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Author Topic: how strong is bitcoin really?  (Read 52122 times)
Lintel
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November 09, 2016, 07:35:30 AM
 #501

Bitcoin itself is pretty strong and secure. Bitcoin exchanges, however, are where it becomes risky.

Definitely, If we are talking about Exchange than it really risky way, because since last few years many time exchange has been hacked, and recently BITFINEX give us the poof that exchange is not safe, these are not safe-sound way for bitcoin and also for us.
But if we are talking about Bitcoin, than definitely bitcoin is safe, because bitcoin has been spend too many years and still it is going well and up.

The bitcoin price has risen in the last few hours together with the Japanese Yen. It is regarded as safe haven.

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November 09, 2016, 07:42:32 AM
 #502

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.

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November 09, 2016, 08:29:18 AM
 #503

Bitcoin itself is pretty strong and secure. Bitcoin exchanges, however, are where it becomes risky.

Definitely, If we are talking about Exchange than it really risky way, because since last few years many time exchange has been hacked, and recently BITFINEX give us the poof that exchange is not safe, these are not safe-sound way for bitcoin and also for us.
But if we are talking about Bitcoin, than definitely bitcoin is safe, because bitcoin has been spend too many years and still it is going well and up.

The bitcoin price has risen in the last few hours together with the Japanese Yen. It is regarded as safe haven.

That should have been expected. Some people have been claiming that Bitcoin will crash if the USD goes down, but right now the USD Index, which measures the strength of the dollar, goes south together with stock markets while Bitcoin has gained around $30 within the last hours. What better proof we need?

I think it will hit $800 in a day or two.
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November 09, 2016, 09:34:59 AM
 #504

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.
I think bitcoin quite safe because he saw that bitcoin will survive and be strong enough. I think no need to worry because I believe bitcoin strong enough to survive for hundreds of years

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November 09, 2016, 09:43:00 AM
 #505

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.

Bitcoin is growing very solid and the indicators are showing very soon it's going to the moon. Fiat is old method but bitcoin is more safer and advanced to pay there.
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November 09, 2016, 09:43:26 AM
 #506

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.

Bitcoin is growing very solid and the indicators are showing very soon it's going to the moon. Fiat is old method but bitcoin is more safer and advanced to pay there.
Fiat is actually safer for most to use. Cyber attacks are easier to be carried out than robbery in real life.



Bitcoin does have redundancy against network attacks due to the distribution of nodes that connects to it; it is virtually impossible for anyone to take down Bitcoin by attacking all the nodes. Bitcoin does prevent against doublespending fairly well and 51% attacks aren't that big of a risk due to the large network hashrates. The address isn't that safe since the ECDSA that derives the public key from the private key can be cracked, revealing the private key. It is not that big of a threat now, however.














 

 

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November 09, 2016, 10:20:26 AM
 #507

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.

Bitcoin is growing very solid and the indicators are showing very soon it's going to the moon. Fiat is old method but bitcoin is more safer and advanced to pay there.
Fiat is actually safer for most to use. Cyber attacks are easier to be carried out than robbery in real life.



Bitcoin does have redundancy against network attacks due to the distribution of nodes that connects to it; it is virtually impossible for anyone to take down Bitcoin by attacking all the nodes. Bitcoin does prevent against doublespending fairly well and 51% attacks aren't that big of a risk due to the large network hashrates. The address isn't that safe since the ECDSA that derives the public key from the private key can be cracked, revealing the private key. It is not that big of a threat now, however.
The security cannot be question but what is more important to us is the economy of bitcoin, we need to see this succeed and be more progressive in the coming years. It's obvious that our money is safe with bitcoin, otherwise people would not trust their big money in an online wallet.

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November 09, 2016, 12:51:39 PM
 #508

Bitcoin is really strong. Bitcoin is the first cryptocurrency and stand still until now. And since bitcoin become popular, there's many other cryptocurrency emerged, just like bitcoin duplicate, in order to replace bitcoin place. But bitcoin still the best cryptocurrency so far. People have believe more in bitcoin than any other cryptocurrency.

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November 09, 2016, 05:33:49 PM
 #509

Yes, they can be stolen but its nearly impossible to do that. Bitcoins uses SHA256 algorithm and public key cryptography. A private key is required to use the bitcoins stored in an address (public key). Theoretically, 2^160 bitcoins addresses (public keys) are possible. And each public key has 2^58 possible private keys. This is where things get tough. The number 2^160 is a gigantic number with 48 digits in it. Just think how big it is. And the number is:

1461501637330902918203684832716283019655932542976

The other way to do this is to hack a wallet. Online wallet services can be hacked if you can somehow have access to email ID or password of that guy. Web wallet services are easier to hack if the security isn't taken care of. Offline wallets are also nearly impossible to hack as they are stored on a computer which never goes online. The transactions are signed offline and then broadcasted on a different computer.
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November 09, 2016, 09:45:40 PM
 #510

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.

Bitcoin is growing very solid and the indicators are showing very soon it's going to the moon. Fiat is old method but bitcoin is more safer and advanced to pay there.
Fiat is actually safer for most to use. Cyber attacks are easier to be carried out than robbery in real life.



Bitcoin does have redundancy against network attacks due to the distribution of nodes that connects to it; it is virtually impossible for anyone to take down Bitcoin by attacking all the nodes. Bitcoin does prevent against doublespending fairly well and 51% attacks aren't that big of a risk due to the large network hashrates. The address isn't that safe since the ECDSA that derives the public key from the private key can be cracked, revealing the private key. It is not that big of a threat now, however.
The security cannot be question but what is more important to us is the economy of bitcoin, we need to see this succeed and be more progressive in the coming years. It's obvious that our money is safe with bitcoin, otherwise people would not trust their big money in an online wallet.

For me it's just like this, You will steal My brain, yes you can if you cut it open and bring it to yourself.
But can you steal the knowledge inside my brain? yes but you must have a thing that can do extract that knowledge in My brain, if there is Smiley
So again, everything in this world is not safe even the safest place because once you have an idea of it eventually you'll find ways.

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November 09, 2016, 11:19:34 PM
 #511

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.

Bitcoin is growing very solid and the indicators are showing very soon it's going to the moon. Fiat is old method but bitcoin is more safer and advanced to pay there.
just getting older it will get stronger to survive, bitcoin young age is still very scary and very likely could die. so I think getting ahead of time running, the bitcoin will emerge stronger

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November 09, 2016, 11:20:22 PM
 #512

The sucess of bitcoin is something we had conquered against all the media and companies attacks, on the last 7 years, bitcoin has showed already its value, and since he had found its place several others new coins has been made, showing that bitcoin can get better and improve.



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ajun96
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November 09, 2016, 11:42:01 PM
 #513

Bitcoin itself is pretty strong and secure. Bitcoin exchanges, however, are where it becomes risky.

Definitely, If we are talking about Exchange than it really risky way, because since last few years many time exchange has been hacked, and recently BITFINEX give us the poof that exchange is not safe, these are not safe-sound way for bitcoin and also for us.
But if we are talking about Bitcoin, than definitely bitcoin is safe, because bitcoin has been spend too many years and still it is going well and up.

The bitcoin price has risen in the last few hours together with the Japanese Yen. It is regarded as safe haven.
I think prices will go up and down constantly changing sometimes above and sometimes below, a high price does not guarantee that bitcoin will be strong to survive long. because fluctuations will occur and driving prices down right ? so I think as long as the user continues to grow and bitcoin continue to develop then bitcoin will grow stronger and continue to survive


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November 10, 2016, 01:18:58 AM
 #514

Bitcoin itself is pretty strong and secure. Bitcoin exchanges, however, are where it becomes risky.

Definitely, If we are talking about Exchange than it really risky way, because since last few years many time exchange has been hacked, and recently BITFINEX give us the poof that exchange is not safe, these are not safe-sound way for bitcoin and also for us.
But if we are talking about Bitcoin, than definitely bitcoin is safe, because bitcoin has been spend too many years and still it is going well and up.

The bitcoin price has risen in the last few hours together with the Japanese Yen. It is regarded as safe haven.
I think prices will go up and down constantly changing sometimes above and sometimes below, a high price does not guarantee that bitcoin will be strong to survive long. because fluctuations will occur and driving prices down right ? so I think as long as the user continues to grow and bitcoin continue to develop then bitcoin will grow stronger and continue to survive


It is called fluctuation and it is normal for every currencies and even investments.  I agree that price will not guarantee the survivavility of bitcoin,  what guarantee survavility is the development, base users, and new users that is adopting bitcoin.  And I think bitcoin is strong because he all have this three things that is needed to survive.

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November 10, 2016, 02:28:38 AM
 #515

Bitcoin is really very stronger currency of the world and bitcoin increasing its price too much faster day by day and adoption is also increasing and i hope that any country government will be adopt the bitcoin for their country.
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November 10, 2016, 02:40:30 AM
 #516

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
sorry, I am Not agree with you friends. No one can predict gambling bets, gambling bet basically depend on luck. No correct formula for gambling bet, if there is correct formula, everyone xan win the bet then everyone will win the prize, then who will give the prize?. Bitcoin is strong enough, in security or in the market. Bitcoin strength is depend on the users. If more people support bitcoin, bitcoin will get stronger.

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November 10, 2016, 02:50:43 AM
 #517

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
sorry, I am Not agree with you friends. No one can predict gambling bets, gambling bet basically depend on luck. No correct formula for gambling bet, if there is correct formula, everyone xan win the bet then everyone will win the prize, then who will give the prize?. Bitcoin is strong enough, in security or in the market. Bitcoin strength is depend on the users. If more people support bitcoin, bitcoin will get stronger.
Me too i am not agree that gambling has formula to win, gambling is not profitable method in bitcoin only the owner keep get the profit and i am agree with the guy on top that gambling is only depend on the luck of each gambler. Also agree that bitcoin has very strong security that is why our money in bitcoin was safe.



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Yakamoto
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November 10, 2016, 03:03:56 AM
 #518

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
sorry, I am Not agree with you friends. No one can predict gambling bets, gambling bet basically depend on luck. No correct formula for gambling bet, if there is correct formula, everyone xan win the bet then everyone will win the prize, then who will give the prize?. Bitcoin is strong enough, in security or in the market. Bitcoin strength is depend on the users. If more people support bitcoin, bitcoin will get stronger.
Me too i am not agree that gambling has formula to win, gambling is not profitable method in bitcoin only the owner keep get the profit and i am agree with the guy on top that gambling is only depend on the luck of each gambler. Also agree that bitcoin has very strong security that is why our money in bitcoin was safe.
Gambling has never been a serious way to consider making money, and a majority of the people that you meet that have actually made money are a small minority of the entity of users when it comes to a representation of the whole.

Bitcoin is as safe as you make it, and luckily it makes it pretty easy to keep it safe, but you always have to be watchful and make sure you aren't doing anything stupid.














 

 

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Conus
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November 10, 2016, 03:04:38 AM
 #519

Nobody is safe even the FIAT money I think but for me Bitcoin is more safer than FIAT in terms of robbery, so in short nothing is safe it's just how you can safe it.
How are you determining whether or not something is safer that BTC, etc?  Biitcoin I though would be safer because there is no way to beat the system and take it.  Unles your account is hacked and such, there is not much of a way to loose it.  The same can happen to FIAT and all other coins.  Just wondering what basis you are using to make this statement.
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November 10, 2016, 03:17:28 AM
 #520

Bitcoin itself is pretty strong and secure. Bitcoin exchanges, however, are where it becomes risky.

Definitely, If we are talking about Exchange than it really risky way, because since last few years many time exchange has been hacked, and recently BITFINEX give us the poof that exchange is not safe, these are not safe-sound way for bitcoin and also for us.
But if we are talking about Bitcoin, than definitely bitcoin is safe, because bitcoin has been spend too many years and still it is going well and up.

The bitcoin price has risen in the last few hours together with the Japanese Yen. It is regarded as safe haven.
I think prices will go up and down constantly changing sometimes above and sometimes below, a high price does not guarantee that bitcoin will be strong to survive long. because fluctuations will occur and driving prices down right ? so I think as long as the user continues to grow and bitcoin continue to develop then bitcoin will grow stronger and continue to survive


It is called fluctuation and it is normal for every currencies and even investments.  I agree that price will not guarantee the survivavility of bitcoin,  what guarantee survavility is the development, base users, and new users that is adopting bitcoin.  And I think bitcoin is strong because he all have this three things that is needed to survive.

Fluctuation in the price or value won't happen with every currency. Fluctuation happens with most of the digital currency as well investments. This fluctuation while getting certain number of user profile or continued adoption it becomes stable without much fluctuations

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