How Can We Help?
Are cryptocurrencies secure? (Bitcoin, Litecoin, etc.)
Are cryptocurrencies secure? Absolutely.
Cryptocurrencies, like Bitcoin or Bitcoin Cash, grew in popularity because they mastered the underlying mathematics and advanced cryptography which translates into unparalleled privacy and security (the Bitcoin network has never been hacked).
Security
- Cryptocurrency in your Digital (aka Personal) Wallet is held in your personal device (iPhone or Android) only. It is not on a server like a bank account or email (unless you choose an online Digital Wallet).
- Someone would physically need your specific device and password info to access your Digital Wallet.
- All transactions are documented with a cryptocurrency address (numbers and letters) on its own blockchain, which is a ledger of every transaction since the dawn of cryptocurrency.
- With a ledger, no transaction can be lost.
- There’s also a verification process to ensure the transaction is secure and verified by all parties.
Privacy
- No personal information is kept on the ledger, just the cryptocurrency addresses from the sender and receiver.
- Using a Digital Wallet, nobody will know who is sending cryptocurrency or receiving cryptocurrency. It’s between you and the other party – no middle man.
RELATED TOPICS
Did you find what you were looking for?