The popularity of bitcoin after the collapse of another SVB bank or how we quickly forgot about the security of bitcoin

By Lazy Bear | Crypto and world | 17 Mar 2023

Recently, many people have started to pay attention to bitcoin as an alternative to the banking system. Probably every second article in the crypto space is about this. The latest collapse of the SVB bank has fueled interest in bitcoin once again.
This is due to the fact that during the crisis, trust in banks decreases, and bitcoin, as a decentralized currency, can provide people with greater freedom and independence.

But just as people quickly forgot about the recent collapse of FTX, many began to forget about the security of bitcoin. Against the background of the growing popularity of cryptocurrencies, the number of cases of hacking of multi-wallets and exchanges where digital assets are stored is increasing. In such cases, users lose their savings, and this becomes a big problem for the entire cryptocurrency community.

To avoid such problems, it is necessary to keep in mind the security of your digital assets. The best way to protect bitcoin is to store it on a cold wallet - this is a device that is not connected to the Internet and cannot be hacked remotely. It is also necessary to use strong passwords and two-factor authentication to access the wallet.

In addition, you should not completely trust exchanges and multi-wallets. Despite the fact that they provide convenient access to cryptocurrencies, they are also centralized and can be subject to hacking. Therefore, it is better to store your digital assets on a cold wallet and use exchanges only for buying and selling.

In general, bitcoin is an excellent alternative to the banking system, but only with the right approach to its security. It is necessary to remember that cryptocurrency can be stolen, so you should use only reliable methods of storing and protecting your digital assets.

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Lazy Bear
Lazy Bear

Crypto trader. Love crypto

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