Is Bitcoin Safe in 2021? Is Bitcoin Safe to Buy?
At Zeply, we deal with every facet of the Bitcoin industry; from the buying and exchanging of the cryptocurrency to developing the latest tech needed to support Bitcoin transactions. We’re industry experts. So we like to think we know a little bit about the digital product.
Everywhere we go, we’re asked the same question – “Is Bitcoin safe?” Believe us when we say that when we were first introduced to the cryptocurrency many years ago, we asked ourselves the same question. Back then, Bitcoin transactions were part of an unregulated financial world where anonymity allowed not just computer whizz kids, but those who wished to covertly fund less than honest businesses a safe haven to do so.
Thankfully now in 2021, the industry guidelines are much tighter. Those who wish to trade, sell, buy or exchange cryptocurrency using a reputable broker or exchange must provide ID verification if they wish to do so. This has made life much tougher for the criminals. Is Bitcoin safe? We believe so. We wouldn’t have created a business model around it otherwise!
Bitcoin In The Past And Its Future Developments
So what is Bitcoin? Quite simply, it’s a digital currency created to challenge the norms of financial transactions. It is believed to be created somewhere between 2007-2008 by “Satoshi Nakamoto”, a presumed pseudonym of the original founder(s). The first online Bitcoin transaction happened in 2009, and the rest is history.
Due to the secretive nature of its birth, it previously gained a reputation for being associated with skullduggery. At the time, it was a totally anonymous financial product, so as well as having legitimate users, it was also being used by those who would prefer to remain anonymous for less-than-reputable reasons. The media at the time were cautious, asking “is Bitcoin real?” in the currency’s murkier days.
Financial institutions are taking an interest in cryptocurrency because of its speedy transaction times and services which can be performed through automation. With the interest of banks and financial institutions came a clean-up of Bitcoin trading. Tough regulations imposed by them, such as ID verification and secure encrypted servers have made it a safe currency to buy, sell and trade. Today it is not uncommon to find cryptocurrencies listed on financial trading platforms throughout the world, including on Zeply.
There are a couple of ways that you can trade Bitcoin. The first is through ownership. If you own Bitcoin outright, you have purchased it for its market price at the time. You can then do what you wish with it, buying more or selling when you feel the time is right.
The other type of trading commonly used for Bitcoin is CFD trading. CFD, or Contract for Difference, is a trading scenario where you do not own the Bitcoin. Instead, you are ‘betting’ on the rise and fall of the Bitcoin market, essentially betting on the difference between the price when you place your wager and the price it ends up at when the transaction is over. This is considered a high-risk form of trading, designed for those who have traded in CFDs before. Those trading in CFDs can lose more money than they wager. Fees are also charged on these trading transactions, which need to be calculated into the cost of the trade. At Zeply, we believe the risks as too high for the average Bitcoin user, and actively chose to avoid CFD trading.
- Someone else owns the Bitcoin
- They benefit from market price changes
- You bet on the change in market prices
- Fees are charged by the Bitcoin broker
Bitcoin Ownership With Zeply
- You own Bitcoin
- You benefit from market price changes
- You control your Bitcoin, buying, sending and exchanges when you want
- No fees
With Zeply, you own the coin you buy, send and exchange. If there is a positive change in Bitcoin price you benefit from the full effects of the price change. With CFDs, this is not the case. We do not charge any fees for our Bitcoin transactions, meaning any Bitcoin you own is yours and yours only. You can send, receive, exchange and buy Bitcoin at any time 24/7.
Is Bitcoin Safe When Compared To Other Cryptocurrencies?
Bitcoin is the original cryptocurrency. It made the mould and it broke it! It’s been around since 2008, making it the longest-running cryptocurrency in the world. It’s also the most traded.
Over the years numerous large companies have accepted Bitcoin as a payment method. These include eBay, Amazon and more recently, Elon Musk’s Tesla. This trust, combined with the investments from mainstream banking has made Bitcoin the safest cryptocurrency around. If you’re asking yourself “Should I buy Bitcoin?” we invite you to give it a try.
How About When Compared To Commodities?
Bitcoin is gaining a reputation as ‘the new gold’ and for good reason. With the investment of new trading technologies and the impact of the media and large organisations embracing the cryptocurrency, it is becoming a popular choice for many who view it as a long-term investment in place of more traditional commodities such as gold.
Safety And Security at Zeply
The crucial question in most people’s minds is ‘Is Bitcoin safe?” We understand your scepticism. You, like us, grew up with physical currency. You walked into a shop with your cash, you bought your goods and was given your change. It’s the pattern we’ve followed for hundreds of years. Why fix something that isn’t broken?
But life is becoming more streamlined. As we refine technologies, new and exciting ways of doing old things are being invented. As Bitcoin is an entirely digital product, we don’t need to mint coins. Eventually, we may not even need to carry cash. You can send funds to someone on the other side of the world in seconds. It’s a technological marvel that we want to share with the world!
Of course, whether you consider Bitcoin safe or not all boils down to safety and choosing someone you trust to handle your Bitcoin. While the financial industry has taken great strides in securing Bitcoin transactions, the individual broker or Bitcoin app you use determines the immediate risk to your funds.
At Zeply, we take security seriously. We’re located in Estonia and work in collaboration with the Estonian Financial Intelligence Unit to counteract money laundering and terrorist financing. The EFIU has granted us a license to operate in our country and internationally.
We also identity check all of our customers using KYC verification. If you’re located in the UK, we also use Verified by Visa and Mastercard SecureCode to keep each and every transaction safe. Is Bitcoin safe? If you use Zeply for your Bitcoin transaction, it is!
How To Purchase Bitcoin at Zeply
Purchasing Bitcoin at Zeply is simple. Just follow our step-by-step guide below:
- Register with Zeply by completing the registration form.
- Verify your identity to help keep Zeply safe.
- Add your payment method using the ‘Cards’ tab
- Add your existing Bitcoin address or create one through Zeply
- Click the ‘Buy’ tab
- Purchase how much Bitcoin you would like. An accurate value will display on the screen.
- That’s it!
Payment Options at Zeply
To ensure that financial transactions can be verified securely, Zeply currently only accepts payments by VISA and Mastercard. These are protected using Verified by Visa and Mastercard SecureCode to ensure an appropriate level of encryption and to confirm the identity of the account holder.
You can also use the above payment methods to transfer funds to another Bitcoin wallet. To do this, select ‘send’ and copy in the recipient’s Bitcoin wallet address. Type in how much you would like to send and click ‘send’. The funds are sent instantly to the Bitcoin blockchain for processing.
Are There Any Transaction Fees?
While most brokers charge transaction fees, here at Zeply we do not. There are no fees for buying Bitcoin. No fees for sending Bitcoin. No fees for exchanging Bitcoin and no fees for storing Bitcoin. The only charge you’ll ever receive is an exchange rate for changing one currency into another.
To find out more about our Bitcoin buying, selling and exchange services contact us or make your free account today!
Is Bitcoin Safe? FAQ
We might be a little bit biased, but we’ve rather own. With CFDs, you’re betting on the difference in Bitcoin’s price during their trading period. Fees are charged by the broker on this bet, and you’ll also be subject to overnight charges, inactivity charges and other fees if you want to keep your bet running for more than a day. But if you own Bitcoin and have it stored in your own wallet, you can do with it what you wish. That might be keeping it for a rainy day, buying more for an investment or sending some cash to a friend in need. With Zeply, all Bitcoin transactions are fee-free, so if the markets do take a move in the right direction, you’ll benefit 100% from the difference.
Please do! We want to make Zeply a secure, positive space where all our customers can store their Bitcoin without worry. We ask everyone who registers with us to provide verification documents to check their ID. This keeps you safe, us safe and Bitcoin safe, too. For more information on verifying your account, and why it is important to do so, please visit this support article.
We’re fee-free!. There aren’t many places you can store, buy, send, receive and exchange Bitcoin without being charged for the service. Throw in some vital security checks and we’re sure you’d agree that we’re safe as houses, too!
Bitcoin is a digital currency which can be used to purchase items in the same way as a physical currency. It also has extra benefits, thanks to its digital nature. It is held entirely online, meaning you’ll never have to worry about theft when you leave the house. It can be sent free of charge to other Bitcoin wallets, allowing you to help out friends and family instantly and without charge. This is a speedy, cost-effective service.