Bitcoin (BTC) and cryptocurrency in general are currently continuing their downtrend. An opportunity for critics to criticize the ecosystem, investors and traders. Cryptocurrency, they say, is too volatile to function as a reliable medium of exchange. Informants also take the opportunity to point the finger at the security of bitcoin. Marty Bent, a Bitcoin expert, bounced back on this latest allegation which he calls unfounded. Bitcoin wallets are indeed secure, he says. And users remain in sole control of their assets. They have full control over their wallet.
A high level of security for bitcoin
How secure is bitcoin? Many are asking the question. The volatility and security of bitcoin continues to be talked about a lot. And yet, this virtual currency is actually more secure than some financial systems. The issue of volatility is debatable. But in terms of security, cryptocurrency, including bitcoin, is ultra-secure because it is based on blockchain technology.
It is an enhanced technology that relies on cryptography. Bitcoin is stored in addresses on its blockchain. The register cannot be modified or deleted. Enough to ensure the security of bitcoin data. Each address is associated with two keys: a public key and a private key. The first is shared with the network. To put it simply, it is the equivalent of the RIB. The private key is, so to speak, the secret code of the wallet.
In addition, all transactions are accessible to the public, due to the transparency of Blockchain technology. But the people involved remain anonymous. So there is no possibility of a data breach like with traditional financial systems.
Security of bitcoin wallets
Bitcoins are stored in crypto wallets. It is a software that allows to transfer and store bitcoins. The wallet actually keeps a private security key that matches the Bitcoin address of the wallet. This key grants ownership to the user and gives them full control of the available assets.
While the security of the technology itself is infallible, that of a Bitcoin wallet is the responsibility of its owner. In which circumstances ? By first choosing the wallet that best suits your needs (cold or hot, mobile, paper or Web).
When opting for a digital wallet, it is equally important to choose a reliable and reputable provider. The private key should also be stored in a secure location, preferably offline. Activatetwo-factor authenticationencrypting the wallet and activating the multi-signature function are all precautions to take.
Beyond the security of the technology, you should know that bitcoin is a digital asset. Like any online activity, there is a risk of hacking. The attacks of phishing for example, or even social engineering and other scams are among the potential threats to cryptocurrency, as to bank accounts, for that matter. Also, beware of clicking on unknown or suspicious links. And above all, never share the private key.
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Interested in investment and financial markets after a business school in Chambéry, the passion for cryptocurrencies was obvious. The blockchain is surely the universal tool of tomorrow.
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Bitcoin (BTC): The user, sole master of his assets
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