Bitcoin & Ethereum - are anonymous, but are they also safe?!

Bitcoin & Ethereum - are anonymous, but are they also safe?!

21 July 2017, 12:23

We talked about price movement, evolution, involution, issues like transaction processing delays, costs... but how about security? Is Bitcoin, Ethereum as safe as we think (or advertised)? Yes, we have a high degree of anonymity by owning these cryptocurrencies, but the real question is how safe is to keep our money in these digital currencies? Well, not as safe as we think, considering the latest hits on Ethereum in particular. Yes, one may argue that it's safer than credit cards or that these events are not so often, but they do and the amplitude is definitely much bigger.

For example, this week only hackers managed to steal Ethereum worth of roughly $45 Million. Yes, ok, the money will be reimbursed to the rightful owners, but this is the new type of bank heist and the problem is that is much harder to find the attackers. The good part is these bad events reveal flaws that, once solved, will increase the security and reduce the possibility for similar situations in the future.

Luckily, this will never happen when you're trading on MT5, since you are not owning the asset, but merely speculating the price fluctuation. This kind of event tends to have an important impact on cryptocurrencies' value and, therefore, a good opportunity for you to take advantage and place some trades.

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