Is investing in Bitcoin is safe ?

ChrisDouthit

Member
59 4
Yes, I remember it well.

Good ole Mt. G 'exchange' was everything that Cryptocurrency is designed to protect you from.

Just what exactly did people think would happen when they gave all their money and control over it to a site that started out as a fantasy-magic-based-card-game-trading-service. Doh. :ROFLMAO: :ROFLMAO: :ROFLMAO: :ROFLMAO: :ROFLMAO:

Hmmm. I'll just take my new car down town and ask the teenagers hanging at the skate park to look after it for me.

I'm sure they will nuture and look after it with great care and attention and deliver it back to me in pristine condition all shiny and polished and at once as soon as I let them know I need to use it again.

NOT.

o_O
I owned a web-based shopping cart in 2013 and was in talks with both Mt. Gox and Coinbase about integrating their platform into my checkout. Luckily I chose Coinbase!
 

Bubba27

Active member
116 5
Maybe a good move by countries to set up their own integrated coin sites ?
Would that not defeat the purpose of "global" currency? Dividing internet ranges is a step back because there is no boundry with crypto. For the most part it is space money. . establishing seperate country websites for this is a step back into the inevitable endless digital red tape & over regulation that makes crypto so messy and prone to cyber security breaches.

Right now it is all about the exchanges security. The US based sites Coinbase and Binance, they have (possibly) better reputations to refund accounts in case they were at fault in a mass account security hacking/stealing scenario... so they say at least.

If I was going to trade those or park crypto at any exchange, I would stick with Coinbase for now. It is likely the closest thing crypto has to a bank.
 
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Bubba27

Active member
116 5
As far as personal cold wallet security (where the owner is the only person who has control of the keys) I have never heard of a persons crypto being stolen that way. Unless they were unwise about how they protected themselves online.

I have never heard of a hacker breaking into a persons cold storage by brute force unless the owner themselves somehow compromised their own wallets security.

So it is an amazing way to store value but not everybody is a tech wizard. It requires learning of basic security measures.

Others have described how if a person told the wrong folks about their crypto holdings that they could be held for ransom and forced to reveal the keys. That may become more common in the future before people learn to further safeguard their keys and their accounts.
 

Tor_88

Junior member
20 3
Volatility in the crypto market can be a little harmful at times, just got to be careful. Otherwise, its a good field to earn.
 

MasterOfCoin

Well-known member
290 104
Volatility in the crypto market can be a little harmful at times, just got to be careful.
Crypto has always been volatile (due to speculation). but that doesn't impact on 'safety'.
As currencies mature and actual users outnumber speculators, they will become less volatile.
How long that takes is a matter of popularity and convenience as much as anything.

:)
 
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