Topic: Can Bitcoin be counterfeited. (Read 659 times)
No bitcoin cannot be counterfeited. This is just not possible because of the way bitcoin was coded. You just can't make actual bitcoins out of thin air.
I believe that bitcoin can not be tampered with, because bitcoin has been proven over the years and we have not heard of bitcoin spoofing. In fact, people are investing in bitcoin, also trust the bitcoin because it is highly secure, well-secured and a source of income for them.
Unlike most currencies, Bitcoin is not issued by a specific currency agency. It is generated through a large number of calculations based on a particular algorithm. The Bitcoin economy uses a distributed database of nodes in the entire P2P network to confirm and record all transactions, And use cryptography to ensure the safety of all aspects of currency circulation. P2P decentralization and algorithms themselves ensure that currency can not be artificially manipulated by massively producing bitcoin.
I think it's impossible to forge bitcoins, since all bitcoin transactions are transparent, saved forever, and all of them can be tracked. From nowhere, a new block simply can not arise. And if it does, it will simply fall out of the system and it will be immediately visible.
I believe, though not entirely certain, that bitcoin cannot be subjected to counterfeiting. The main proof for that claims is: bitcoin has been around for years and yet we do not hear about counterfeit bitcoin, did we? If ever counterfeiting of bitcoin is possible then it should be done a long time ago and there would be so much bitcoin in circulation, thus, the value of bitcoin should have been really low.
The fact that people are still convinced of bitcoin. As technology security progresses, counterfeiting can be minimized A newbie asked what the difference between Bitcoin and real money. I almost replied that it cannot be counterfeited but paused to think before giving that answer. I wondered that if people can counterfeit money why not Bitcoin. Virtually everything can be counterfeited thesdays. Can Bitcoin be counterfeited?
You are right, everything can be faked or counterfieted virtually but I don't think it cam be possible for bitcoin to be counterfeited . If you are going to differentiate it with fiat bitcoin has its very unique way to validate all of its transactions, I don't have much knowledge about cryptography but I know that bitcoin is designed by its creator to be impossible to counterfeit because it has a unique codes which can only be verified by the network . That's the only idea i have about that
everyone can correct me
I believe, though not entirely certain, that bitcoin cannot be subjected to counterfeiting. The main proof for that claims is: bitcoin has been around for years and yet we do not hear about counterfeit bitcoin, did we? If ever counterfeiting of bitcoin is possible then it should be done a long time ago and there would be so much bitcoin in circulation, thus, the value of bitcoin should have been really low.
on a relative point BOSCH is looking at using this blockchain technology
in its Odometer manufacturing to counteract attempts to tamper with the readings
and for example make cars look like they only did 50,000 miles instead of 150,000.
Because as above BTC or the blockchain transactions cannot be manipulated or counterfeited.
in its Odometer manufacturing to counteract attempts to tamper with the readings
and for example make cars look like they only did 50,000 miles instead of 150,000.
Because as above BTC or the blockchain transactions cannot be manipulated or counterfeited.
It can't be counterfeited if you wait for a suitable number of confirmations, the thing irreversibility of transactions though means once a mailicious person gets a hold of your money you will never see it again if they don't voluntarily send it back.
In reality though its also virtually impossible to counterfeit real money due to all the security features. You can make something look good but it won't pass all the necessary checks. In that sense those checks are what bitcoin does automatically for you.
In reality though its also virtually impossible to counterfeit real money due to all the security features. You can make something look good but it won't pass all the necessary checks. In that sense those checks are what bitcoin does automatically for you.
No, that's why the mining system exists - to confirm that the transaction definitely happened with real coins (which by the way are real money as fiat money represents nothing except previously created fiat money, while Bitcoin has a limited supply).
However, while there can't be counterfeit Bitcoin, it's possible for people to believe that they have received Bitcoin when they haven't. That's why zero-confirmation transactions are dangerous, because they can be double-spent. From the receivers' perspective in those situations it could be like they received "counterfeit" Bitcoin, but they wouldn't actually be able to spend it again themselves, thus making it worthless.
However, while there can't be counterfeit Bitcoin, it's possible for people to believe that they have received Bitcoin when they haven't. That's why zero-confirmation transactions are dangerous, because they can be double-spent. From the receivers' perspective in those situations it could be like they received "counterfeit" Bitcoin, but they wouldn't actually be able to spend it again themselves, thus making it worthless.
I dont think counterfeited as bitcoin is becoming use i exchangw of goods and services. It still working fine, maybe for forfeited once you wallet is hacked by someone.
Even that happening is very much difficult because the possibility of hacking someone's wallet and then try to double spend on his/her transaction is highly unlikely. Its simple not possible because to counterfeit, it will take a lot of work to do which will be more than the value of BTC.
The beauty of distributed ledger / blockchain is that it can not be counterfeited. Nor can the details of a transaction be modified once the transaction is confirmed. More coins can not be created outside of the protocol. That is what makes bitcoin superior to fiat. It can not be manipulated.
LOL.... For Bitcoin to be counterfeited, there should be some mechanism in place which permits the double spending of coins. As of now, no one has invented any such mechanism.
I dont think counterfeited as bitcoin is becoming use i exchangw of goods and services. It still working fine, maybe for forfeited once you wallet is hacked by someone.
What would be counterfeit a bitcoin?
Bitcoin is no physical good that could be counterfeit
I think the question has no real meaning. Maybe you wanted to say something else?
Bitcoin is no physical good that could be counterfeit
I think the question has no real meaning. Maybe you wanted to say something else?
A newbie asked what the difference between Bitcoin and real money. I almost replied that it cannot be counterfeited but paused to think before giving that answer. I wondered that if people can counterfeit money why not Bitcoin. Virtually everything can be counterfeited thesdays. Can Bitcoin be counterfeited?
People counterfeit bills, not electronic money.
With Bitcoin, just remember that what you have is a balance in an online ledger. That can't be duplicated. It might be stolen, but it cannot be duplicated.
As of now, I think that would not be possible. This is one strong feature of Bitcoin that we can take advantage of. Had it been possible, there would be many hackers who would spend 24/7 cracking the code to counterfeit Bitcoin. Instead they just hacked wallets and exchanges in order to get Bitcoin. Satoshi designed it this way.
A newbie asked what the difference between Bitcoin and real money. I almost replied that it cannot be counterfeited but paused to think before giving that answer. I wondered that if people can counterfeit money why not Bitcoin. Virtually everything can be counterfeited thesdays. Can Bitcoin be counterfeited?
Well you dont need to think too deep if bitcoin really can be counterfeited. Well before the confirmation of transactions were placed on the blockchain the best way to counterfeit bitcoin is to double spent it. Double spent coins means sending one amount using two transactions to either the same address or different addresses. Many have been a victim of doublespent before and thats why confirmation of transactions was strictly implemented.
Double spending is not the same thing as counterfeiting, this is totaly different thing. Since Bitcoin exists only as a virtual currency, as digital asser, it can't be counterfeited. That is,also one of the Bitcoin advantages comparing to traditional currencies but unfortunately it could be abused in hundreds of other different ways.
A newbie asked what the difference between Bitcoin and real money. I almost replied that it cannot be counterfeited but paused to think before giving that answer. I wondered that if people can counterfeit money why not Bitcoin. Virtually everything can be counterfeited thesdays. Can Bitcoin be counterfeited?
Well you dont need to think too deep if bitcoin really can be counterfeited. Well before the confirmation of transactions were placed on the blockchain the best way to counterfeit bitcoin is to double spent it. Double spent coins means sending one amount using two transactions to either the same address or different addresses. Many have been a victim of doublespent before and thats why confirmation of transactions was strictly implemented.
Nope. That's why Bitcoin has the value it does today. It was the first digital asset that is impossible to counterfeit and doesn't require a third party to back it up. That's the problem it solved and that's why it's a big deal.
If there were the slightest possibility of that happening it would be worthless. You absolutely cannot send or receive anything that isn't BTC.
If there were the slightest possibility of that happening it would be worthless. You absolutely cannot send or receive anything that isn't BTC.
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