Let’s begin with an example – in 2011 Dan Kaminsky, an American expert in computer threats decided to test safety of the bitcoin circulation system in the simplest manner he knew; by hacking it. He failed. His failure made him realize that the system was created by serious specialists with a clear and thorough understanding of the threats their system would be facing. The code of the system itself is perfectly reliable, and minor glitches that do appear from time to time (due to software upgrades, for instance) are being kept in check.To sum up the pros and cons inspection – no system is ideal in and of itself, but taking into account all the pros and cons one can ensure the safest possible experience. So, what are the right things to do to achieve that and minimize risks while operating bitcoin?
- Know Your Server:
Never use unfamiliar server for bitcoin exchange. Reliability of the server can be determined by its longevity, customer feedback online and other signifiers of trustworthiness.
- Hang On to Your Password:
This seems obvious but bears repeating – no one should have access to your password but you. If your password falls into wrong hands, there’s no returning your hard-earned bitcoins – the system doesn’t trace the address of the receiver regardless of whether he’s receiving a transfer honestly or not. So hang on to your password, scan your PC regularly for viruses and keep it in good working conditions.
- Pay Attention:
Don’t be careless and plan all your operations carefully in advance – there’s no cancelling the bitcoin transaction once you’ve done it.