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Author Topic: how strong is bitcoin really?  (Read 53894 times)
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April 17, 2017, 12:33:20 PM
 #961

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.

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April 17, 2017, 12:39:46 PM
 #962

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
Your friend is starting hit borderline retarded levels when it comes to oversimplifying how Bitcoin and it's security works. You can't calculate things that have a specific encryption key just because you have the right formulas. If that was how it worked encryption would be useless and nothing would work when it comes to any form of security. Tell him to go and read how encryption works and why it isn't just "some math calculation".

When you look deep in to bitcoin blockchain network you should finally discover the power blockchain encryption is not something that a person can mess with, whether you have the right formulas or not.

If we're to talking about the encryption, first we need the know the type of encryption first which is [SHA256] this is not a type of encryption algorithm to be mess with, because you can never break it with simple calculator even with the right formulas.

Bitcoin survived all these years because it's unbreakable yet easy share among ourselves, calculating a single blockchain network transaction will consume enormous amount of time even with super computers talk less of using mini gadgetries so called calculators.  


     
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April 17, 2017, 12:48:49 PM
 #963

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

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April 17, 2017, 12:53:01 PM
 #964

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

I don't even bother hodling anymore...just spend it immediately. Minimal risk that way.

Cottage Cheese Sausage Pizza
sweep the lake...lol
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April 17, 2017, 12:55:06 PM
 #965

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

I don't even bother hodling anymore...just spend it immediately. Minimal risk that way.
That's right but looking at the growth and future of bitcoins I think we should also save some of them for future as if price goes higher in coming years then it will give us good amount of money if we have saved good amount of bitcoins.

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April 17, 2017, 01:02:38 PM
 #966

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

I don't even bother hodling anymore...just spend it immediately. Minimal risk that way.
That's right but looking at the growth and future of bitcoins I think we should also save some of them for future as if price goes higher in coming years then it will give us good amount of money if we have saved good amount of bitcoins.
It's good to save but save what you can afford only, there is a big potential the value will increase and if you are willing
to bet on that potential, you should start investing now. What good with bitcoin is the return is awesome, you are guaranteed
a minimum of 100% a year if you invest based on trend only.

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April 17, 2017, 01:08:13 PM
 #967

I know that bitcoin is very strong compared to the other right and each get from bitcoin say directly store in the wallet that has been provided.

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April 17, 2017, 04:34:23 PM
 #968

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

I don't even bother hodling anymore...just spend it immediately. Minimal risk that way.
That's right but looking at the growth and future of bitcoins I think we should also save some of them for future as if price goes higher in coming years then it will give us good amount of money if we have saved good amount of bitcoins.
It's good to save but save what you can afford only, there is a big potential the value will increase and if you are willing
to bet on that potential, you should start investing now. What good with bitcoin is the return is awesome, you are guaranteed
a minimum of 100% a year if you invest based on trend only.

That's right and bitcoin is getting stronger and stronger day by day so if we can hold it for a long term then I think we can afford to invest in it even at current rate as the price in next year would be surely higher then what we are seeing at a moment.

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April 17, 2017, 04:41:12 PM
 #969

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

I don't even bother hodling anymore...just spend it immediately. Minimal risk that way.
That's right but looking at the growth and future of bitcoins I think we should also save some of them for future as if price goes higher in coming years then it will give us good amount of money if we have saved good amount of bitcoins.
It's good to save but save what you can afford only, there is a big potential the value will increase and if you are willing
to bet on that potential, you should start investing now. What good with bitcoin is the return is awesome, you are guaranteed
a minimum of 100% a year if you invest based on trend only.

That's right and bitcoin is getting stronger and stronger day by day so if we can hold it for a long term then I think we can afford to invest in it even at current rate as the price in next year would be surely higher then what we are seeing at a moment.

Most probable to have a big increase on BTC price since now until the next year, maybe we can hit nice values like $2000 or $3000. It's always time to buy Bitcoins, the price is always becoming bigger on long term, so you don't need to worry if it's pricing $1200 now, what is a good amount, but it will become even better. It's the most safe profit on the Crypto Currency world.

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April 17, 2017, 05:38:40 PM
 #970

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

I don't even bother hodling anymore...just spend it immediately. Minimal risk that way.
That's right but looking at the growth and future of bitcoins I think we should also save some of them for future as if price goes higher in coming years then it will give us good amount of money if we have saved good amount of bitcoins.
It's good to save but save what you can afford only, there is a big potential the value will increase and if you are willing
to bet on that potential, you should start investing now. What good with bitcoin is the return is awesome, you are guaranteed
a minimum of 100% a year if you invest based on trend only.

That's right and bitcoin is getting stronger and stronger day by day so if we can hold it for a long term then I think we can afford to invest in it even at current rate as the price in next year would be surely higher then what we are seeing at a moment.

Most probable to have a big increase on BTC price since now until the next year, maybe we can hit nice values like $2000 or $3000. It's always time to buy Bitcoins, the price is always becoming bigger on long term, so you don't need to worry if it's pricing $1200 now, what is a good amount, but it will become even better. It's the most safe profit on the Crypto Currency world.
You are expectation too high 3000$ do you think it is possible? I don't believe it is possible. Maybe the price will hit 2000$, but it takes more time to hit $3k. just check last year price and present price it almost double. So I think it may cross 2000$ but not reach $3k. But investing on Bitcoin will give goo profit.
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April 18, 2017, 02:18:07 AM
 #971

The whole concept of cryptocurrencies is to make the best way possible to secure the transfer and ownership of money. Of course, there are several levels of security, when you are talking about in the way you access your BTC. (Hot/Cold) wallets, paper wallets, hardware wallets, exchanges, all have good/bad features. Use them wisely.
There is no system that is perfect, therefore hacking could be possible and they are preventing this hacks by improving their
security from time to time. Most of the target of hacks are exchanges but people are more wiser now due to experience, they
do not put their money in one wallet, they diversify it.

I don't even bother hodling anymore...just spend it immediately. Minimal risk that way.

Smart, you minimized the risk but unwise because you also minimized your profit. It is still smart to hold some coins so that if bitcoin's value increased then you gained more. And as a matter of fact, risk is directly proportional to profit, the higher the risk, the higher the profit. This can also be the opposite, the higher risk may also lead to a catastrophic loss.
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April 18, 2017, 06:49:07 AM
 #972

bitcoin is built with a strong foundation and system comes with strong security so it is not easy for a thief to take over, the current weakness in bitcoin as possible about legality

Bitcoin, our number one crypto currency is safe without the government supervision I guess, they cannot control the movement of its value. Govt. will have to accept it one day, even though they do not like it currently.

I agree with you, this is why government cannot accept bitcoin in each country because they cannot and never take over the power of holding bitcoin in the world, and they cannot count on how many transaction made in their country and for sure they cannot even get any money from it because of its very secure and no taxes on it.

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April 18, 2017, 07:29:45 AM
 #973

bitcoin is built with a strong foundation and system comes with strong security so it is not easy for a thief to take over, the current weakness in bitcoin as possible about legality

Bitcoin, our number one crypto currency is safe without the government supervision I guess, they cannot control the movement of its value. Govt. will have to accept it one day, even though they do not like it currently.

I agree with you, this is why government cannot accept bitcoin in each country because they cannot and never take over the power of holding bitcoin in the world, and they cannot count on how many transaction made in their country and for sure they cannot even get any money from it because of its very secure and no taxes on it.

Despite the fact that the government does not want to legalize bitcoin, it gets stronger every day. This can be determined by its price - it goes steadily upwards. And if it falls, it quickly recovers
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April 18, 2017, 07:35:03 AM
 #974

Bitcoin is stronger than couples years ago, we can see the price of bitcoin is stable right now
 the peoples doesn't fear made investments into bitcoin,
also bitcoin has large capitalization of marketcap be compared with other crypto coins
so bitcoin will growing up by the time because of many people adopt bitcoin.


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DoublerHunter
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April 18, 2017, 12:18:02 PM
 #975

Bitcoin is stronger than couples years ago, we can see the price of bitcoin is stable right now
 the peoples doesn't fear made investments into bitcoin,
also bitcoin has large capitalization of marketcap be compared with other crypto coins
so bitcoin will growing up by the time because of many people adopt bitcoin.
Bitcoin is really strong and stable in the market because of the reputation that has been built since the first day of bitcoin until now, investors are keep growing and also the volume and the price has no limits and it always goes up to the moon and soon we will see bitcoin that is already accepted and after that we can say that bitcoin is so strong and nothing can stop it.

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April 18, 2017, 12:43:40 PM
 #976

Bitcoin is stronger than couples years ago, we can see the price of bitcoin is stable right now
 the peoples doesn't fear made investments into bitcoin,
also bitcoin has large capitalization of marketcap be compared with other crypto coins
so bitcoin will growing up by the time because of many people adopt bitcoin.
Bitcoin is really strong and stable in the market because of the reputation that has been built since the first day of bitcoin until now, investors are keep growing and also the volume and the price has no limits and it always goes up to the moon and soon we will see bitcoin that is already accepted and after that we can say that bitcoin is so strong and nothing can stop it.

Bitcoin can grow continuously, but its value is always limited to a stable level, it can only change slowly and slowly. There will not be any unexpected changes, because many of the big countries in the world accept bitcoin, they manage it and see it as part of the economy, so they always adjust it. To the extent appropriate to not cause consequences for the economy.

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April 18, 2017, 12:46:17 PM
 #977

As far as I know bitcoin is a secure way to send payments and there's no way that a tx can be traced unless you are using 1 address for all of your transactions.

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April 18, 2017, 12:57:29 PM
 #978

I think your friend read this http://www.righto.com/2014/09/mining-bitcoin-with-pencil-and-paper.html and may have quickely predicted that bitcoin can be hacked which is just a noob thinking as mining with this pencil and paper is not practical. Nothing to worry about, it will require lots of computer power/super computers lots of years to get private key of one single bitcoin address.

Anyone in bitcoin is full of secure and no one can hack or crash down because government hold bitcoin and control if your friend see many ways to hack that is a big wrong maybe you can predict but this will not happen as of now we are in high technology and securities

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April 18, 2017, 01:02:57 PM
 #979

It's strong,but it is for sure susceptible to violatility.We have seen how many times it has got back to the 600-650 price range and even lower,although it has spiked now to over a thousand.So we can't say that BTC is unshakeable,but for me it is stable enough to keep being on the rise

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April 19, 2017, 08:43:11 PM
 #980

Bitcoin is built with a strong security system and is not vulnerable to hacking by hackers.
More and more bitcoin users in different countries certainly add strength to bitcoin
Bitcoin no doubt have a very strong security system. The increasing number of its users indicates towards the strength and the goodwill that it has achieved. It is definitely the people trust on the on its system that attracts them toward it.

Otherwise no one will the risk of sinking of assets. Before joining the bitcoin people make it sure to know the strength and the control.
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