How Safe Is Bitcoin?

Cryptoxurrencies managed to achieve such widespread popularity not only because they exist independently from the established monetary system but also because they provide users with anonymity, safety, and transparency. Still, there are those who cannot forget past negative experiences and are not sure whether or not to engage in Bitcoin investments.

Bitcoin trading can be extremely remunerative and it is secure. Users just have to remember to keep the private key to their crypto wallet secret from everyone, even close relatives. One never knows where possible perils can come from.

This may seem like taking things a little bit too far but it is not. The Internet is not the safe haven that users might remember from the late 90’s and early 00’s. Scams are everywhere. Not implementing the necessary security precautions would be really stupid.

Financial experts have stated that Bitcoin investments remain a safer and wiser type of trading to take part in, than most of the existing legal services, like the legacy banking system SWIFT. This should give room for thought to all the critics.

Interesting Fact:

Bitcoin transactions are irreversible but no one can oblige the user to pay or anything that he or she do not want to. This means that whenever one commences to purchase something and pay for it in the crypto-coin, the operation cannot be revoked. But this also suggests that the company or store in question cannot double-charge the client or bill him automatically.

Is Bitcoin Legal?

We already cleared the ‘Is Bitcoin Safe?’ matter. Now, it is time to discuss whether or not the first cryptocurrency is legal. The ‘Is Bitcoin Safe?’ yahoo answers give contradictory solutions but there are many facts that can be pondered upon.

Speaking in terms of regulatory impositions, the straight answer would have to be ‘No’. But there is much more than what meets the eye. Cryptocurrency exchanges bear little resemblance to official banking institutions or the established monetary system around the world.

Their essence and origins are different and this is why it is not a good idea to compare them to anything that came before the launch of Bitcoin. They can only be opposed to one another. First of all, Altcoins are not backed up by an asset. It can be stated that they are a stand-alone asset.

Government-printed currencies are usually backed up by gold. Which does not means that crypto tokens and crypto coins are not legal. Users can, nowadays, purchase nearly anything that is available on the Internet with Bitcoins.

Some other Altcoins are also accepted by major digital stores, like Amazon and eBay. Taken out of the official list of cryptocurrencies by market cap, some of them are Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and LiteCoin (LTC).

If we have to draw a final conclusion on the ‘Is Bitcoin Legal?’ matter, then we can say that while it is not legally recognized by the greater part of the regulatory bodies from around the world it is definitely not illegal.


Certain Security Measures Should Be Undertaken

Not being careful about the safety and security of one’s Bitcoin wallet is not smart trading at all. The world wide web is full of scams and people with devious intentions. Staying alert and applying the necessary investment precautions and the best-established safety and security measures is always crucial to the achievement of favorable daily results on the cryptocurrency market.

Keeping the private key to the public address of one’s crypto wallet alone is not enough to keep the funds safe from harm. There are several other things that users can easily do. We have compiled a short list of the most basic ones of them below:

  1. Hide Your Private Key From Everyone
  2. Always Use Cold Storage Bitcoin Wallets
  3. Never Forget to Apply 2FA (Two-Factor Authentication)
  4. Store Altcoins In Separate & Individually Designated Cryptocurrency Wallets
  5. Never Conduct Bitcoin Trading On Public Wi-Fi Networks
  6. Double & Recap The Public Address Before Commencing to Send Monetary Sums
  7. SSL-Encrypt The Internet Browser You Trade From
  8. Never Share Financial Information On Social Media & Networks
  9. Turn Off All Notifications For Your Crypto Trading Apps

Bitcoin Trading – As Safe & Secure As It Gets!

Everybody is investing in Bitcoin. The world is in a so-called crypto craze for the last couple of years and it seems as if it here for good. Cryptocurrencies have become not only a serious factor in the financial sector. They are THE ASSET that everyone wants to be in possession of.

The most important thing once one has already acquired the crypto-coin is to store and secure them properly. There is nothing hard to it. Users only have to trade smart and encrypt all data regarding these digital financial transactions properly afterward.