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Is Bitcoin safe? How do I know I won’t get cheated?

simple bitcoins

So is Bitcoin safe? There are a number of factors that will determine if any online banking system is secure. When Bitcoin is used properly, it is safe.

Why is Bitcoin safe?


If you are in the United States and use dollars, you can deposit and withdraw funds using Mt. Gox Coinbase, a service where you can buy and sell Bitcoin. Once you buy Bitcoins, you can store them in a digital wallet of your choice which you access with a number that’s provided, and a password you create. Nobody else knows or tracks this password – and if you lose the password, the Bitcoins are gone.

When you send or receive Bitcoins, the funds are sent immediately. The transaction takes a few minutes to an hour to clear for the recipient...

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