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Author Topic: Is Bitcoin Hack Proof or Not?  (Read 238 times)
haimefx
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June 12, 2018, 06:16:50 PM
 #1

As bitcoin and cryptocurrencies are becoming popular every blessed day and have caught the attention of Government and other regulatory authorities looking into how the market could be regulated. A lot of people are entering crypto and often one of the important questions noobs(new) ask is that if they invest in cryptocurrency, is their money and will they not wake one day and their bitcoins are gone. I will try to answer this question and give reasons why bitcoin itself is hack proof.

Bitcoin is a digital currency in which transactions are encrypted using cryptography. The concept was developed in 2009 by an unknown cryptography engineer named Satoshi Nakamoto.He launched this digital currency with a vision to create a peer to peer digital currency that will be free from a central authority or a single administration. These features of bitcoin has made it to gain widespread adoption. Bitcoin itself is hack proof as the technology behind it, the blockchain makes it extremely resistible to hack. Once the blockchain verifies transactions on it, nobody can change the transactions.

But people claim there are still cases of reported bitcoin hacks but here there is misconception to what is referred to as bitcoin hacks. Hacks happen due to compromising of private(owner) key or password to a third party by the person in possession of the bitcoin. What I mean by this is that if you are careless with your wallets; where you save your bitcoin, an hacker or scammer might get access to the email address link to your wallet, access and get away with your bitcoin. People have lost their bitcoin as a result of this. Bitcoin can also be lost during the process of transactions on an exchange. Hackers can simply hijack the exchange and also steal innocent parties bitcoins. A famous example is the hack of Mt Gox Exchange.

So bitcoin itself is almost impossible to hack and it is extremely hack proof, the hacking of bitcoin comes from breach in wallets and transaction processes. It is important to take security measurements to protect one's assets.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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longwintershere
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June 12, 2018, 06:28:07 PM
 #2

As bitcoin and cryptocurrencies are becoming popular every blessed day and have caught the attention of Government and other regulatory authorities looking into how the market could be regulated. A lot of people are entering crypto and often one of the important questions noobs(new) ask is that if they invest in cryptocurrency, is their money and will they not wake one day and their bitcoins are gone. I will try to answer this question and give reasons why bitcoin itself is hack proof.

Bitcoin is a digital currency in which transactions are encrypted using cryptography. The concept was developed in 2009 by an unknown cryptography engineer named Satoshi Nakamoto.He launched this digital currency with a vision to create a peer to peer digital currency that will be free from a central authority or a single administration. These features of bitcoin has made it to gain widespread adoption. Bitcoin itself is hack proof as the technology behind it, the blockchain makes it extremely resistible to hack. Once the blockchain verifies transactions on it, nobody can change the transactions.

But people claim there are still cases of reported bitcoin hacks but here there is misconception to what is referred to as bitcoin hacks. Hacks happen due to compromising of private(owner) key or password to a third party by the person in possession of the bitcoin. What I mean by this is that if you are careless with your wallets; where you save your bitcoin, an hacker or scammer might get access to the email address link to your wallet, access and get away with your bitcoin. People have lost their bitcoin as a result of this. Bitcoin can also be lost during the process of transactions on an exchange. Hackers can simply hijack the exchange and also steal innocent parties bitcoins. A famous example is the hack of Mt Gox Exchange.

So bitcoin itself is almost impossible to hack and it is extremely hack proof, the hacking of bitcoin comes from breach in wallets and transaction processes. It is important to take security measurements to protect one's assets.

it's very unlikely bitcoin can be hacked. What can be hacked are the wallets where you store bitcoin. The only known vulnerability of bitcoin is possibiity of 51% attack, which is also pretty unlikely at this stage

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Chicryptomama
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June 12, 2018, 06:54:59 PM
 #3

It is nearly impossible to hack the bitcoin network and steal . The real problem is not everyone understand bitcoins. You will need to find the private key for a particular public address. The possibilities are limitless. The major problem is not everyone understands how bitcoin works which makes them to make choices that exposes them to fraud.
nguli
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June 12, 2018, 07:16:41 PM
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it seems that bitcoin will never get stolen or hacked because of the very high bitcoin security level makes bitcoin very difficult to steal, bitcoin has a high snagat snippet that makes bitcoin very safe.

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haimefx
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June 12, 2018, 07:56:34 PM
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It is nearly impossible to hack the bitcoin network and steal . The real problem is not everyone understand bitcoins. You will need to find the private key for a particular public address. The possibilities are limitless. The major problem is not everyone understands how bitcoin works which makes them to make choices that exposes them to fraud.

yes I think the main factor is how someone can lose their wallet by scaming, because it is almost impossible to hack a complicated algorithm system
Olusun
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June 12, 2018, 08:23:44 PM
 #6

As bitcoin and cryptocurrencies are becoming popular every blessed day and have caught the attention of Government and other regulatory authorities looking into how the market could be regulated. A lot of people are entering crypto and often one of the important questions noobs(new) ask is that if they invest in cryptocurrency, is their money and will they not wake one day and their bitcoins are gone. I will try to answer this question and give reasons why bitcoin itself is hack proof.

Bitcoin is a digital currency in which transactions are encrypted using cryptography. The concept was developed in 2009 by an unknown cryptography engineer named Satoshi Nakamoto.He launched this digital currency with a vision to create a peer to peer digital currency that will be free from a central authority or a single administration. These features of bitcoin has made it to gain widespread adoption. Bitcoin itself is hack proof as the technology behind it, the blockchain makes it extremely resistible to hack. Once the blockchain verifies transactions on it, nobody can change the transactions.

But people claim there are still cases of reported bitcoin hacks but here there is misconception to what is referred to as bitcoin hacks. Hacks happen due to compromising of private(owner) key or password to a third party by the person in possession of the bitcoin. What I mean by this is that if you are careless with your wallets; where you save your bitcoin, an hacker or scammer might get access to the email address link to your wallet, access and get away with your bitcoin. People have lost their bitcoin as a result of this. Bitcoin can also be lost during the process of transactions on an exchange. Hackers can simply hijack the exchange and also steal innocent parties bitcoins. A famous example is the hack of Mt Gox Exchange.

So bitcoin itself is almost impossible to hack and it is extremely hack proof, the hacking of bitcoin comes from breach in wallets and transaction processes. It is important to take security measurements to protect one's assets.
altcoinanalyst1
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June 12, 2018, 09:05:19 PM
 #7

As long as any private keys or addresses is not leaked then Bitcoin is hack proof. And dont worry your addresses or keys can not be hacked because it has very complicated algorithm. The only chance of leaking private keys is by scam or intentionally given. 
cryptochain5
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June 29, 2018, 04:59:59 PM
 #8


people claim there are still cases of reported bitcoin hacks but here there is misconception to what is referred to as bitcoin hacks. Hacks happen due to compromising of private(owner) key or password to a third party by the person in possession of the bitcoin. As long as any private keys or addresses is not leaked then Bitcoin is hack proof.
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June 29, 2018, 05:06:38 PM
 #9

Bitcoin is not hacker proof,over the past few years there have been reports of bitcoin crimes,a few bitcoin data bases have been hacked,so it's not possible to say it's hacker proof,you can protect yourself by not giving out your wallet password and I d.
Ucy
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June 29, 2018, 10:53:51 PM
 #10

This interest me too.
Some years ago during the time of an online Market known as Silk road, Bitcoin was allegedly stolen from the their Wallet. Seems it was a  hack? It makes me wonder if that means Bitcoin has been hacked before and can be hacked again. Here is a post on the hack: https://bitcointalk.org/index.php?topic=463896.0


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Alan Carey
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July 05, 2018, 07:40:19 AM
 #11

There are two Bitcoins:

Bitcoin protocol: The technology that makes up the protocol.
Bitcoin blockchain: The most popular implementation of the technology.
The Bitcoin protocol uses cryptographic technology that has not yet been hacked. (If it were hacked, there are much bigger problems to worry about).

The Bitcoin blockchain relies on a network of operators to make sure the blockchain/ledger/database tracking BTC accounts and balances is current and reliable.

What makes the Bitcoin blockchain theoretically reliable is that no single operator can make unilateral changes to the database. To do so would require controlling a majority of the computing power used to validate changes to the database.
Samuel Fields
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July 05, 2018, 07:41:27 AM
 #12

There's a wrong concept in your question. The Bitcoin actually can't be hacked, it's too hard and difficult; what hackers do is put a trojan in some junk mail which the user open, steal all the info about the wallet (address, password, etc) and transfer to 2 or 4 accounts in order to lose tracks.

This is something very common and usually the targets are people who have a big amount of BTC in one account.
Donald Johnston
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July 05, 2018, 07:42:42 AM
 #13

More likely than a double-spend hack is that the perceived anonymity of bitcoin transactions will be "hacked" via traffic pattern analysis tools.

Every transaction is public forever, and it's quite easy to follow the correlation of keys to individuals with a little bit of code.  Bitcoin's nowhere near as anonymous (or even pseudonymous) as people treat it.
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July 05, 2018, 07:43:31 AM
 #14

There is a big difference between hacking BITCOIN and stealing BITCOIN. One need to understand that BITCOIN can not be hacked however it can be stolen from your exchange wallet, your cloud bases wallet or any other source where the internet can reach. If you want to save your BITCOIN you can store them in hardware wallets like trezzor or ledger s. So BITCOIN can not be hacked, it can be stolen and transferred from your wallet to the hacker's wallet
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July 05, 2018, 07:44:31 AM
 #15

Can’t hack the BTC blockchain, but it is doable to hack some exchanges, and individual wallets, especially online wallets. It could be done when a security supported by these home-grown exchanges is not adequate.
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July 05, 2018, 07:58:42 AM
 #16

It is nearly impossible to hack the bitcoin network and steal . The real problem is not everyone understand bitcoins. You will need to find the private key for a particular public address. The possibilities are limitless. The major problem is not everyone understands how bitcoin works which makes them to make choices that exposes them to fraud.


There is a possibility that your bitcoin will be hacked if you give your private key everything in your wallet will be lost for you to keep your private key if I ask bitcoin for hacking difficult because it is a crypto currency .
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July 05, 2018, 09:26:54 AM
 #17

the only way to get hack is if the hackers find a way to get your private key, or you get manipulated to give your private key unintentionally.
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July 05, 2018, 09:30:45 AM
 #18

So bitcoin itself is almost impossible to hack and it is extremely hack proof, the hacking of bitcoin comes from breach in wallets and transaction processes.

what does the bold part mean?!!
and this statement is misleading if not wrong. bitcoin IS unhackable period. 9 years of secure bitcoin after millions of hackers trying to hack it is  the proof of that.
all the things you read has nothing to do with wallets nor whatever that bold part means. the reasons for all of them is one thing: human error.
for example when you don't use cold storage and instead store your bitcoin on your desktop and then download some malware you can't say it was a "breach in my wallet". the reason was you not being careful.

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paulo013
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July 05, 2018, 10:26:24 AM
 #19

Yes, Bitcoin is not hackable but the place when you store your bitcoins can be. Just like in a low security exchanges, Or in a desktop where you save your password. the hacker can only do is to steal your desktop data by sending you a fake software update.

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July 05, 2018, 11:40:24 AM
 #20

Bitcoin is not hackable, exchanges and wallets are - you better keep your Bitcoins into a cold storage.

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