Happy Cybersecurity Awareness Month! We thought this would be a great time to talk more about bitcoin security.
“Is bitcoin safe?” That’s one frequently asked question for people just getting into cryptocurrencies and digital assets. There are a lot of ways to answer that, but in terms of security, the answer is “bitcoin is as safe as you make it.”
The reason? There is a stark gradient of bitcoin security — from the very loosey, goosey security procedures to the strict, custom vault-level setups.
The spectrum of bitcoin security exists because bitcoin enables a high degree of freedom to choose how it is handled. Bitcoin’s permission-less network means that there is no single organization or corporation making the rules. Instead, people are free to contribute to bitcoin’s development, run and maintain its network, and use its code like currency – all because they can. That’s the beauty of an open-source, internet-scale technology.
Since bitcoin is very much at the financial frontier — buying, selling, and holding bitcoin takes a certain level of personal responsibility.
Which brings us back to cybersecurity month and the need to implement some basic security best practices.
One of bitcoin’s greatest features is that it is a digitally-native way to store value and share value over the internet without the need for banks, credit cards, or other forms of financial middlemen. While the foundations of bitcoin’s underlying network are secure, (in fact, Bitcoin is the world’s most secure distributed computer network) the internet-based nature of digital currency — being accessed through web browsers and mobile apps — makes users susceptible to the same kinds of hacks, scams, and security breaches that are common elsewhere on the web.
And because it is so valuable — and increasing in value all the time — poorly-secured bitcoin wallets and exchanges are a perennial honeypot for cyber thieves and fraudsters.
At Coinme, bitcoin security and ease of use are top priorities. Below is a list of tips and suggestions from our customer support team.
These tips and suggestions apply to the bitcoin and digital asset space more broadly. Remember, bitcoin security is about personal responsibility. In order to keep your bitcoin safe, your level of security should scale with your bitcoin holdings.
We hope you will use cybersecurity awareness month to level up some of your bitcoin security practices.
Stay safe out there!
Coinme is turning seven in May. Looking back over those seven years, we wanted to reminisce some of our key milestones.