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How Reliable And Secure Is Bitcoin


Bitcoin Reliability

Bitcoins have been developed as a new and completely different form of currency. It is digital and has no centralized operator like a bank and so is not owned by anyone. There are only allowed 21 million Bitcoins because of the way it has been set up. With being a limited supply it is expected for demand to increase in line with supply. Therefore the cost of a Bitcoin will continue to rise as its demand becomes more relevant.

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Banking systems are based on the value of gold and the assets of a country linked to things like the world bank, also how effects like war, Brexit, country borrowing, IMF etc. Because Bitcoin is global and not affected by a centralized government or banks. With no printed currency it is not affected by things like inflation.

Bitcoin is an open source software which can be used by anyone.

Bitcoin Security

The security of Bitcoin is the same as any bank, the cryptography has and never will be broken. Although many try as they do with any bank it is only with bad personal security that money can be lost. Providing all recommended security systems are followed you will never have a problem.

The main thing to remember about Bitcoin is that it is a completely new way of using currency and as such is going to be volatile for a while to come.

However, if you look at the value over the last 12 months it has more than tripled in value. Although not everyone has even heard of it like the internet. It will be the future as we change to a more technical world.

Originally some countries banned the use of Bitcoins but as it has become accepted by some of the major countries. They have had to fall in line so as not to be left behind. Great strides are being made to have it accepted everywhere.

Banks have always introduced set up processes which are completely in their favor requesting stringent forms of id and terms and conditions. Because it has no third-party involvement and is ultra efficient there are no fees involved. The transactions become anonymous.

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It is also set up in such a way that all transactions are recorded in a giant ledger called a blockchain. These are verified meaning they will always be there to confirm the transaction.

All in all the Bitcoin is making a big impact on the financial way we carry out our business. It is as safe and reliable as we want it to be. Any currency is a risk for investment but with Bitcoin, your chances of buying a healthier and wealthier future are much greater.

This post was last modified on May 9, 2021 11:28 pm


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