Is Bitcoin Safe?


Key Takeaways

  • Is it safe to buy and invest in Bitcoin?
  • What should you do to protect your Bitcoin wallet?
  • How should you spend Bitcoin safely?

May 10, 2021, | AtoZ Markets – Whenever Bitcoin investors talk to Bitcoin newbies, this is the first question that they are bombarded with. Is Bitcoin safe? Is it safe to invest in it? Is it safe to use it as a digital currency online? Is it safe to buy?

Before you start buying, selling, exchanging Bitcoin, or even buying your dream holiday using Bitcoin, then you need to read our article below and make sure you do this wisely and safely.

Is it Safe to Buy Bitcoin?

Let us paint a picture, in 2021, there are around a 100million Bitcoin owners and around double that in Bitcoin wallets. Bitcoin usage is growing daily. While it is hard to get the exact date, Blockchain.com stated a 70% increase year over year with 45 million users registered in January 2020 and a whopping 63.5 million users in January 2021.

This extraordinary growth in usage seems to signify a level of trust in Bitcoin. So, should you trust this cryptocurrency or not?

Bitcoin paved the way for other cryptocurrencies. Over the last 12 years, and in particular the latter half of 2020 and 1st quarter of 2021 large companies have adopted Bitcoin as a payment method. These include Tesla, Visa, Mastercard, Amazon, MicroStrategy & more. So, if you are wondering is it safe to buy, we encourage you to do so.

If we look at in comparison to, say commodities. Bitcoin has established itself as “digital gold”. With the speed of transactions, and advancements in the technology Bitcoin is becoming a popular hedge in place of more traditional assets.

So, How do you Buy Bitcoin?

It’s not unknown that the majority of the world grew up with traditional currencies, so their scepticism comes as no surprise. However, life is becoming more streamlined, new technologies are adapting the way we operate. Bitcoin enabled the transfer of funds within seconds. Really the question we should be asking ourselves is, where is safe to buy Bitcoin.

First, make sure that you find a platform that is regulated and one that places security as a priority.

2-Factor Authentication

Make sure that they require 2-Factor Authentication when you register. This means that your account will have an extra layer of security. Apart from a password, it requires its users for another form of access, such as using an authenticator app or asking for a code sent to your phone.

Bitcoin Wallets

Storing Bitcoin in an online wallet is the same as storing your money at a bank. You would not like strangers to gain access to your hard-earned funds and the same level of security should be applied to your Bitcoin.

Platforms like Zeply enable users to buy, sell, exchange, and store Bitcoin securely.  With Zeply, your account is secured with a two-factor authentication requiring access to your mobile device each time you log in to your account, minimizing the risk of account hacking immensely.

Moreover, the entire Zeply service is also licensed and regulated by the Estonian Financial Intelligence unit which ensures that customers will be treated fairly when using the service.

Steps to Protecting your Bitcoin Wallet

When you register to an online wallet such as Zeply, you are given a private key that is given to you to access your wallet. This is like a credit card number and so you need to keep it safe and do not give it to anyone else.

So, how can you keep this secure? Make sure you store it somewhere which isn’t connected to the internet. Hackers can gain access to your private email and even your phone. Most Bitcoin users write it on a piece of paper and hide it somewhere where they are the only ones with access to it. Another tip is to switch some digits to other ones (just make sure you remember which digit is replacing what).

Other tips for online safety apply. Cryptocurrency scams or fraud is on the rise so make sure you exercise caution when clicking links sent to you online to avoid phishing. When researching online, do not download any software without being 100% sure that they are risk-free and verified.

How Can you spend Bitcoin Safely?

So now you have found a secure way to store your Bitcoin, how can you make sure you use Bitcoin safely?

If you are trading or investing in Bitcoin, keep in mind that this is like investing or trading in any other currency. As with any currency, the value rises and falls against other currencies. Bitcoin is of a volatile nature, so it does tend to fall and skyrocket in a split of a second, increasing your chances for profit, as well as for sudden loss.

The safest way to invest in Bitcoin is to hold it for a long time. In July 2010, Bitcoin’s value was of $0.0008 to $0.08 per coin. Fast forward eleven years and Bitcoin, as of May 2021 is trading at a value between 43200.00 to 66000.00. This value is only set to rise higher as crypto analysts are speculating that in 10 years’ time the price of Bitcoin will exceed $100,000. Imagine that!

You can also use Bitcoin as an online currency. You can use it to pay for all kinds of goods and services, ranging from luxury holidays to daily groceries. So how can you make sure you pay for things safely and securely. Large corporations that are trusted all over the world are jumping on the Bitcoin bandwagon and are now accepting Bitcoin. It is always safer to spend your crypto coins at companies that you trust. This article lists trusted companies worldwide where you can spend your Bitcoin safely, ranging from dating sites such as OkCupid to Microsoft and Shopify. If you find a good or service that tickles your fancy while browsing online, make sure you run a quick search about it on your search engine. Users tend to leave reviews if they have been scammed, making it easy for you to see the warning signs for a scam company.

Finishing Thoughts

2021 is an exciting time for crypto enthusiasts as well as for those who are curious about this new currency full of potential. As with anything that involves your funds and online, you should always exercise caution and only use fully regulated and secure ways to store, buy, sell and exchange your Bitcoin.

The time to invest is now. Put your mind at ease by buying, selling, storing, and exchanging Bitcoin from a fully verified, regulated online wallet like Zeply.

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