Day 4 What have I learnt so far?
There are some very clear warnings from the commentators. So what have I learnt from this research so far.
- Be very careful. A little paranoia is a good thing. There is no recourse. Caveat emptor (buyer beware). The history of Bitcoin is checkered with some terrible stories of people losing their coin. Thank you for those out there in the Bitcoin community who keep giving the security message.
- Once you have bought your bitcoin, don't leave your coin at an exchange. Exchanges get hacked as they are such a tempting target for thieves.
- The only safe wallet is offline. Electronic wallets are great and convenient for small amounts that you may want to spend (bitcoin as cash). Electronic wallets are not appropriate for storing savings (bitcoin as gold).
- Two step authentification is not optional. You might as well leave your coin at the bus stop without it.
- Wallets on your phone are just waiting to be hacked. Smart phones are great for convenience and put an open invite to thieves.
- Having said all that, if you are careful and follow good advice you can keep your bitcoin safe. A lot of people do.
Having looked into the risks and listened to all the advice, I still think this is something I want to look into some more. I am not ready to buy any just yet though....Thank you Bitcoin.org. Still at Step 1.
Great article!