Is It Safe to Buy Bitcoin?
Bitcoin is completely legitimate. Over the past decade, Bitcoin has proven that it has lasting monetary value and robust security features.
Since 2008, Bitcoin has given rise to a strong network of reputable exchanges and brokers, and its blockchain has never been hacked. Its time-tested, proven track record means that it is not a pyramid scheme, Ponzi scheme, or exit scam.
Not every Bitcoin-related service is safe: some competing cryptocurrencies are fraudulent, and some Bitcoin exchanges have been hacked.
However, Bitcoin itself is fully trustworthy, safe, and secure. Here’s why.
Why Is Bitcoin Secure?
Bitcoin is secure because it relies on blockchain technology and cryptography.
Every address that contains Bitcoin is secured with SHA-256, a widely used encryption scheme that is virtually impossible to crack.
This means that every Bitcoin address has a private key and a public key. When a Bitcoin holder wants to spend their Bitcoin, they direct the transaction to another user’s public key or address. Then, they enter their own private key to execute the transaction.
What does this mean for you? As long as your private key is never revealed to the public, it’s impossible for anyone to steal Bitcoin from your address.
How Does Mining Enhance Security?
Address encryption protects against theft, but Bitcoin mining provides an additional layer of security.
Mining ensures that nobody can take over the Bitcoin network or dictate its behavior. Unlike bank accounts and credit card companies, Bitcoin has no central authority that controls it in a unilateral or one-sided way.
In theory, a single actor could take over Bitcoin by controlling more than 51% of Bitcoin’s mining power. Other smaller blockchains have suffered 51% attacks before, but Bitcoin has never successfully been attacked in this way.
Bitcoin’s size helps it stay secure. Because Bitcoin has high energy demands and a high market value, an attack on Bitcoin would cost about $700,000. Such an attack would last just one hour, and it wouldn’t do long-term damage to Bitcoin’s security.
In short, the cooperative nature of Bitcoin mining means that Bitcoin will continue to operate securely in the future―just as it has for the past decade.
Why Is Jubiter Secure?
At Jubiter, we offer additional security features to keep your Bitcoin safe and sound.
We keep 97% of the Bitcoin in our exchange in “cold storage,” meaning that any Bitcoin that is not actively being used in a transaction is held in an offline wallet. And when we do put Bitcoin into transit, we use encryption to secure information about that transaction.
We also offer extensive account protection. With two-factor authentication (2FA), you can secure your account with an extra login step. Plus, with Login Guard, you can receive notifications about unusual activity in your account.
Combined with Bitcoin’s standard security features, Jubiter’s exchange and online wallet offer extreme security―allowing you to hold your Bitcoin with peace of mind.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.