"To hack it, you would have to take over the network, and to take over the network, you would need your own network of computers running 24/7, and to do that, it would cost billions of dollars," according to Paul Vigna, markets reporter at The Wall Street Journal. Plus, bitcoin is extremely hard to hack thanks to blockchain. "I always remind people that bitcoin literally has a public ledger," Pompliano says. Through this, a scammer could potentially be traced after the fact.
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Each bitcoin transaction is documented on a digital ledger called the blockchain, where a user's cryptocurrency "wallet" is represented as a unique series of random numbers and letters. While bitcoin allows for users to transact without revealing personal information or identity (potentially making fraud easier), it's not totally anonymous. I think those are legitimate fears," Ledbetter says. "There have been multiple examples of bitcoin theft and fraud that I think would give pause to the average investor, particularly if you were going to invest a substantial amount. As a result, hundreds of thousands of dollars in bitcoin had been transferred under false pretenses.įor many, this prompted questions around the safety of bitcoin. In July, a widespread Twitter hack compromised many celebrity accounts – including that of President-elect Joe Biden, former President Barack Obama and Tesla CEO Elon Musk, to name a few – in a bitcoin scam. By design, there is a limited supply of bitcoin, so bitcoin bull Pompliano believes as demand increases, the price will as well.) (If you do decide to invest, Pompliano supports holding bitcoin long-term. "Just start very small, do research, learn about it," Pompliano says. Of course, despite its high selling price, "you can go and buy as little as even $5 of bitcoin because there is the ability to buy fractional shares called satoshis," points out Anthony Pompliano, co-founder of cryptocurrency hedge fund Morgan Creek Digital Assets and a bitcoin investor. It could happen tomorrow," Ledbetter says.
"You have to at least be mentally prepared and financially prepared that could happen again. That's why some, like investor Mark Cuban, liken bitcoin to gambling and advise investing only as much money as you can afford to lose. While that can mean big returns, it can also mean big losses. (For example, after rallying to nearly $20,000 in 2017, bitcoin's price collapsed and lost a third of its value in a single day, and in 2018, it dropped to as low as $3,122, wiping out billions of dollars from the total cryptocurrency market value.)
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