Some people may think that Bitcoins are a passing concept but now it seems that it is well on its way to become a mainstream financial commodity. With more and more companies accepting the Bitcoin payments, it looks like it will become popular in the entire world very soon. There are many benefits of Bitcoin but the lightning fast monetary transaction is the most prominent one. The transactions happen peer-to-peer without the involvement of any bank, financial institution or middleman. Despite the increasing popularity of Bitcoins, the financial experts are still divided about its viability. Most of the critics are sceptical about the security issues.
So what are the security concerns? If you are planning to get started with Bitcoin, it will be worthwhile for you to know that this payment mode uses a virtual wallet. The wallet is an online storage system where you keep all your Bitcoin money. These wallets are quite easy to access and high levels of encryption make them impenetrable and non hackable. However, each wallet comes with a key for the exclusive access by its owner. The biggest challenge is that you need to keep the virtual key safe from to ensure there is no unauthorized access to your wallet. Also, each wallet has a unique key and if you lose it, you will never be able to access the wallet again. This means you will lose all the money there.
The best way to keep your money safe is to keep your wallet on a computer which is not connected to the internet all the time. Whenever you need to make an online transaction, you can simply connect the computer to the internet one-time. Once you are done, you can make it offline again.