Cryptocurrency

Is Bitcoin safe to invest in? is it smart to invest in bitcoin now?

Is Bitcoin Safe To Invest In?

One should invest in bitcoin if he believes in the fundamentals, and the value it brings. Else you need to stay out of it. I wouldn’t be surprised if I see Bitcoin price $100,000 in the next 2 years. With the constant greed and printing of money, the flight to safety is coming. A stored value/commodity such as gold. Keeping on the platform is risky.

So, How to keep your Bitcoin safe?

For me, a platform like Binance is safe. But again, nothing is 100%. Cold storage / hard wallets could be a better option. Cold storage refers to any cryptocurrency wallet that is not connected to the internet. So, there is no way hackers can get to it. But still Is Bitcoin Safe To Invest In?

Is Really Bitcoin Safe To Invest In?

The creator of Bitcoin goes by the name of Satoshi Nakamoto, but of course, that is a pseudonym and nobody knows who that person is. The world has changed since 2009, with more and more people seeing the benefits of a paperless, nonphysical money system as opposed to fractional reserve banking. You should not be keeping your money [by trusting] someone else to keep it safe for you. That’s just a bank. Part of the reason we’re doing this open blockchain is that we don’t trust banks.

What is the most secure device you own?

What is the most secure device you own? Not your laptop! Not your laptop. How many here have Windows? My sincere condolences… You don’t own your Windows machines. Your Windows machines are owned by a combination of viruses and trojans, that are controlled by hackers somewhere else in the world. They’re not your machines. They just let you use them occasionally.

The most secure device you own is your smartphone. Android, iOS?

It’s the most secure device you own. Operating systems on smartphones are far more secure than laptops and desktops, especially Windows. Your smartphone is probably the best place to run a wallet. But again, nothing is 100%.

Online wallets:

Online wallets are exactly like banks for cryptos. All you have to do is sign up, and you will automatically be given an address and a private key that consists of 12 words. You can use that address to send or receive bitcoins instantly. You can download the app on your phone and start sending and receiving money with a few clicks. You don’t have to download the entire history of bitcoin transitions like in the first case because that online wallet does everything for you. It’s even easier than opening a bank account. But there is a catch. Everything easy always comes with a catch. In the first case where you had to download the entire bitcoin blockchain, you were the only one who had access to your wallet, but in the second case, the online wallet belongs to that company, and you are only given access to it exactly like banks. When you keep your money in a bank, you don’t own that bank. The bank simply opens an account for you and gives you access to that account. This means the bank theoretically can block you, freeze your account or even steal your money.

Hardware Wallet:

If you have a lot of [cryptocurrency], more than what you would be upset to lose, you should buy a hardware wallet. A hardware wallet is a little USB device that keeps your bitcoin keys on a highly secure, special-purpose device. Even if your computer is full of viruses and hackers, you can use that device securely because everything happens on the device, and the device itself can’t be attacked over USB. Or it’s almost impossible. So, buy a hardware wallet.

This means writing it down on a piece of paper or making a copy of it on a flash drive or another form of storage that can’t be reached remotely. For maximum security, make sure to encrypt it as well. Many wallets today allow you to add encryption when you export the private key to a file through the use of a password. Some wallets will supply you with a seed phrase of 12 or more words instead of the private key. If that’s the case, make sure to write them down in a safe place.

They’re a bit difficult to buy right now, because apparently about a million people noticed that the bitcoin price went up, decided to finally join this thing, then went out and tried to buy a hardware wallet, so they’re out of stock. That’s a good problem to have. I can recommend a couple of those: Ledger, Trezor there’s a bunch of others that are also good.

What is the best Bitcoin wallet for iPhone?

If you can’t buy a hardware wallet, download software onto your smartphone. If you have iOS, I could recommend Breadwallet, Mycelium, Copay, or Airbitz. If you have an Android [phone]: Mycelium, Copay, or Airbitz.

Muhammad Uzair

Undergraduate Software Engineering , an aspiring blogger with an obsession for all things relevant to technology and information.

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