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Is Bitcoin Secure?

Bitcoin SecurityWhenever people find out that I’m into virtual currency, they almost always ask the same question: “Is Bitcoin secure?” I usually tell them “yes” to set their minds at ease, but the actual truth is a little more complicated.

When Bitcoin transactions are being created and processed in block chains, they are absolutely safe. At this stage, think of it like money being printed by the U.S. Mint or a similar facility in another country. When’s the last time you heard about thieves breaking into such a place and getting away with millions of dollars (outside of the movies)?

Once bitcoins end up in the possession of regular users, however, that’s when things can go wrong. Computers can be hacked and storage services can be broken into. This is the equivalent of money sitting in a bank or in your wallet. While it’s usually safe, armed robbers and pickpockets can sometimes relieve unlucky individuals of their hard-earned cash. But unlike the currency in a bank, bitcoins are not insured.

Examples of Bitcoin Hacks

If we’re going to discuss the security of Bitcoin, it helps to look at some real-world examples of hacking. The following are some of the most famous cases to take place. Sadly, they won’t be the last.

Making Your Bitcoins More Secure

If you want to take every possible precaution to protect your bitcoins, here are some suggestions from leading online security experts:

Conclusion

The question of whether or not Bitcoin is secure is a complicated one. While the virtual currency has a perfect record when it comes to preventing hacks of its block chains, currency is vulnerable to theft once it’s been transferred to a user and stored. While almost nothing on Internet is hack-proof, you can give yourself peace of mind simply by following some basic security procedures on a regular basis.