Does Bitcoin need more safety nets?

[Trexxxy]

Yes that is absolutely true. If you pay in bitcoin and you send the Bitcoin to a wrong address, there is absolutely no way of recovering that bitcoin, well except you complain to the block chain you use to carry out the transaction and I doubt if they can do much as well.

 

[Kubiat-Abasi]

Bitcoin has tried in security check but I feel it should review its safety net to meet the loopholes on ground. With the safety net in check, people will not be afraid to trade.

 

[Ezekiel]

Bitcoin doesn't need any security agency because it is secured enough they should only increase on transaction speed that is where there is always delay

 

[Comfort]

Bitcoin has a very good security service, but the transaction is not reversible due to the rate of transaction that is being processed on the block chain in a second

 

[GoldenLady]

Despite the flaws it has, Bitcoin is perfect. It may seem bad that transactions are not reversible, but even those that are reversible are not more safer. It is just necessary to confirm again and again the address before making a bitcoin transaction.

 

[07Trinity]

With bitcoin or any cryptocurrency, there is some risk with them all. I ask, because I heard that bitcoin and other currencies don't have the best security surrounding them. Say you paid in bitcoin for something. I heard that sometimes you can't get that money back, or bitcoin back. Once you send it to someone, there's like no recourse for getting it back. Is that true? I haven't really used Bitcoin to buy anything, so I don't know. I just save right now.

I don't think this should be a bad vice, infact it is more secured this way, atleast it ensure that manipulation cannot be possible,as a matter of fact cryptocurrency is one of the secured means to carry out exchange.

 

[ahmedo24]

The only improvement I think Bitcoin needs is improving transaction speed and decreasing transaction cost. Bitcoin is already safer than most of the crypto currencies.

The transaction speed is not really bad and I believe with the introduction of lightning network now most transactions will be fast and at less charges.

 

[Sotherefore]

I believe bitcoins is secure enough to stand on its own because if it wasn't secured a lot of people could have hack to the blockchain technology. But this has never happened which means there is still high security in the Bitcoin blockchain.

 

[HayKay]

I think something that would make people have more trust when making payments using cryptocurrency would be the use of escrow services. That way, you'll not be afraid once you don't get what you paid for or you're not satisfied with it

 

[Justin]

I have been hearing about Bitcoin lightning network since a long time, can you explain what exactly is this and how it is going to improve transaction speed and decrease transaction cost.

The transaction speed is not really bad and I believe with the introduction of lightning network now most transactions will be fast and at less charges.

 

[ahmedo24]

I have been hearing about Bitcoin lightning network since a long time, can you explain what exactly is this and how it is going to improve transaction speed and decrease transaction cost.

It Just an upgrade or an improvement in the Bitcoin blockchain such that transactions are very fast with very low transaction fee as compared to the former network.

 

[Lucy ID]

No way it's doesn't need to do, bitcoin has already created a name for themselves and established a lot security protocols already so no need for any further one

 

[Heatman]

Until now Bitcoin is very safe, no one has ever been able to hack the Bitcoin blockchain, once you click send Bitcoin it cannot be changed because it has been sent on the blockchain waiting for the confirmation process, so it is impossible to reverse it.

Seriously, I believe that nothing is 100% secure when it comes to hacking because if someone out to hack anything that is technology inclined, there's always a loophole to exploit if you know where to look.

 

[Justin]

It Just an upgrade or an improvement in the Bitcoin blockchain such that transactions are very fast with very low transaction fee as compared to the former network.

Thanks for clarifying this. By the way, will it be faster that litecoin and have cheaper transaction fees than litecoin? I ask this because Bitcoin has high transaction fees.

 

[Suba]

Seriously, I believe that nothing is 100% secure when it comes to hacking because if someone out to hack anything that is technology inclined, there's always a loophole to exploit if you know where to look.

Ok, I agree with you there will always be loopholes, and it takes a 51% attack to hack the Bitcoin blockchain, and almost happened on June 13, 2014, where Ghash.io (mining pool) cooperated with CEX.io, their hash rate has reached 51%. So if they want the Bitcoin blockchain to be hackable. So Bitcoin blockchain hacking can only be done by big companies, as it costs around US$716,075 per hour.

 

[nimzy]

There are alot of articles that are of more concern about the safety of bitcoin most especially in its wallet account and in the form of it transactions between individuals thus is because alot of scammers are involved in the hacking of individuals account.

 

[Partisan]

You should be very careful trading bitcoin and also you should be wary of false market and also second guessing your thought because every decision will cause you money and to gain you have to be carefully making hard decisions in every step of the way

 

[Nass]

Well points out this is being etching me deeply how could this be possible that someone can have the access way to hack the bitcoins, in fact not only bitcoins the Cryptocurrency in general have to be very safe nets than any other things.

 

[kinqzbitz]

It really does to be on the safer side of things , because any wrong move can be worth so much to everyone so it really does I think

 

[btaliat]

Though this may be true of bitcoin as there may not be reversal of coins as a result of wrong transactions but it happens one in a million because there are several mechanism to guide against this.