My girlfriend recently attended a CCNA Networking class, the 50-year-old teacher happened to stumbled upon the crypto topic. Her teacher doesn’t like the idea of Bitcoin and I thought it was about the crazy pricing. Actually, I kind of agree with him because the price is absolutely volatile which can be affected by unlimited factors. But obviously he wasn’t referring to the price according to the commented he has left as such:
“People are crazy taking part in this Bitcoin things The Internet is not safe at all for such activity. How can one assure the security of their virtual asset that floating on Internet They should keep themselves away from it.”
I’m sure he has no idea the technology behind the Bitcoin, what Bitcoin was trying to solve and what in future it can offers. I would like to briefly answer to those doubts which I think most people usually have:
Is Bitcoin safe?
From the point of technical, it is safer than your national bank account. It is widely decentralized without the single point of failure like the bank. No matter how assuring a bank and a country, they can be collapsed and everything tied to them will be diminished, like the currency and your saving account in the bank. Look at Greece for case study if you are interested.
Bitcoin powered by blockchain however, is censorship-resistant, open and permanent. No one can reverse a completed transaction or deny your position in the network. Everyone is equal in the space, and your coin in the network is going nowhere.
Good, but what security concern should I take with my coins?
Though your coins in the network are going to exist forever, the ownership can keep on changing. That means A can send X amount of coins to B, with or without the acknowledgment of the original owner. In the latter case, we call that stealing/hacking.
There is no middleman in the crypto world, there is no one to help with your stolen coins. You are your own bank and you owe yourselves a huge self-education class about security. From the difference of hot and cold wallets, relationship between private and public key, to the basic transaction operation.
That’s too much for me, what if I don’t care about it?
You have to know what you are doing, or you are good to go if you are ready to lose whatever you’ve invested.
Is now the good time to buy Bitcoin/will the price go up/down?
Take my word, no one can ever have an answer to these questions. If you tell me the price can crash to 0$ or shoot up to $100,000 tomorrow, I would say “Why not?”.
Regarding the crypto price, my motto is “No one knows a sh*t.“
All in all, knowing an ignorant networking teacher who is not interested in such disruptive technology that is definitely changing the world made me feel uneasy. But that’s OK since that’s the normal reaction of majority to any new world-changing technology.
Glad I’m not one of them.
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