This week’s question comes from one of my YouTube subscribers. Nate asks, “What is Bitcoin and is it safe to buy?”
Bitcoin is a modern payment system based upon the concept of a crypto system. Bitcoin uses a peer-to-peer model where transactions occur directly between users without a centralized organization.
Bitcoin was first introduced in 2008 and has seen numerous ups and downs in its popularity and usage since then. At its core, Bitcoin is a decentralized virtual currency that can be exchanged for other products, services, or more traditional currencies.
To its detriment, Bitcoin has become largely associated with criminal activity as it provides increased anonymity for sales on the Darknet markets. Additionally, most ransomware requires payment in Bitcoin before a user’s files are released. While this darker side to the virtual currency is true, I believe Bitcoin still has a valid and legitimate place as an alternative currency in the future.
But, is it safe to buy? Well, Bitcoin uses asymmetric or public key encryption to store the Bitcoins in your digital wallet, making it safe from exploitation. Do I suggest you buy Bitcoin, though? Simply put, no. The currency is entirely to volatile as an investment and may or may not be a good idea for a long-term investment.
Come back next week, as we cover the best settings to use on Facebook to increase your privacy.
What do you think about Bitcoin? Is it a good alternative to traditional currencies or something to avoid? Please leave a comment below to let me know your thoughts!
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