$10.5B Lost to Theft and Fraud in 2021 – Protecting Your Bitcoin Is Easy When You Understand This

There is nothing more valuable than hard money like Bitcoin, except time.

Risk management firm Elliptic has just published a report estimating that $10.5B was lost to theft and fraud in the cryptocurrency world in 2021. This is an increase of $1.5B from Elliptic's estimate in 2020. I don't have the details about Bitcoin, but the general idea of what I'm going to explain here applies to Bitcoin as well as to other cryptocurrencies.

The first thing I'd like to say is that I'm not surprised by the increase in this number. We are in a Bull Market, and it makes sense that the appetite of hackers grows as the price of assets in this market increases. The higher the rewards, the higher the motivation for hackers. This is obvious.

The irreversible nature of transactions on a blockchain such as Bitcoin makes it virtually impossible to recover stolen money. So it's important to remember once again that while Bitcoin gives you power over your money, it's up to you to take responsibility for the security of the fruits of your labor.

To take power with Bitcoin, you must take responsibility for the security of your BTC

No pain, no gain in life. You can't expect to take control of your life by letting someone else take responsibility for it, as in the current monetary and financial system.