Cyber Security Hygiene Affects Network and Endpoint Security with Application Whitelisting

Bitcoin Value has Skyrocketed – Should You Invest?

The Bitcoin Boom

The crypto-currency, bitcoin, has exploded in value over the last ten years.  If anyone could have anticipated this boom, there is no doubt countless individuals would have purchased hundreds, if not thousands of the digital currency years ago.

In July of 2010, one bitcoin was valued at $0.08.  Today, one bitcoin is valued at over $11,000.  That is one hell of a return.

Over the last week, I’ve been asked by family and friends about this thing called a “bitcoin”.  What is it?  Should I buy them?  They’re increasing in value like crazy, I should invest, right?

Not so Fast…

Here is the deal with bitcoins — they’re a digital currency.  Therefore, there is nothing tangible about them.  They have to be stored in a digital wallet.  These “wallets” vary based on the type of device used (computer, phone, tablet, external hardwallet, etc.), and come with potential risks.  PC Matic’s vice president of cyber security, Dodi Glenn, states,

“Each of these wallets have their own pros and cons. For example, if your hard drive dies, and the data isn’t recoverable, you could lose all of your bitcoins. If you use your mobile device, hackers can trick mobile carriers into switching your number to another device, and reset your password, gaining access to your bitcoins. If you use a web based wallet, those sites can be hacked, and your account stolen.”

There are also two different variations of wallets.  These are referred to as cold and hot wallets.  Cold wallets put your bitcoins away, so they cannot be used.  Dodi referred to this as similar to a CD one can invest dollars into at a bank.  Cold wallets are typically more secure than the alternative.  However, hackers still could potentially breach the account and steal the digital currency.  Hot wallets are like a credit/debit card where you could use the bitcoins for more frequent transactions.

But how likely is it, that a hacker breaches a site and steals thousands of bitcoins, leaving you penniless? Well, according to Time Magazine, it just happened.  Hackers broke into the crypto-mining service NiceHash and stole 4,700 bitcoin, which is equivalent to $70M USD.

So, Should You Invest?

Ultimately, it’s a risk.  But aren’t all investments?  Bitcoin value changes daily, similar to the stock market.

The second risk are the hackers.  Cyber criminals know the value of one bitcoin.  They know its value has skyrocketed.  They also know this is a digital currency that is often kept on one’s devices.  How convenient — hackers know how to hack into devices!  Once the bitcoin is hacked, it’s gone.

The last risk is losing the bitcoin because of hardware failures.  Like Dodi mentioned above, if your hard drive crashes and the data isn’t recoverable — neither is your bitcoin.  Ouch!  Or if you store your bitcoin on an external storage device and lose that device, it’s gone.  That would be a hard pill to swallow.

Are you okay with those odds?

**PC Matic is not encouraging nor discouraging users to invest in bitcoin.  However, potential investors should be aware of the benefits and risks.  

**If you are a PC Matic user, and need assistance with the program, please reach out to our support team at

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25 thoughts on “Bitcoin Value has Skyrocketed – Should You Invest?”

  1. As with any risk investment, you don’t invest more than you can afford to loose. The bitcoin bubble will eventually pop because it is not an investment of substance (something you can eat, wear, use); the risk is when?

    1. @Kenny:
      Potential investors should read up on the tulip bubble of 1637 when people bid the price of a single tulip bulb to tens of thousands of dollars. BitCoins have no inherent value. They are as silly as bidding up the price of river rocks.

  2. I say one word, STEINHOFF. 90% of the share value wiped off in a day. Or one could also mention mention NASPERS with a somewhat smaller loss. Both respected companies. None of the investing fund managers anywhere seemed to get an inkling of what is about to happen. How is that much different to Bitcoin?
    If you invested recently in Bitcoin your capital is at risk only for a few months. Then you can withdraw the capital and just work with the profits. Even if Bitcoin crashes you will not be worse off than without Bitcoin investment. To achieve the same with shares you must invest for years.

  3. Bit-Coin is on a shared networks throughout the world as data on one billion devices. The encrypted digital code(128 bit) is on everyone’s device’s on the networks. While a hacker could break into your device, That coin would still be registered to you throughout the world. So difficult is it for a hacker to steal this registry; that the FEDERAL Reserve Bank copied the system. Ps. I dont own any Bit coin at all. As for backed by nothing, I say to you STUDY the creation of the Federal Reserve Banking system in 1913, on Dec 23rd, at 9 pm at night on Christmas eve!. Nixon in 1973 removed the USA from Gold bullion backing the US Monetary system. Therefore nothing more than ;”Smoke & Mirrors”, backs our current system. As long as countries throughout the world use US dollars, the currency is backed up by FAITH in the system. The worlds largest economy has that power, BUT enter a different banking system with Gold or Bitcoin or any other crypto-currency and that faith erodes.

  4. I’ve been wanting to contact someone within PCMatic about a very frightening experience I had within a couple of weeks AFTER installing PCMatic. I woke up one morning and turned on my laptop and as it was “warming up”, I walked into the kitchen to get a cup of coffee. A few minutes later I returned to my laptop and saw something I have never seen or experienced before. Someone had control of my Amazon account and was quickly moving the cursor to order things within my Amazon account. I was unable to take control of the cursor although I tried and whoever was in control succeeded in placing an order for an XBOX Gift Card at $99. I, of course immediately contacted Amazon who took the report and said someone from their security department would get back to me within 48 hours. However, I have not heard from Amazon and have contacted them on three separate occasions going over the experience with them and asking WHY hasn’t anyone gotten back to me to discuss this experience. Of course, it did cause me some alarm that we had just installed PCMatic, but we are inclined to believe that this was merely a coincidence. Can you PLEASE provide us with some insight as to what we should do about this. I CANNOT tell you how frightening – terrifying it was to watch someone else in control of my computer and placing an order in my Amazon account. Thank You!

  5. This is the biggest bubble in the history of bubbles. If you like this idea, I’ll find some carbon credits to sell you. When the government decides to get involved with the bit coin industry (and it is only a matter of a very short time), the popping of this bubble will sound like a nuclear explosion.

  6. Bitcoin is either a scam or a pyramid scheme. It is a virtual system, with no backing of anything with true value. It’s not backed by Gols, Silver, Platinum, etc. It is completely made up and worthless, because it is founded on foolishness and greed. Remember the saying “If it is too good to be true, it is”. So everyone invested, I feel sad for you. Will will end up disappointed. The people who created this will be the only ones who get anything, and I hope that is “Jail Time”. Maybe a cell next to Bernie Madoff.

  7. Sure you can invest in Bitcoins and might make money or you could lose everything. It is not a real currency and never will be. This is simply a “mania” and eventually they will be worthless. When it happens, it will happen fast and there will be no recovery because Bitcoins have no intrinsic value.

    1. @Jeffrey: That’s pretty negative. I bought 100.00 worth 4 years ago and it was at 2,500 last night. If i loose. Ill loose 100.00. It should be told that you don’t have to buy a full bitcoin.

    1. @Dale: There are online exchanges like Gemini and Coinbase which change dollars for bitcoin, much the same way the exchanges at airports change dollars for pounds or euros. The process for crypto currencies involves the site verifying your identity, then allowing you to set up a direct deposit from your bank account (or receiving funds via wire transfer). Once funds are received in your online account, you can exchange all or some of your government currency for bitcoin or other crypto currency at the going rate, and then hope it goes up in relative value. If it does and you’re ready to buy that car, you reverse the process. Exchange your bitcoin for government currency, then electronically transfer the cash to your bank checking account and head for the Mercedes dealer (or Joe’s Used Cars if the trade wasn’t as successful as you’d hoped)!

  8. No mention of backups?

    “if your hard drive crashes and the data isn’t recoverable — neither is your bitcoin. Ouch! Or if you store your bitcoin on an external storage device and lose that device, it’s gone”

    For hardware wallets & wallet apps you write down the 12/24 word backup and store it in a safe place
    If something ever happens to your phone/hardware wallet you can always restore with those 12/24 words
    Or transfer your BTC/Crypto to a paper wallet and store that in a safe place

  9. I have noticed that no one seems to comment on the risk of a major EMP attack from solar flares or a nuclear blast over the country. If the net goes down, how would anyone be able to access their wallet to make purchases? We are told that if an EMP knocked out the electrical grid that it might be out for a major period of time. Is there a backup system via satellite or other means?

    1. @William J. Rocha: LOL!!!!! What a stupid fucking comment. A major EMP attack from solar flairs or a nuclear blast? The last thought on your mind will be where did your vapor virtual currency go! You’ll be trading bullets and animal hides in order to eat, not bitcoins you numskull.

      1. @realistic, Talk about stupid. A EMP nuclear blast or solar flare up would be in outer space or high in the atmosphere. You would not necessarily hear, see, or feel any blast effects. But most electronics would be destroyed just the same.

    2. @William J. Rocha: Prudent folks move the majority of their crypto funds offline, storing them off the grid on personal hard drive with a backup on flash drive or even a paper printout of the digital hash sequence. Unlike brokerage, bank accounts or credit card payments which would be sitting in electronic limbo for some time, you could transfer crypto payments directly to someone else’s “wallet,” though in such a chaotic time, probably best to keep an emergency supply of essentials at home, along with some silver coins, bullets, a few cases of toilet paper, etc., for barter. That said, unlike government currencies which have a centralized choke point which can suspend operation or change the value of your funds via bail-ins or printing more and more currency, cryptos use an open, decentralized journal called the blockchain. Every transaction is verified by multiple computers in various locations to make sure no funds are spent more than once, and the system would hold up better during an electronic catastrophe. If your local area was without power or your internet was fried, you could move to another location and handle your transactions from there. It’s an unlikely scenario, but you’ll probably sleep better at night if all your eggs are not in the same basket!

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