Is Bitcoin safe and trustworthy to use?

A question often asked is: “is bitcoin safe?” This is certainly not an illogical question: Bitcoin has only been in existence since 2008. However, this system is much safer than many banking systems. Click here to know about gdax.

gdaxBitcoin is decentralized

What is the principle that makes bitcoin more secure than another transaction system? Bitcoin is a decentralized payment protocol. This implies that the transaction system is not managed by a central player, but by thousands of computers on the network. It’s computers are called the nodes in the world of bitcoin.

In addition to these nodes is a bitcoin network of minors. These are users who use extremely fast computers and graphics cards to solve cryptographic puzzles to add transactions to the blockchain. This is the beauty of bitcoin: it is led by everyone.

Do you want to change the bitcoin transaction system? You must then have access to half of all computers on the bitcoin network. This is called a 51% attack. The network is so wide at the moment that it is practically impossible. At the time of writing this article the system is actually made up of more than 9000 nodes. A malicious person must have access to more than 4500 computers simultaneously. If you are looking for a safe and faster transaction method for Bitcoins, then you can go for gdax. It is known for less transaction fees.

Security starts with yourself

The bitcoin network is itself built on security. However, you must naturally adopt certain behaviors to have a bitcoin network usage as secure as possible.

Online exchange site

Many people keep their bitcoins on a cryptocurrency exchange site or on an online wallet. However, this is a little less secure. An exchange is in this case a central part. You have a good chance of losing your bitcoins. On an online wallet your private keys are also saved online. This already brings a higher risk of losing your bitcoins. A secure wallet is therefore a more prudent choice.