Bitcoin can be hacked

[SupahNovah]

There are talks theat google and IBM's quantum processor can be used to hack the bitcoin blockchain. If it is even remotely possible, devs should be brainstorming to counteract this.

[13abyknight]

Many say that Bitcoin is the safest way to hold value because Bitcoin cannot be hacked. But for many users that is not true.

It depends on how you look at it. Think about this first:

I sell you a door with a lock that genuinely cannot be opened by a thief. I now say that no-one can rob your house.

Of course it is true that no-one can open your door, but it is not true that the house cannot be robbed. The thief can smash the window, pick your pocket when you are on the street, trick his way into your house and so on and so on.

In Bitcoin many believe that because the Bitcoin ledger itself cannot be hacked, their money is safe. That is why they say Bitcoin cannot be hacked.

But it is actually quite easy to steal people's Bitcoin by hacking their wallets, stealing their passwords, hacking into exchanges and so on and so forth. We see it every day.

When you hear "Bitcoin cannot be hacked", many take this to mean that their Bitcoin cannot be stolen.

They are not technically knowledgeable so when they hear the words "cannot be hacked" they believe it menas their money is safe. For them "Bitcoin" is the whole collection of the ledger, the wallet, the exchange, their own computer

Many have their Bitcoin stolen, and therefore for many people they have to stop believeing that Bitcoin cannot be hacked.

For most non-technically knowledable people, the true phrasing is that Bitcoin can be hacked, and is being hacked on a daily basis.

What you're talking about is the chances of third party sites which operate on Bitcoin being hacked and I agree it is highly possible as we've seen many cases in the past (Mt Gox, Inputs.io and the list goes on). With a secure hardware/paper wallet with properly backed up private keys, it is almost impossible to hack into someone's wallet as its not worth the effort and this is exactly why hackers go after wallets and exchanges instead.
If you consider the Bitcoin network, it is explained in the whitepaper itself as to how immune the network is from hacks. The only part where people can lose their coins is on third party sites.

[carlisle1]

Many say that Bitcoin is the safest way to hold value because Bitcoin cannot be hacked. But for many users that is not true.

It depends on how you look at it. Think about this first:

I sell you a door with a lock that genuinely cannot be opened by a thief. I now say that no-one can rob your house.

Of course it is true that no-one can open your door, but it is not true that the house cannot be robbed. The thief can smash the window, pick your pocket when you are on the street, trick his way into your house and so on and so on.

In Bitcoin many believe that because the Bitcoin ledger itself cannot be hacked, their money is safe. That is why they say Bitcoin cannot be hacked.

But it is actually quite easy to steal people's Bitcoin by hacking their wallets, stealing their passwords, hacking into exchanges and so on and so forth. We see it every day.

When you hear "Bitcoin cannot be hacked", many take this to mean that their Bitcoin cannot be stolen.

They are not technically knowledgeable so when they hear the words "cannot be hacked" they believe it menas their money is safe. For them "Bitcoin" is the whole collection of the ledger, the wallet, the exchange, their own computer

Many have their Bitcoin stolen, and therefore for many people they have to stop believeing that Bitcoin cannot be hacked.

For most non-technically knowledable people, the true phrasing is that Bitcoin can be hacked, and is being hacked on a daily basis.

no one can rob our house but Only you?your promoting this program of yours as if were talking only about candy here?your talking about bitcoin and do you think we will believe you as easy as that?you must prove yourself first.and it will took some time before you got the trust of majority.for now improve your program.

[talkbitcoin]

There are talks theat google and IBM's quantum processor can be used to hack the bitcoin blockchain. If it is even remotely possible, devs should be brainstorming to counteract this.

stop spreading FUD.

first of all the blockchain is just a set of blocks, there is nothing to "hack".
what you had in mind was the cryptography, the Eliptic Curve, and the Sha256 hashing that bitcoin uses. and just FYI these things are being used by half the security related stuff out there. if someone finds a way to hack them half the world will be neck deep in shit that bitcoin would be at the bottom of that list.

[freightjoe]

blockchain is just a set of blocks, there is nothing to "hack".

There is everything to hack

[R519sg]

Probably, there is a substitution of concepts : The algorithm of bitcoin cannot be changed by someone, probably many perceive as the truth about what bitcoin can't be hacked

[xuan87]

Maybe it can be  hack, but bitcoin wallet got a very tight security, and maybe now there is still no one or program that can break the wallet but in the future when the advance technology being created the possibility of cracking the wallet will increase, but with the increase of technology for sure the security will be upgraded

[paolo099]

based on the assumption of: everything can be hacked, it does not exist a perfect system (if you are an IT expert you already know that), the only perfect system is a server not connected to the network without any input system connected and closed in a bunker, but also in this case there is the possibility to have your data destroyed, hence lost/stolen.
Stating that "there's everything to hack" without any explanation for me it's just a poor bait and i think you're trolling just for the sake of it.
Even the highest encryption protocol, the most complex and secure can be hacked but it would take time, so now, how long would it take to hack it? how long before the owner can take appropriate countermeasures? Does it worth the time/technology/you name it spent for the hack?
It's a good discussion field, but you are dragging down the discussion to the dumbest level possible, don't take the bait..

[Glorypaasa]

Many say that Bitcoin is the safest way to hold value because Bitcoin cannot be hacked. But for many users that is not true.

It depends on how you look at it. Think about this first:

I sell you a door with a lock that genuinely cannot be opened by a thief. I now say that no-one can rob your house.

Of course it is true that no-one can open your door, but it is not true that the house cannot be robbed. The thief can smash the window, pick your pocket when you are on the street, trick his way into your house and so on and so on.

In Bitcoin many believe that because the Bitcoin ledger itself cannot be hacked, their money is safe. That is why they say Bitcoin cannot be hacked.

But it is actually quite easy to steal people's Bitcoin by hacking their wallets, stealing their passwords, hacking into exchanges and so on and so forth. We see it every day.

When you hear "Bitcoin cannot be hacked", many take this to mean that their Bitcoin cannot be stolen.

They are not technically knowledgeable so when they hear the words "cannot be hacked" they believe it menas their money is safe. For them "Bitcoin" is the whole collection of the ledger, the wallet, the exchange, their own computer

Many have their Bitcoin stolen, and therefore for many people they have to stop believeing that Bitcoin cannot be hacked.

For most non-technically knowledable people, the true phrasing is that Bitcoin can be hacked, and is being hacked on a daily basis.

There is a big percent that hackers can hack your bitcoins if you dont use trusted wallet so if i you? Choose coin base this is the best and trusted wallet but my wallet is coin.ph this is the best wallet in our country here in philippines.

[MandyViki]

Many say that Bitcoin is the safest way to hold value because Bitcoin cannot be hacked. But for many users that is not true.

It depends on how you look at it. Think about this first:

I sell you a door with a lock that genuinely cannot be opened by a thief. I now say that no-one can rob your house.

Of course it is true that no-one can open your door, but it is not true that the house cannot be robbed. The thief can smash the window, pick your pocket when you are on the street, trick his way into your house and so on and so on.

In Bitcoin many believe that because the Bitcoin ledger itself cannot be hacked, their money is safe. That is why they say Bitcoin cannot be hacked.

But it is actually quite easy to steal people's Bitcoin by hacking their wallets, stealing their passwords, hacking into exchanges and so on and so forth. We see it every day.

When you hear "Bitcoin cannot be hacked", many take this to mean that their Bitcoin cannot be stolen.

They are not technically knowledgeable so when they hear the words "cannot be hacked" they believe it menas their money is safe. For them "Bitcoin" is the whole collection of the ledger, the wallet, the exchange, their own computer

Many have their Bitcoin stolen, and therefore for many people they have to stop believeing that Bitcoin cannot be hacked.

For most non-technically knowledable people, the true phrasing is that Bitcoin can be hacked, and is being hacked on a daily basis.

Yes you are right. And that is why we shouldn't believe every word that is written or spoken about.

[freightjoe]

based on the assumption of: everything can be hacked, it does not exist a perfect system (if you are an IT expert you already know that), the only perfect system is a server not connected to the network without any input system connected and closed in a bunker, but also in this case there is the possibility to have your data destroyed, hence lost/stolen.
Stating that "there's everything to hack" without any explanation for me it's just a poor bait and i think you're trolling just for the sake of it.
Even the highest encryption protocol, the most complex and secure can be hacked but it would take time, so now, how long would it take to hack it? how long before the owner can take appropriate countermeasures? Does it worth the time/technology/you name it spent for the hack?
It's a good discussion field, but you are dragging down the discussion to the dumbest level possible, don't take the bait..

You clearly did not understand the point.

At the end of the day, it is about who takes the risk in terms of security. If you place your money in the bank, the bank is responsible for the security and if the bank is robbed you still get your money. With Bitcoin you need to be able to create bank-like security yourself, and if you fail all is lost.

[paolo099]

based on the assumption of: everything can be hacked, it does not exist a perfect system (if you are an IT expert you already know that), the only perfect system is a server not connected to the network without any input system connected and closed in a bunker, but also in this case there is the possibility to have your data destroyed, hence lost/stolen.
Stating that "there's everything to hack" without any explanation for me it's just a poor bait and i think you're trolling just for the sake of it.
Even the highest encryption protocol, the most complex and secure can be hacked but it would take time, so now, how long would it take to hack it? how long before the owner can take appropriate countermeasures? Does it worth the time/technology/you name it spent for the hack?
It's a good discussion field, but you are dragging down the discussion to the dumbest level possible, don't take the bait..

You clearly did not understand the point.

At the end of the day, it is about who takes the risk in terms of security. If you place your money in the bank, the bank is responsible for the security and if the bank is robbed you still get your money. With Bitcoin you need to be able to create bank-like security yourself, and if you fail all is lost.

you are the only responsible for the security of your coins there is no insurance for BTC (yet) so what's the point? I agree with you on your last point and in this world, or better in the IT world, it's up to you to keep your datas secured; put aside BTC and the market value, how do you secure your datas (which can be your sextape, your payroll, your family photos on the cloud or on your pc)? Same thing, if your account get hacked it's your fault (weak password, keylogger and so on).. in this crypto world you are the weak link.
All in all it's just a matter of point of view, but at least we agree on the bolded sentence

[dontworry]

based on the assumption of: everything can be hacked, it does not exist a perfect system (if you are an IT expert you already know that), the only perfect system is a server not connected to the network without any input system connected and closed in a bunker, but also in this case there is the possibility to have your data destroyed, hence lost/stolen.
Stating that "there's everything to hack" without any explanation for me it's just a poor bait and i think you're trolling just for the sake of it.
Even the highest encryption protocol, the most complex and secure can be hacked but it would take time, so now, how long would it take to hack it? how long before the owner can take appropriate countermeasures? Does it worth the time/technology/you name it spent for the hack?
It's a good discussion field, but you are dragging down the discussion to the dumbest level possible, don't take the bait..

You clearly did not understand the point.

At the end of the day, it is about who takes the risk in terms of security. If you place your money in the bank, the bank is responsible for the security and if the bank is robbed you still get your money. With Bitcoin you need to be able to create bank-like security yourself, and if you fail all is lost.

If bitcoin can be hacked, what do robbers are waiting for?
Banks were robbed and some precautions were taken by banks+governments to encourage people to continue to use banks. As bitcoin has never been hacked and there is no owner of bitcoin to compensate a possible robbing, there is no precaution as of now. Because it's not needed.

The bigger risk is in banks. In case of an economics crisis all funds in banks can be frozen by governments. You are safer with bitcoin.

[freightjoe]

All in all it's just a matter of point of view, but at least we agree on the bolded sentence

That we do.

However, I firmly believe that it the choice is between leaving security to the bank - and that the bank is responsible for the loss if they are robbed - are much much safer than people individually having to handle that security.

[freightjoe]

If bitcoin can be hacked, what do robbers are waiting for?
Banks were robbed and some precautions were taken by banks+governments to encourage people to continue to use banks. As bitcoin has never been hacked and there is no owner of bitcoin to compensate a possible robbing, there is no precaution as of now. Because it's not needed.

WRONG!

Even in this thread there is a person who was robbed of 1000$. It happens every day.

[Obama07]

It is depend on you if you use online wallet it will be hack but if your close friend know about your account details than it is very possible to hack your account.

[krauzzer02]

There are talks theat google and IBM's quantum processor can be used to hack the bitcoin blockchain. If it is even remotely possible, devs should be brainstorming to counteract this.

If a quantum computing is fully developed or if it is possible to create one, i heard that rumor many years ago I think it is last 4 years, Some of my professors told us about quantum computer and how powerful it is but the existence is still questionable that day. Now i heard news that they have succeeded on developing a quantum technology that uses a small number of qubits. that would be awesome but not worried at the same time because bitcoin uses SHA-256 that is quantum resistant and any other attacks. I think they called it D-wave.

[Aura]

You're right, but I think that you make a wrong comparison between the door lock and Bitcoin.
The Bitcoin network or the blockchain can't be hacked, as you would need an enormous amount of hashing power. This can be compared to the lock, that if the lock is not pickable it can not be 'hacked'. However Bitcoin balances can get stolen when an user doesn't safe his funds correctly or when his computer is infected. That's where I think you're comparison is wrong, when funds get stolen because the user doesn't store his funds safely it's actually comparable to door lock that you forget to lock. So it's not really the fault of Bitcoin or the lock but a user fault, in this case I think you can't say Bitcoin is hack-able.

[Miles123]

Yes, bitcoin can be hacked if you are not securing your all accounts and passwords. Let's be aware of hackers and scammers because they are everywhere and they are not choosing who they going to be victimized. We should be wiser for them. You should not give your private key because It's very important in joining here.

[Kajevy]

reedit your post title because most of users not read it if you talk a lot