Is Bitcoin Trading Safe and Secure?

Author: Coinpedia

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Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    The world of cryptocurrencies is one where security is the number one concern. Partly because when it comes to money, there are incentives for malicious people to try to get your bitcoins, and partly, because this technology, being decentralized, does not offer a way to recover “lost” bitcoins. In other words, if you lose the private key that gives access to your bitcoins, they can never be recovered. And it is not that they disappear, but that nobody can access them. Using a historically known analogy, it is as if a pirate ship filled with gold sank in the ocean.

    Steps to Protect Bitcoin

    It is not that the gold is gone, but that no one knows where it is and the cost of finding it is likely to exceed the value of the prize. So can bitcoins be recovered if you lost your private key? In theory yes, via “brute force”, but it requires that you use all the computational power that exists on Earth today, for several times the antiquity of the universe, trying different combinations of alphanumeric digits, until one matches the private key you are looking for. That’s how powerful the crypto behind Bitcoin is, and, as a consequence, the security of this technology.

    Modify Passwords Periodically:

    It is very important that the password to access your account is difficult for a person or a computer to guess. It should ideally have more than 10 alphanumeric characters, as well as symbols. We also recommend changing the password every 4-6 months, and never use the same password that you have used elsewhere. The password to enter the Bitcoin Future account must be unique.

    Activate Your Dynamic Password or OTP:

    Bitcoin Future we give you the possibility of having a second password, which is saved on your cell phone and changes every 30 seconds. The grace of this password is that you never enter it is the same, so even if it is stolen it will only work for less than a minute. This second layer of security increases the robustness of your account and decreases the probability of someone pretending to be you.

    Save the accesses to your account and do not share them: Never share the accesses to your Bitcoin account with anyone. That is, the one where a person enters your account because they found your password on another site, or saw you write it in a cafe, or because you told them. Never share it with another person.

    However, the person who can do the most to keep your bitcoins safe is the owner. If you are not concerned or concerned about the security of your account, it does not matter how much we strive to be safe.

    Why should you use bitcoin?

    There are multiple reasons, from practices, such as that with Bitcoin it is possible to transfer money online without intermediaries, with low commissions, 24/7, and without interruptions, to the most philosophical ones, such as that Bitcoin allows access to digital and transferable money without the need to depend on any bank or government. In this sense, it is said that Bitcoin is similar to gold, in that it is scarce and that only whoever owns the gold finally controls it.

    Where can you spend my bitcoins?

    More and more companies around the world are accepting payments with Bitcoin, from travel agencies like Expedia to computer manufacturers like Dell. It is also used by multinational non-profit organizations that depend on global crowdfunding for their livelihood. By using the Bitcoin Future you can buy on Amazon

    How much does a bitcoin cost?

    At the time of writing this master guide on what is Bitcoin, the price was slightly above $ 8,000 per Bitcoin, which for those who are just starting generates more doubts than answers. And then we will try to answer them.

    Who defines the Bitcoin price?

    No one in particular and everyone at the same time. Let me explain: since there is no centralized entity that makes decisions regarding Bitcoin. As well as, The price of a bitcoin is reached by what the market (worldwide at the same time) decides is worth a bitcoin. Moreover, Like gold or copper, the price of bitcoin, at each moment of time, is equal to the average price that those who have bitcoins are willing to receive for theirs and the price that those who want to buy are willing to pay for one. 

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