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Author Topic: how strong is bitcoin really?  (Read 53098 times)
Johnyloco
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September 20, 2016, 10:10:34 AM
 #301

We know that bitcoin is strong and all the wallets have milletry grade security but one of my stupid friend today said that maybe someone can hack it with just a calculater because with math and correct formulas we can even predict gambling bets if that is possible then maybe there is any chance of this

So you have a few different way of asking this.

1) How strong are the Bitcoin wallets?

2) How strong is the Bitcoin network?

3) How strong is the Bitcoin network effect?

1) How strong are the Bitcoin wallets?
Very strong, but if your password is weak and someone is on your PC they may be able to crack the password. More likely a malware will sniff your keystrokes and steal your coins.
The wallet is strong, most of the time the computing environment is not.
Look into hardware wallets asap.

2) How strong is the Bitcoin network?
Most certainly one of the strongest chains out there, although ASIC/China mining centralisation is worrying.

3) How strong is the Bitcoin network effect?
Network effect is the social effect, the popularity of a coin.
This one is very strong, even coins that are far more advanced pale in comparison to Bitcoins network effect.


I agree with this one.

About the mining. The thing why I find this bothering because miners are mining for their own interest. It just happened that way for being more cost effective for them nowadays. It would wonder where all those hashes would move when they quit mining
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September 20, 2016, 03:41:07 PM
 #302

Maybe we can consider that bitcoin is really strong , just because of its amazing features as well as the strong and high demand on market . Imagine for how many years it's still has a leading value .
Bitcoin is strong because it is more valuable than gold and still within the reach of a common man like me.I cannot afford to buy gold or any other valuable metal for future but I can earn bitcoin and become richer when its price go up

Owning Bitcoin is safer than walking with money in the portfolio, provided you know how to use the technology.
Don’t use online wallet is a good way to protect yourself.


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virusasog
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September 20, 2016, 04:02:18 PM
 #303

Maybe we can consider that bitcoin is really strong , just because of its amazing features as well as the strong and high demand on market . Imagine for how many years it's still has a leading value .
Bitcoin is strong because it is more valuable than gold and still within the reach of a common man like me.I cannot afford to buy gold or any other valuable metal for future but I can earn bitcoin and become richer when its price go up

Owning Bitcoin is safer than walking with money in the portfolio, provided you know how to use the technology.
Don’t use online wallet is a good way to protect yourself.


I will agree that bitcoin is best way to hold the money with us to stop the thief to loot our money. Online wallet can be scratch our money from our wallet by scammers to avoid that bitcoin can be put in the desktop wallet or in paper wallet.
chaser15
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September 20, 2016, 04:16:51 PM
 #304



I have see the advertisement here in the forum that bitcoin is really secured and the network of bitcoin are really hard to be hacked. So I believe that bitcoin is really strong, so that is why I am trusting bitcoin and keep on using bitcoin because I am confident that bitcoin is really secure at all. The security of the exchange websites that are holding big bitcoins are just doubtful to believe that they are strong.

As far as my knowledge is concern or in my own experience, I have never seen a direct hack of bitcoin thru network hacking.

I mean in most of the hacking incidents, all hacks and lost coins are associated with exchange sites fraud or sometimes user's default. But for direct hack thru network (e.g while sending and receiving money), the odds are really low.


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September 20, 2016, 04:23:28 PM
 #305



I have see the advertisement here in the forum that bitcoin is really secured and the network of bitcoin are really hard to be hacked. So I believe that bitcoin is really strong, so that is why I am trusting bitcoin and keep on using bitcoin because I am confident that bitcoin is really secure at all. The security of the exchange websites that are holding big bitcoins are just doubtful to believe that they are strong.

As far as my knowledge is concern or in my own experience, I have never seen a direct hack of bitcoin thru network hacking.

I mean in most of the hacking incidents, all hacks and lost coins are associated with exchange sites fraud or sometimes user's default. But for direct hack thru network (e.g while sending and receiving money), the odds are really low.

I haven't heard of someone be able to hack bitcoin thru network hacking too, i heard of the double spend and that 51% attack but i don't know if it is very possible. Basically if bitcoin network is hacked, banks system and other system application that  uses sha256 will be compromised since they also use the same encryption.

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September 20, 2016, 07:38:24 PM
 #306

For me Bitcoin is the strongest  for many reasons and, when you  compare Bitcoin to any other currency,  you can see it... Some of the  reasons is that bitcoin has a stable  and secure network, and it is  surely the most popular  cryptocurrency in the world.
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September 22, 2016, 09:53:15 PM
 #307

What bitcoin cryptocurrency very famous in the world, I'm not even going to argue. But unlike real money, with bitcoin may occur problems such as was the case with Bitfinex. Many people have lost their money. Of course it can be with each but in this case, the safety can not speak.
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September 22, 2016, 10:07:16 PM
 #308

For me Bitcoin is the strongest  for many reasons and, when you  compare Bitcoin to any other currency,  you can see it... Some of the  reasons is that bitcoin has a stable  and secure network, and it is  surely the most popular  cryptocurrency in the world.

You are right and because of their stable technology I do not hesitate to put my money in bitcoin and I have a stronger believe on it that I have kept my money in bitcoin and can wait with them for years.

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September 22, 2016, 10:10:31 PM
 #309

For me Bitcoin is the strongest  for many reasons and, when you  compare Bitcoin to any other currency,  you can see it... Some of the  reasons is that bitcoin has a stable  and secure network, and it is  surely the most popular  cryptocurrency in the world.
Bitcoins is the only who are the first crypto before altcoin are live.. so no matter what happen bitcoin will be still remain and i think if bitcoin will be gone altcoin will be affected.. because the main is bitcoin.. you can not say that its strongest because for me its still not a strongest currency if we compare to other currency we are just love it because we are earnings here and we are holding bitcoin but for those who didnt know about bitcoin they want bitcoin to be strong..

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September 22, 2016, 10:43:46 PM
 #310

The bitcoin is very strong I really have no doubts about that and the fact is also that it has a good worth these days.
I think that its very strong and if it falls its always coming back up.
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September 22, 2016, 11:08:35 PM
 #311

I joined more then a year ago, when bitcoin was around 200 dollars. In that time I saw many threads about price drop, bitcoin crash, death and similar threads. We are still here and alive, everything is working good, people are joining, sites accept btc as payment method, idea is bigger and bigger. How strong we are as community is hard to say, I think bitcoin head some problems in past and everything finished good. What doesn't kill you, make you stronger, I think same story is with bitcoin.
I think bitcoin will be more stronger each year, that is how that works. Before couple years nobody knew about btc, now people are using it, and have much more places where to spend it then before.


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September 22, 2016, 11:40:02 PM
 #312

For me Bitcoin is the strongest  for many reasons and, when you  compare Bitcoin to any other currency,  you can see it... Some of the  reasons is that bitcoin has a stable  and secure network, and it is  surely the most popular  cryptocurrency in the world.
I think bitcoin not too strong I'm sure when the price falls will be many users who will panic and sell their bitcoin lot and it will result in the decline in the price of bitcoin, I think if it's still happening bitcoin is not so strong.
after all, users are still very little ?


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September 24, 2016, 07:44:34 PM
 #313

For me Bitcoin is the strongest  for many reasons and, when you  compare Bitcoin to any other currency,  you can see it... Some of the  reasons is that bitcoin has a stable  and secure network, and it is  surely the most popular  cryptocurrency in the world.
I think bitcoin not too strong I'm sure when the price falls will be many users who will panic and sell their bitcoin lot and it will result in the decline in the price of bitcoin, I think if it's still happening bitcoin is not so strong.
after all, users are still very little ?
The system has more than once faltering. It showed already Bitfinex Exchange. Users Panic was also present. The result of the sharp depreciation of bitcoin. And I agree that it was still weak interference by the strong shock, and already on the market. And if there is something serious, then trouble is inevitable. Only in the last few days, once the collapse of prices.
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September 24, 2016, 08:18:36 PM
 #314

For me Bitcoin is the strongest  for many reasons and, when you  compare Bitcoin to any other currency,  you can see it... Some of the  reasons is that bitcoin has a stable  and secure network, and it is  surely the most popular  cryptocurrency in the world.
I think bitcoin not too strong I'm sure when the price falls will be many users who will panic and sell their bitcoin lot and it will result in the decline in the price of bitcoin, I think if it's still happening bitcoin is not so strong.
after all, users are still very little ?
The system has more than once faltering. It showed already Bitfinex Exchange. Users Panic was also present. The result of the sharp depreciation of bitcoin. And I agree that it was still weak interference by the strong shock, and already on the market. And if there is something serious, then trouble is inevitable. Only in the last few days, once the collapse of prices.
the price is not a good indicator how strong bitcoin is. also the bitfinex exchange is not the same as bitcoin. if someone robs a bank, then this is no prove that there is something wrong with fiat. bitcoin has a big problem. its users and there lack of knowledge.

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September 24, 2016, 11:25:47 PM
 #315

Maybe we can consider that bitcoin is really strong , just because of its amazing features as well as the strong and high demand on market . Imagine for how many years it's still has a leading value .
Bitcoin is strong because it is more valuable than gold and still within the reach of a common man like me.I cannot afford to buy gold or any other valuable metal for future but I can earn bitcoin and become richer when its price go up

Owning Bitcoin is safer than walking with money in the portfolio, provided you know how to use the technology.
Don’t use online wallet is a good way to protect yourself.


I will agree that bitcoin is best way to hold the money with us to stop the thief to loot our money. Online wallet can be scratch our money from our wallet by scammers to avoid that bitcoin can be put in the desktop wallet or in paper wallet.
thats true, i think it is actually the best way of holding and making money, i hope it will make me a lot of profit

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September 24, 2016, 11:27:55 PM
 #316

Bitcoin is strong enough to get more users daily, and it become more popular nowadays than before, because the price is increasing and we" expect it will increase more in the near future.
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September 24, 2016, 11:55:40 PM
 #317

I believe Bitcoin is actually a lot more strong than the near past, its growing up fast and also getting a growing up community. The price is increasing as well and that's will help to spread the word about Bitcoin easily

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September 24, 2016, 11:59:17 PM
 #318

Maybe we can consider that bitcoin is really strong , just because of its amazing features as well as the strong and high demand on market . Imagine for how many years it's still has a leading value .
Bitcoin is strong because it is more valuable than gold and still within the reach of a common man like me.I cannot afford to buy gold or any other valuable metal for future but I can earn bitcoin and become richer when its price go up

Owning Bitcoin is safer than walking with money in the portfolio, provided you know how to use the technology.
Don’t use online wallet is a good way to protect yourself.


I will agree that bitcoin is best way to hold the money with us to stop the thief to loot our money. Online wallet can be scratch our money from our wallet by scammers to avoid that bitcoin can be put in the desktop wallet or in paper wallet.
thats true, i think it is actually the best way of holding and making money, i hope it will make me a lot of profit

I agree if you want to play safe , hold it and wait until the price rises. But i think it is not a good move for me because i should used it while im holding it because i could earn a lot than that amount of bitcoin, i can make it double in trading or sometimes in gambling. But in playing safe it is the best way not to loose some of it.

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Sidas_Crew669
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September 25, 2016, 12:01:35 AM
 #319

Maybe we can consider that bitcoin is really strong , just because of its amazing features as well as the strong and high demand on market . Imagine for how many years it's still has a leading value .
Bitcoin is strong because it is more valuable than gold and still within the reach of a common man like me.I cannot afford to buy gold or any other valuable metal for future but I can earn bitcoin and become richer when its price go up

Owning Bitcoin is safer than walking with money in the portfolio, provided you know how to use the technology.
Don’t use online wallet is a good way to protect yourself.


I will agree that bitcoin is best way to hold the money with us to stop the thief to loot our money. Online wallet can be scratch our money from our wallet by scammers to avoid that bitcoin can be put in the desktop wallet or in paper wallet.
thats true, i think it is actually the best way of holding and making money, i hope it will make me a lot of profit

I agree if you want to play safe , hold it and wait until the price rises. But i think it is not a good move for me because i should used it while im holding it because i could earn a lot than that amount of bitcoin, i can make it double in trading or sometimes in gambling. But in playing safe it is the best way not to loose some of it.

Everything you say is indeed something very good plans or even something the most profitable things with little risk. But keep in mind all the things that I saw did not have an advantage in the short term, so we should want to fast for can benefit


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1btcdream
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September 25, 2016, 01:22:50 AM
 #320

The basis of being strong lies on the number of nation that are using bitcoins around the world and not only concentrated in specific countries. If at least 25% of 196 countries adopted bitcoin, guaranteed it will be stronger than ever.
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