HOW SECURE IS THIS DECENTRALIZED SYSTEM?

[Chrisjelaii]

It has really be interesting since I was introduced by a friend to the blockchain industry a technology with amazing features such as Transparency, Traceability, Instant Money transfer, Security, and many more though one thing still seems magical to me and I keep wondering if our funds are really secure and safe without intermediaries! I know with technology any thing is possible so I will like to get more hit on the security aspect of this amazing technology blockchain.

Thanks for your opinions.

[1714940583]

1714940583

[1714940583]

1714940583

[1714940583]

1714940583

[Velkro]

It has really be interesting since I was introduced by a friend to the blockchain industry a technology with amazing features such as Transparency, Traceability, Instant Money transfer, Security, and many more though one thing still seems magical to me and I keep wondering if our funds are really secure and safe without intermediaries! I know with technology any thing is possible so I will like to get more hit on the security aspect of this amazing technology blockchain.

Thanks for your opinions.

Security is like war, you have two sides, hackers and developers, each side fights differently, one triple-quadruple checking weak points in codes and other tries to find things overlooked by developers. Thank god Bitcoin have best developers in the world, so hackers have pretty hard job, so hard actually that its easier to hack exchanges where developers are medicore at best .

btw Depends on blockchain its not instant transfer, its around 10 minutes transfer like in Bitcoin.

[pooya87]

it really depends on what you call security and what cryptocurrency you are talking about when you say "blockchain industry"!

for example if you use cold storage to store your coins "your security" is much higher compared to if you were storing them in some website (web wallets, exchanges,...).
as for security of the cryptocurrency itself it depends on a lot of factors. if you are only concerned about bitcoin, it is the safest thing around. it is bug free, reviewed by lots of experts and have been working fine for 10 years. most altcoins don't have that. they are in fact insecure either because they have bugs in their protocol (even the big top 10 altcoins) or because they have lower hashrate that opens up many new attack vectors.

security isn't really a small subject to be covered in one comment in my opinion.

[boyptc]

As for the blockchain, I haven't heard that there's something recorded on it that has been edited or modified.

The wallet hacking that has been reported everywhere is due to many factors which could be the negligence of the user. But as far as the security's concern, choose those wallets that have been established and proved to be reliable such as hardware wallets.

--> https://bitcoin.org/en/choose-your-wallet?step=5&platform=hardware