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Author Topic: Is Bitcoin Hack Proof or Not?  (Read 239 times)
Scavagers
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July 10, 2018, 10:29:40 PM
 #41

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.
I think even if something is so much secured, it is still made my man so there is a chance that it can be hacked.Security is man made so man can also make a way so that he can hack things like bitcoin or those online wallets. Technology is always progressing so we cannot always assure of the security of bitcoin. Although it is difficult to hack it for now.
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yugyug
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July 10, 2018, 10:38:35 PM
 #42

As of this moment of this technology we have right now Bitcoin is still not hackable the decentralization of Distributed ledger technology like blockchain is what makes the bitcoin more secure for what we have heard or read from the news like hackers steal millions of bitcoins it is because the security issue of the exchanges and leaking private key but the blockchain data is still intact and unaltered.

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Balayashi
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July 10, 2018, 10:45:28 PM
 #43

Well, theoretically it could be hacked for double spending for example and refusable transactions, but it's wide descentralized and spread for alot of big wallets. But i a major group of individuals wanted to join in order to get a 51% total mining power (lets say all the chinese farmers joined together) probably they could be at least 51% of they mining hash power of the network and could stop validations etc etc..
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July 12, 2018, 10:44:20 AM
 #44

Unlikely. Bitcoin cannot be hacked. What is being hacked are exchanges where you try to store your cryptos. and i think online wallets also. Just always be cautious with your transactions and safeguard you bitcoins.
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July 16, 2018, 08:36:11 AM
 #45

You will need to find the private key for a particular public address. However, here there are misconceptions about what is called bitcoin hack.
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July 22, 2018, 02:49:04 PM
 #46

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.
your right bitcoin has the highest security level the would be difficult to hack unlikely in the bank its easy to hack into there system.
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July 22, 2018, 02:59:59 PM
 #47

The transaction of bitcoin and bitcoin in itself is hack-proof due to the decentralized blockchain it is using. But you are right, could be due to complacency, carelessness or just plain stupidity that people get hacked with their wallets and passwords.

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July 27, 2018, 04:48:41 PM
 #48

Bitcoin is not hackable because of its very secure network and technology behind blockchain, bitcoin transaction is P2P & send via complex mathematics data because every transaction is proceed via multiple computers network. but many time exchanges is hacked and holders loose money so we need to hold our bitcoins in hardware wallet.
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July 27, 2018, 04:54:29 PM
 #49

No, Bitcoin is a hackable that's why government has great concern with this topic. Government want it to be much securer to use as a exchange system. but there are lots of project initiated to minimize the cyberthreats. If one of the project can do this then it will be a great achievement by the cryptocurrency.

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junglist.massive
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August 02, 2018, 06:14:11 PM
 #50

It’s just a matter of carelessness from users who don’t use Bitcoin safely. The security hole is not in Bitcoin, but on the device he used to access the wallet. Because many Bitcoin users are new players in investment and resulted in many are scammed and don’t really understand about technology make them an easy target for scammers.

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EddyGameta
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August 12, 2018, 07:05:44 PM
 #51

It's great if anyone can find the gap in Bitcoin and of course the blockchain in general, we should be grateful to him who has been struggling to find a security gap after a long time no one can penetrate it and finally the cowards are looking for another alternative, it’s human error that often happens and the victims claimed their Bitcoin had been hacked
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August 12, 2018, 07:18:08 PM
 #52

I think bitcoin itself is hack-proof but the bitcoin wallet account provider can be hacked at any time, their are many kind of hacking that can stole your account and the most victim are thus are the exchange sites as they are been stolen hundred of bitcoin in the past years as a result of bitcoin crash.

I don't think you can call it 'hack proof' when there have been exploits discovered in the past and such. That doesn't mean it's not extremely secure though. But it's important to keep a realistic view of the situation.
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August 12, 2018, 08:56:25 PM
 #53

I'm thinking logically if bitcoin is existing for already 10 years or more and yet it was packed at least once so there's made me believe that it is hacking proof or just safe from it otherwise they would just hack it long time ago.

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August 13, 2018, 10:39:23 AM
 #54

I think bitcoin is not hackable, but it is only then , when we kept in hack proof storage l mean we should be careful & use of the password very hard.
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August 13, 2018, 01:04:47 PM
 #55

There are crypto-currency trojans that sit monitoring your computer waiting for what looks like the format of a crypto-currency account number. When it spots one, it comes awake and replaces the intended account you are transferring value to with their account number. Unless you are very aware of the switch, it will be game over if you hit the Send button.
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August 13, 2018, 01:13:20 PM
 #56

in fact, it is very simple to do. we must keep the information of our accounts in places we trust. we should not enter risky sites with the device that we entered our accounts.
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August 13, 2018, 11:41:03 PM
 #57

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.

These generation, generation Z, is much dominated by technology or innovations, they prefer to go beyond what nay be comfortable and easy rather than what is right. That is why I even the wrong doings may be transferred and committed in the virtual world.

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