Is Bitcoin Safe? What Is Protected and What Is Not

The question "is Bitcoin safe?" cannot be answered without separating it into four layers: protocol, custody, counterparty, and institutions. The protocol layer has not been broken in more than 17 years of operation, yet most of the bitcoin ever lost was lost in the user-side layers — lost keys, mistaken sends, fraud, and failed custodians. This page sets out what each layer protects and what it does not, and hands the detail off to the topic that covers it.