gadgets look like USB thumb drives and are commonly seen as the best quality level with regards to safely putting away your Bitcoin.

A recuperation procedure is additionally accessible in the event that you genuinely lose the wallet. Further, using trading bots is also considered a safe way to trade. Bitcoin Up is a platform that will safely trade on your behalf.

We can conclude that in its ten years of history, bitcoin, when utilized and stored away effectively, has proven to be a reliable monetary instrument with regards to putting away esteem, secure borderless distributed cash moves, and openness.

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