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Is BitCoin as secure as conventional currencies? I've seen a good number of articles about wallets being stolen or exchanges being compromised but I don't know
by pa5tabear 13y ago
Is BitCoin as secure as conventional currencies?
I've seen a good number of articles about wallets being stolen or exchanges being compromised but I don't know enough to tell if it's negligent behavior by the user/owner.
- walden42 13y agoNegligent behavior. Bitcoin implement bank-level security, so anything stolen is negligent behavior. The vast majority of articles about wallets being stolen is when bitcoins were held in a third party online wallet, which was hacked. Keeping bitcoins in someone else's wallet defeats the idea of decentralization and owning your own money. As for whether it's as secure as conventional currency, even more so: no one else has access to your money, unlike a bank account. In other words, no one can withdraw your bitcoins without you explicitly sending them.
- pa5tabear 13y agoWould it pass the Grandma test? What would it take to trick Grandma into giving a person/program access to her Bitcoin wallet? I assume she would just need to reveal her password to a program and from there it could steal her wallet?