It seems everyone who thinks they know everything about BitCoins (but know nothing, except reading a few online articles) think they can say anything about it. The first thing we have to accept when dealing with an electronic digital currency is it’s a digital file, and as a digital file it has to be stored somewhere and hopefully secured as well.
For comparison sake, lets stay with a document you designed that you cannot be without (maybe it has finance data on it).
Now are you going to leave this document anywhere where is can get lost? Or in the open where someone can alter or copy it??? I don’t think so…
Also you would think you would back it up somewere… you know maybe it gets deleted and you lose your hard work. So you back it up securely.
Ok so it’s backed up and very secured (by password?!?). Now are you going to promote it online so anyone can get the file??? No. If they got the file (even password protected), they could then go about opening the file with other software (at their own time) and still get the information in the document.
So why is it any different with a digital wallet?!? I don’t think people know how important the digital wallet is and how secure it needs to be… also where it has to be stored… Not in the open, that’s for sure!!!
Let’s also not forget about the Viruses, Trojans, Ransom-ware, File Corruptions, Hard-Drive Failures, ect… There are so many things out there trying to get access to your files or corrupt them either by accident or by intended… It just makes so much sense to back up your important files today… When you need it it’s there…
So it dawns on me when I see an article like this one (If BitCoin Is So Secure, Why Have There Been Dozens of BitCoin Bank Robberies And Millions In Losses?) did they know about digital files???
BitCoins (and the like) of today are a complicated structure of digital files that are mathematically created on the network of choice (the Internet) securely and should be stored somewhere securely until needed (hmmm sounds like a wallet or purse on someone’s person). These digital files contain representation of usable currency of today’s markets. Being a digital file it can get moved and modified from one computer / network to another computer / network very easily in today’s technology environment. That being said I would not like to loose my BitCoins… THEY ARE SECURED OFFSITE and I only bring it online when needed. IT IS NOT STORED IN A DIGITAL WAREHOUSE just waiting to be plucked by a black hat person. I know it will be with me until I get rid of them in my method, not by someone stealing them behind my back.
There is also a point of digital Fraud… Let’s say you have a few unsavory people and they get together to form a digital warehouse with all the promotions and lowest handling fees (if any) and I’m sure they promote security with interest… They prey of the greed (and foolishness) of people to build up their warehouse only to steal the amounts when their ready… The fools they stole from have no recourse due to lack of checking out the so-called company.
Just be forewarned about digital dollars… It’s a great idea but you need to be secured with them. No mater how you make the digital dollars you don’t want to lose them insecurely.
When I rectified my BitCoins back in the early years the value of the BitCoins were 1 BTC = $0.15 US. At the time of this article 1 BTC = $506.84 US. That’s over 3000 times increased in 3-4 years… Wow!!! Let’s say I had only 4 BitCoins back in the day, their value as of today is $13,514.67 US….. Yikes… I know people who have 50 BTS ($168,933.33)…
With this amount of dollars at risk you don’t want someone comes around remotely and steals some if not all your BitCoins…
In recap… If you want to use the latest technology in currency of today then please use all the steps in securing it… Otherwise you get what you deserve in losing it… Maybe it might wake you up and either stay away or do the proper thing to hang on to your currency.