Is Bitcoin a safe place to store funds?

  1. P Carl Mullan profile image60
    P Carl Mullanposted 10 years ago

    Is Bitcoin a safe place to store funds?

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  2. traveleze profile image47
    travelezeposted 10 years ago

    Bitcoin offers some benefits over government "fiat" monies:

    transactions without fees or taxes
    no central bank causing inflation by creating new units
    fast global transactions
    semi-anonymous transactions

    All Bitcoin transactions are public information. Anyone can know the amount, the time, and the wallet numbers of the two participants. They may not necessarily know who the human owners of the digital wallets are.

    Are transactions in bitcoin safe?

    Bitcoin transactions happen virtually instantaneously, and the transaction is then verified by the peer-to-peer network of Bitcoin users. The more positive confirmations you receive from the network, the more likely the transaction is valid and final. This can take a few minutes.

    Bitcoin transactions cannot be undone, except by a second voluntary transaction of the same amount in the opposite direction. (This is unlike credit cards, where the merchant can lose the received money to a "chargeback" even after they have shipped the product.)

    As a buyer using Bitcoin, keep in mind that there is likely nobody to petition for help should a seller not ship you a product (as governments and their courts will likely be quite unfriendly to Bitcoin, see below). For this reason, buyers would be wise to deal only with reputable sellers, or use escrow services.

    Hope that helps

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