Does Bitcoin need more safety nets?

[Robust]

Yeah, your question is an interesting and very good question and the answer is yes. It's true that whatever you do in terms of transaction with your crypto wallet it's unrefundable.
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Yeah, everything online need safety net, that is why one need password before registering for one or two things online. Same apply to Crypto currencies like Bitcoin and others, the need safety net to over come scammers and others.

 

[Shigobad2020]

To me bitcoin among all the other crypto currency does not need any more safety net because till now bitcoin block chain hasn't been hacked, nth only problem is that its irreversible when sent even if you made a mistake.

 

[Adecyptii]

If you're thinking that the Bitcoin is very safe or very airtight form hacking now, you might be mistaken. Because there is nothing that can't be hacked giving it time and advanced technologies

Yes this is a factual and good idea, I doubt if it is safe, just as you said there I nothing online that can't be hacked with the advancement of knowledge and technology.

 

[greenie]

I don't think bitcoin need more safety net because it has been decentralized which makes it pretty much hard to penetrate from unknown source. You just have to make use of secure wallet for your Bitcoin.

 

[Shigobad2020]

because the payment with bitcoin is not reversible does not mean that bitcoin is not secure. Bitcoin is more secure than the most secured payment processor PayPal

Thats the only problem with bitcoin , bitcoin need more safety net in the aspect of transaction , If the payment could be irreversible in case of fraud and mistake , it would have been better.

 

[kayode10]

Thats the only problem with bitcoin , bitcoin need more safety net in the aspect of transaction , If the payment could be irreversible in case of fraud and mistake , it would have been better.

I still feel somehow whenever I want to send money through bitcoin to someone else. The reason is that this change with which I used to send the monies seems unfamiliar to me and I am always afraid of making mistakes. So it is good to have safety net as a result.

 

[Bookwormlux]

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.

The safety in cryptocurrencies generally is based on how knowledgeable you are about how they operate and also use your initiative to avoid situations where you can lose your coins.

 

[Monster Masterpiece]

The safety in cryptocurrencies generally is based on how knowledgeable you are about how they operate and also use your initiative to avoid situations where you can lose your coins.

Losing your coins is frequent especially there are a lot of new coins that are appearing every day which leads investors to try them however most of them are shitcoins.

 

[Bookwormlux]

Losing your coins is frequent especially there are a lot of new coins that are appearing every day which leads investors to try them however most of them are shitcoins.

That's true, and from experience, I have made up my mind to never take these shit coins serious at all as they're all not going to stand the test of time. So we have to be careful.

 

[Laurentta]

From what i've heard about bitcoin, it's a safe crypto currency, it hasn't been hacked into up till date. The only thing about it is that trading with it is not reversible, once you've lost the you've lost. Both your bitcoin and money would be gone.

 

[ahmedo24]

It is one of the safest cryptocurrency, the original and first wallet to hold it , Blockchain wallet has not witnessed any form of Hacking since exception.

 

[Good-Person]

I think blockchain experts have the potential to make cryptocurrencies more safer and exchange owners should also emphasize a lot on security aspects of cryptocurrencies so that they may prevent hacking of cryptocurrency exchanges.

 

[Toyoabasi]

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.

That's why you need to make use of the right payment systems to avoid issues like this. The crypto system is not like our financial institutions where fraud can be traced and money refunded.

 

[BrolySSJ]

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.

That is true and i have been scammed after i have made a payment in bitcoin and it is not a good feeling. I think that some sort fo reversal or safety net is definitely needed to attract more investors.

 

[Grandeur]

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.

It's not a lie, it is true. If you send bitcoin or any crypto to another wallet it is irreversible just like bank which djesbt say its not safe, it's safe but might have health hazard.

 

[CeeJase]

Not just btc but crypto in general, for countries who have adopted them as legal tender, I am sure these are some of the things they would have worked - safety and tracking of transactions.

With the recent news about how crypto.com was actually hacked and over 15 million worth of hmm was stolen from the exchanger begs the question why are they not really that protected.

 

[Sotherefore]

With the recent news about how crypto.com was actually hacked and over 15 million worth of hmm was stolen from the exchanger begs the question why are they not really that protected.

The one you have just mentioned is a cryptocurrency exchanges and not cryptocurrency as a whole. if cryptocurrency can be hacked easily I think the hackers could have look for an opportunity to create cryptocurrency into the cryptospace,

 

[ahmedo24]

The exchange platforms and wallets are the ones that requires more security or safety because they are the storage room for all cryptocurrencies , untill now no cryptocurrency coin has been hacked but exchange platforms and wallets.

 

[Lens]

The transaction done with cryptocurrency is anonymous. And it is very important to note that bitcoin sent to a wrong address can't be tracked and recovered.

 

[Bookwormlux]

There are already enough regulations to make sure all crypto enthusiasts are safe with their transactions and don't get scammed, so I believe nothing to fear .