Bitcoin Opportunity: Don't miss this digital boat! by Dennis Kerley III

Author:Dennis Kerley III [Kerley III, Dennis]
Language: eng
Format: epub
Publisher: UNKNOWN
Published: 2017-01-28T08:00:00+00:00

Bitcoin Secure, Portable and Versatile

Bitcoin is secure, portable and versatile if protected properly and used right. It all comes back to learning how to secure your wallet, coins and the knowledge to properly use Bitcoin.

How is Bitcoin secure? That is a broad topic; Bitcoin in its design is secure as a method of payment. A Bitcoin transaction cannot be reversed, so you are guaranteed to never have any issues with charge backs as with credit cards. A Bitcoin payment is secure in that it cannot be hijacked or redirected to another receiver as long as you are sure you are sending it to the correct receiver. If you send it to the wrong wallet address it is most likely lost forever, literally as you have no recourse to make someone refund the payment to you, if you even knew who to ask for a refund.

Can your Bitcoin be stolen? Yes it can, if you choose an online wallet provider and they are not trustworthy, or you leave your Bitcoin in a wallet hosted by a crooked Bitcoin gambling site. You hopefully will not make the same mistake I made and leave Bitcoin lying in a mining pool controlled wallet. I don't want to give you the impression that mining pool operators are dishonest. Actually that is far from the truth, mining pool operators work very hard to provide the pool service and they well deserve every Bitcoin they earn. But there are bad apples in every bunch.

If you host your wallet on your desktop or laptop computer be sure to keep the antivirus and anti-spyware software up to date. If you host your wallet on your laptop, be sure to not let it get stolen, misplaced or severely damaged! Always make a back up of your computer wallet .dat file and put it in a secure safe location such as a fireproof safe or bank safe deposit box.

Think of storing Bitcoin at home in much the same way as you would if you were storing gold ingots at home. Do you feel confident and safe doing this? Do you need a special place or service to secure it for you? You may think I am being overly dramatic, but if you consider that many believe that a Bitcoin will be valued in the one million dollar range, I may not be as crazy as you may think. Bitcoin has been around for a little over eight years and has gone from less than a dollar each to over nine hundred dollars in value per Bitcoin! Where will it go in eight to ten more years?

There are ways to secure your Bitcoin further by using hardware wallets, printing out paper wallets or using services such as Coinbase. Take some time and do your due diligence in researching safe storage before you invest in and hold too many Bitcoin. You do not want to have stories to tell like I do that add up to tens of thousands of dollars in loss.

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