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Author Topic: How can Bitcoin be hacked?  (Read 122 times)
Adenike
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January 29, 2018, 12:47:10 AM
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How can Bitcoin be hacked?
How could a malicious entity either hack the Bitcoin network by stealing BTCs or shock it to death, triggering panic and drops in BTC value?
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January 29, 2018, 12:52:32 AM
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IMO. it can be hacked if someone has your private key or access to your wallet. It can be happen in diffferent way, such as keylogger or spyware or hacker has access to your computer. They will take all btc balance on your wallet and sell it, thats why the price is drop because hacker sell all his bitcoin and make big dump

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January 29, 2018, 12:57:10 AM
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yes, bitcoin can be hacked if you do not use block chain privacy, then privacy is very important. but sometimes also a small thing can make your wallet security threatened, such as not deleting the password after opening the wallet, so your account is easily tracked by hackers.
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January 29, 2018, 01:02:53 AM
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How can Bitcoin be hacked?
How could a malicious entity either hack the Bitcoin network by stealing BTCs or shock it to death, triggering panic and drops in BTC value?

For me they are making sites that you will required to put you're private key for something valuable or something like an investment this sites are called phishing site which are avoidable if one do some research about it. Next would be hacking the site exchanges which is hard to explain.

yonghaseo
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January 29, 2018, 01:20:18 AM
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IMO. it can be hacked if someone has your private key or access to your wallet. It can be happen in diffferent way, such as keylogger or spyware or hacker has access to your computer. They will take all btc balance on your wallet and sell it, thats why the price is drop because hacker sell all his bitcoin and make big dump
Yes, he is right. Secure the wallet where your bitcoin are stored. Use Two-Factor Authentication (2FA) so the hackers cannot hack you easily, you will be notified if someone is trying to access to your account.

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January 29, 2018, 03:36:06 AM
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no way
you can't hack btc
Bitfort
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January 29, 2018, 08:07:43 AM
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How can Bitcoin be hacked?
How could a malicious entity either hack the Bitcoin network by stealing BTCs or shock it to death, triggering panic and drops in BTC value?


I think some panic could occur if satoshi would start moving his treasure (it's over million coins and if decide to sell it asap the price drop would be significant IMO).

As of the hack, search about "majority attack" (or 51% attack) .. this requires attacker to controll more than 50% of total hashrate. Important to note .. if the attacker controls such hashrate, it means he invested a lot of money and much more likely he will just keep mining ( to get his investment back ) rather than attacking the network and risking it will collapse.

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January 29, 2018, 08:46:11 AM
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It can be hacked if the owner says so what do I mean by that is when you release you private key it will be hacked so that why when you create your ETH wallet you will see your private key and they will advice to keep it safe so when you keep it for yourself alone another person can not get access to it with that it can be hacked.
chaitanya31
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January 29, 2018, 08:52:50 AM
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It is nearly impossible to hack the Bitcoin network and steal Bitcoins. You will need to find the private key for a particular public address. The possibilities are limitless. Still a group is working on a project to crowd source computation power to find private keys to the Bitcoin network
Adenike
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January 29, 2018, 10:56:16 AM
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Other than the 51% hack, the way to hack bitcoin it to hack the math which underlies the currency.

SHA256 is a special type of mathematical function which is really easy to solve in one direction but is very hard to solve in reverse. At least the only known way to solve SHA256 is reverse is very hard.  So hard in fact that our best implementation is to just randomly guess until we get the answer.

If you could hack the math and find an easier solution, then you could hack Bitcoin without the need for more computing power.  Since your algorithm might be 99.99% more efficient than the brute force method, you'd only need a tiny fraction of computing power to overwhelm the network.


It's believed that quantum computers might have the ability to crack these types of one way functions way more efficiently than the brute force method.
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January 29, 2018, 11:03:46 AM
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The only effective way to hack it is through 50% attack. Unless you can make that possible Bitcoin will always remain unhackable.

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January 29, 2018, 02:28:10 PM
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It can be hacked if your PC has been infected by trojan or malware from potential hacker

But there is always ways to prevent
1. Always check the website is from real and not phishing site
2. Only download the software that is from the trusted source
3. Always scan the file that downloaded with antivirus or online scanner such as jotti
4. Keep your private key in safe place such as in paper or print and keep
5. Only login when in trusted network not in public network which will open attack from hacker
6.
7.

That's all I can think of now anyone can add on  Cool Cheers mate
Adenike
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January 29, 2018, 02:50:15 PM
 #13

Sincerely you cannot hack Bitcoins or the ledger Blockchain.

There has been several reports crimes reported regarding bitcoin hacking, but nowdays it is not possible to hack it. As the network strength is very high don't even think about hacking the network.

The only possible methods of hacking bitcoins are

Hacking into a mining pool
Doing a MITM attack
Social engineering a bitcoin user
Hacking a private key
Hacking any online walletswallets
Those are coded very well without any loopholes, they are stronger the weaker part is human. Yes humans can be easily hacked, but not bitcoins.
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January 30, 2018, 12:54:04 PM
 #14

Bitcoin can be hacked if you don't secure your pc with antivirus and if you don't secure your btc account with a strong password also you can use 2FA authenticator
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January 30, 2018, 12:58:57 PM
 #15

 
The Bitcoin system cannot be hacked but your computer can be and it's very easy.
Never install any apps or altcoin or addon on a computer holding BTC.
Don't download anything.
Adenike
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January 31, 2018, 05:50:57 AM
 #16

I don’t see how a distributed network that confirms and balances itself can be hacked. Many people say that they know how to hack bitcoin, and they mean to hack websites that have bitcoin accounts and wallets. This is site hacking and not bitcoin hacking. If you think that you can do this, I’ll wait and read the bitcoin news magazines, about the hack of Bitcoin.
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