Are digital currencies really safe? How can I be sure that I will not fall into a cryptocurrency scam? What do I have to do to not lose control of my bitcoins? How much security does blockchain technology offer me?
These concerns are very common for new users of Bitcoin and other cryptocurrencies. After all, if it is a form of money used on the internet, what guarantee do I have that my bitcoins will not be copied, doctored or stolen like any computing file?
Bitcoin uses blockchain technology, a way of organizing and processing information that makes its network immutable, reliable and fraud-proof. The Bitcoin code, in fact, has proven to be very secure since its inception.
Access to this network, which makes Bitcoin work, it is not very different from an access to a house: a family group can have several copies of the entrance key, but that does not mean that the house is also duplicated.
Similarly, users of crypto networks have a unique key or private key that allows them to access their funds, which also cannot be duplicated: it is impossible for the same cryptocurrency to be in two places. And there is no way to access them without the correct key.
How to keep your cryptocurrencies safe
So if I lose the key to my funds, would anyone be able to get into them? The answer is yes: as in the example of the house, if other people have access to your key, then they can access and trade your cryptocurrencies.
That is why it is essential to keep the well-kept and secret keys, credentials and access data, not share them with anyone and always operate with trusted peers and companies.
How to avoid scams
There are dozens of web sites and services that offer buying and selling of bitcoins and other cryptocurrencies. But it takes a lot of research to have the certainty that a company is serious and honest.
No one wants unpleasant surprises after shopping, like finding out that the company did not send the coins or unfortunately you fell for a scam.
To avoid cheating and big headaches when trading bitcoins, always buy your cryptocurrencies from well-known companies, with a tradition in the market, and that have a high rate of satisfaction among its users.
Although sometimes they promise great benefits and their values may seem convenient, do not take risks with companies of dubious origin.