Is Bitcoin Safe?
According to the opinions of numerous cryptocurrency experts, the public ledger is completely safe. For the ledger to be changed, the individual would need to use an enormous amount of computing power. The interesting part is this would have to be accomplished in a public space with thousands of users and computers watching what was happening.
Any changes made by either a computer or an individual impacts the entire blockchain. This means the transactions are literally policed by everyone watching the blockchain.
The Pros of Bitcoin
Bitcoin offers a tremendous potential for growth. Investors are purchasing and holding onto the cryptocurrency because they believe once mature, the trust factor will substantially increase. The result will be much more use of the currency resulting in an increase in value.
The transactions are secure, private and have fewer potential fees. Once owned, transfers can be made from anywhere and at any time. The result is a lower expense with a faster time. As opposed to credit card numbers or names, there is no personal information necessary for a transaction to eliminate the risk of identity theft, fraudulent purchases or stolen information.
Bitcoin enables the user to avoid government intermediaries and traditional banks. Many investors are interested in a decentralized and alternate currency due to the Great Recession and the financial crisis of 2008. The blockchain removes the control of third parties, governing authorities and regular banks. These are just a few of the numerous reasons bitcoin continues to increase in popularity.