How to Secure Bitcoin? Is it Safe to use Bitcoin? | CryptoWord

Bitcoin safe or not:-

Answer in Single word-YES.Bitcoin isn’t a Ponzy Scheme.All in One, bitcoin is safer than most existing money services, as well as banking platforms like SWIFT, that has been compromised repeatedly by hackers
Let’s leave questions on “Bitcoin is safe or not” and target on the technological facet of the matter.

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Way to secure Bitcoin:-

Before securing your bitcoin, place confidence in what you would like. does one desire a third party to handle your bitcoin sort of a bank handles your physical money? Or would you rather have complete possession, control, and responsibility for your bitcoin?

1.SOFTWARE WALLET:- Device-based code wallets area unit the foremost secure, convenient tools for storing and disbursement your bitcoin. Since code wallets do not store your bitcoin with third parties like banks or websites, they’re tons just like the physical wallets you already use. you’ve got the funds, and nobody else will access your cash.
Installing a wallet directly on your laptop offers you the protection that you just management your keys. If your laptop gets taken or corrupted and your non-public keys don’t seem to be conjointly hold on elsewhere, you lose your bitcoin.
You can increase the protection of your code pocketbook by adding a disbursement positive identification, PIN, or bit ID with some wallet just like the BitPay wallet.

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2.BITCOIN EXCHANGE ACCOUNTS:- Bitcoin exchanges sometimes hold your funds – and your non-public keys – for you on their websites. Some users like better to store their bitcoin in exchanges so they do not ought to worry regarding basic cognitive process a personal key or backup phrase.
Because the exchange holds your bitcoin for you, it works tons sort of a bank holding your cash. Like banks, these sites is hacked or expertise service outages. not like banks, there’s no insurance if you lose your cash. think twice before selecting this feature for storing your bitcoin.

3.HARDWARE WALLET:- It doesn’t matter what the device is. As long as your device is connected to the net, hackers might target you and compromise your best-laid security plans. however nobody will hack a tough drive that sits in your file cabinet.
Hardware Wallets area unit like that tough drive. They store your non-public key offline thus on-line hackers ne’er have an opportunity to grab it.
Popular hardware wallets include the Ledger and TREZOR wallet.

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