All in all, Bitcoin is more secure than most existing financial services, Bitcoin protects against identity theft, Bitcoin can be backed up and encrypted to ensure the safety of your money. Although bitcoin is a purely digital currency, it can be kept secure in analog form. Paper wallets can be used to store bitcoins offline, which significantly decreases the chances of the cryptocurrency being stolen by hackers or computer viruses. Moreover, Bitcoin's use of a distributed ledger known as blockchain that gives owners a record of all their transactions that cannot be tampered with because there is no single point of failure.