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Author Topic: Is Bitcoin really secure?  (Read 21394 times)
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August 18, 2017, 12:39:53 AM
 #101

Hello pals,
Recently I introduced Bitcoin and cryptocurrency to my friends and family,they liked the concept but they asked me a question that I wasn't able to answer.Is Bitcoin really secure?What if a hacker was able to hack Bitcoin system/blockchain?Who manages Bitcoin security and what are the security measures taken to avoid hackers being able to steal Bitcoins?Why Bitcoin is not blocked for those who use it illegally by buying/selling in the deepweb market?What if governements ban Bitcoin because of these people?
I really appreciate if you  guys give me some answers
Bitcoin is secure if you take measures to make it secure. For example, if you did buy a hardware wallet such as a Ledgerwallet or a trezor, you wouldn't be able to be hacked, unless they had physical access to your wallet, and that would be hard to do, if you kept the wallet on you.

Other wallets, are less secure especially online ones but only people with small amount of bitcoin use those wallets.

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August 18, 2017, 12:46:50 AM
 #102

Hello pals,
Recently I introduced Bitcoin and cryptocurrency to my friends and family,they liked the concept but they asked me a question that I wasn't able to answer.Is Bitcoin really secure?
First of, thank you for spreading the word, mate! Bitcoin itself is secure (it is using a technology called BLOCKCHAIN which you may want to research about, please feel free to browse the forum), now, you may want to explain to them that there are risks of losing bitcoins if they do not secure their wallets or if they are not cautious enough in doing transactions.

Quote
What if a hacker was able to hack Bitcoin system/blockchain?Who manages Bitcoin security and what are the security measures taken to avoid hackers being able to steal Bitcoins?
Well, bloody inquiry aye... ok, please keep in mind that hacking is not as easy as 1-2-3 or a-b-c; it would cost money and time for a hacker to successfully inject a bug in your system. Normally, (or practically) hackers target online exchanges, soft wallets, end etc... If your bitcoins are secured in an offline or hardware wallet then you have nothing to worry about. Note: hackers would not bother to penetrate your account unless you are known for having at least 10btc's in it.

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Why Bitcoin is not blocked for those who use it illegally by buying/selling in the deepweb market?
Because that is what bitcoin is all about. Freedom!

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What if governements ban Bitcoin because of these people?
I really appreciate if you  guys give me some answers
Well, every investment has a risk. Consider that as a risk for investing in bitcoin.
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August 18, 2017, 12:55:31 AM
 #103

It's not perfect, as others have already said, but if you study the types of failures that can occur in the Bitcoin ecosystem, you'll notice that these are problems with very low probabilities of happening, and most of them requiring astronomically high computational power to happen.

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August 18, 2017, 02:26:29 AM
 #104

It's not perfect, as others have already said, but if you study the types of failures that can occur in the Bitcoin ecosystem, you'll notice that these are problems with very low probabilities of happening, and most of them requiring astronomically high computational power to happen.
I agree with you it is inevitable but we can change that if we handle everything with care and follow every precautionary measures being said to us and by that we can be assured that these kind of problems won't happen to us.
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August 18, 2017, 02:29:59 AM
 #105

Yes, in those times bitcoin is even more secure than paper money, the only difference betwen them is that bitcoin is electronic, and the only way it can be hacked or lost is because of your fault, by telling anyone your private key, or your password, etc.
It has been some years since hackers are trying to hack bitcoin wallets but they can not, so i would say yes, bitcoin is the most secure "money" that exists.
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August 18, 2017, 02:40:46 AM
 #106

Hello pals,
Recently I introduced Bitcoin and cryptocurrency to my friends and family,they liked the concept but they asked me a question that I wasn't able to answer.Is Bitcoin really secure?What if a hacker was able to hack Bitcoin system/blockchain?Who manages Bitcoin security and what are the security measures taken to avoid hackers being able to steal Bitcoins?Why Bitcoin is not blocked for those who use it illegally by buying/selling in the deepweb market?What if governements ban Bitcoin because of these people?
I really appreciate if you  guys give me some answers

This is cryptocurrency, there's no secure guarantee if you invest here. If you're looking for a secure investation, you can keep your money in the bank, but you'll get low only interest, but it hundred percent safe. Even if the bank got robbed by criminals, you can still got your money back. But in cryptocurrency, especially bitcoin, ther's no guarantee your money will be safe here, except you've learn how to management your coin. You should have seen the last news, about the big bitcoin exchange got hacked, and people can't get they money back, that means bitcoin are not immune to hacker. But I can guarantee you'll get a big profit for invest here.
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August 18, 2017, 02:58:47 AM
 #107

Hello pals,
Recently I introduced Bitcoin and cryptocurrency to my friends and family,they liked the concept but they asked me a question that I wasn't able to answer.Is Bitcoin really secure?What if a hacker was able to hack Bitcoin system/blockchain?Who manages Bitcoin security and what are the security measures taken to avoid hackers being able to steal Bitcoins?Why Bitcoin is not blocked for those who use it illegally by buying/selling in the deepweb market?What if governements ban Bitcoin because of these people?
I really appreciate if you  guys give me some answers
I think bitcoin is secure because it uses Cryptography wich makes the transactions secures our wallets secured. Your wallet may be hacked if you share your private key to others.

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August 18, 2017, 03:01:04 AM
 #108

Bitcoin wallet is secured day by day because of threats of hackers.
 Most administration of the wallet is doing its best to serve us better and protect us.

HODL
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August 18, 2017, 03:17:36 AM
 #109

Yes I think bitcoin is really secure your earning are kept privately and you will only lose it if you are careless.The transactions made through bitcoin doesn't required much of your information, you can buy things and pay bills using it and you don't have to diclosed much of your information so it is even safe while having your transactions.

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August 18, 2017, 03:20:37 AM
 #110

Safety and security is an issue that may not be answered accurately, Yes bitcoin do have the feature of anonymity but still flawses can not be avoided for man made things can be destroyed by a man ( in my opinion )..
I do trust the security of bitcoin/blockchains but with the populations increasing within the access to bitcoin safety and security is a big questionmark.
If the blockchain will be at risk, do yourself a favor early, provide a more secure wallet for your earnings.
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August 18, 2017, 03:30:22 AM
 #111

The answer is no, bitcoin cannot be hacked because it uses a method of pseudo anonymity which means that validates transactions that is called a block while the previous block is getting confirmed the newer blocks are getting process to be validated by miners that is a group of computer to be able to hack a block that consist with transactions you need to break it's algorithm faster before that previous block gets validated. Bitcoin can only be hack by third party applications but the blockchain will not.

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August 18, 2017, 03:31:01 AM
 #112

I think so, bitcoin is secure as long as your password in your cellular phone, laptop or computer in tact. Take extra precautions with your password because it is possible that any person can access your account and possible to get your bitcoin and can transfer to their account.

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August 18, 2017, 03:32:18 AM
 #113

Yes, Bitcoin is secure. Bitcoin security is based on us, if we do not keep safe our bitcoin it might cause the loss of our earnings. Hackers can manipulate computers when it's have a virus, so be careful to use computer to avoid losing our risk.
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August 18, 2017, 03:32:57 AM
 #114

Bitcoin wallet is secured day by day because of threats of hackers.
 Most administration of the wallet is doing its best to serve us better and protect us.


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Hell no bitcoin isnt secure.

The reason? Most people's computers aren't secure  Wink

And this is the problem with bitcoin. Besides serious usability issues, your wallet is only as secure as the device/database it resides on. For the overwhelming majority of us, that's not that secure at all. Think about it; we just saw HBO and Netflix get hacked, the freaking DNC got hacked. While these are elite level hackers, the point is that this databases were protected by millions of dollars of cyber security. There is a whole department dedicated to this, and they failed.

If they can be penetrated, most things can be penetrated. Observe the highest  security protocols you can manage to maintain, and never trust an exchange for longer than you need it, on that specific trading action. You are only as strong as your weakest link. Dont let that link break and spill all your precious coins about.
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August 18, 2017, 03:35:53 AM
 #115


It is not that easy to crack the code of blockchain. Being open source blockchain is governed so securely that it has not been yet cracked by anyone in the world.


Know what blockchain is exactly? Each block will facilitate creation of new crypto sign in the form of hash pointer to lead to next block which will result in timestamp as well as data transmission. The ledger transmission is so smooth and peer to peer that there is no hole from where one can can start digging in to hack the block chain.


On the terminal your wallets are highly secured with two step verification and identity theft which makes it difficult to go in as long as you are holding all the keys by yourself. So I’m sure bitcoin is something most secured tech we are working with.



 
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August 18, 2017, 06:04:17 AM
 #116

Hello pals,
Recently I introduced Bitcoin and cryptocurrency to my friends and family,they liked the concept but they asked me a question that I wasn't able to answer.Is Bitcoin really secure?What if a hacker was able to hack Bitcoin system/blockchain?Who manages Bitcoin security and what are the security measures taken to avoid hackers being able to steal Bitcoins?Why Bitcoin is not blocked for those who use it illegally by buying/selling in the deepweb market?What if governements ban Bitcoin because of these people?
I really appreciate if you  guys give me some answers
From my own experience from using Bitcoin for some years now, I believe it is truly safe. It won’t be easy for the government to ban Bitcoin; even if it is declared illegal in your country, you can still use it carefully and secretly without anyone knowing about it.

Bitcoin is decentralized, and it’s true there are people using it negatively. But I don’t think there is a way to ban them, though it’s quite possible to ban their IP address. But even if you do, they might change their IP.
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August 18, 2017, 07:08:36 AM
 #117

No matter if governments decide to ban bitcoins, they can't stop anyone from using it as there are many different ways you could use it still being completely anonymous. And Bitcoins are fully secure unless you leave your wallet passphrase or private key left in someone's hands because then you will be responsible yourself for whatever happens to them. Unless such things occur, they are completely secure.

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August 18, 2017, 07:19:19 AM
 #118

Is Bitcoin really secure? Well, let's just say, cryptographically yes yes and yes.
A problem arises in security most often when a disgruntled or despearate boyfriend or girlfriend a jealous
hear or a mean streak, or a crazed gambler has your codes, back ups and an iq over 10 don't worry but keep
 up your guard no matter what to be prepared if needed., 

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August 18, 2017, 07:38:09 AM
 #119

Bitcoin is fully secure only if you dont store your wallet passwords on your desktop, any notepad, etc.
If someone hacks you, he will need to know your private key, if he doesnt have it, he wont we able yo touch you anything, so as you see, bitcoin is secure unless you are an idiot.


i think as long as we can save our private key in safety place and only us that will know the place, i think its safe from someone. beside that, its really hard to crack bitcoin wallet password and only people which have high skills that can do. maybe we can duplicate private into another place so it will more secure and safe.

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August 18, 2017, 07:55:51 AM
 #120

Bitcoin wallet, you cannot say that it was secured because there are some hacker that they hack some million of bitcoin. If you want to be secure your wallet, do not tell anyone about your money and also your password.

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