Topic: i don't have very technical knowledge about how secure it is - page 2. (Read 394 times)

There is no doubt about the safety of blockchain technology, because millions of people have used it and are involved in many transactions. Because the blockchain system is decentralized and has a transparent nature, blockchain allows its users to set their own data security and can view any transaction easily without hiding anything.

But not all blockchains rely on the security of their own technology. Security must also be supported from the point of view of its users. Users must think about their privacy and manage their security. Never be careless with the assets you have, the main security is in the users themselves.

A good suggestion is if a user is doing distributions to multiple addresses so the coins don't pile up together and become a target for hackers. But that's quite optional, there are still many ways you can do to secure your personal wallet with a large number of bitcoins in one wallet. example 2000 or more in one wallet. If distributing to the 2000 wallets that are made it will take quite a long time and you also have to be very careful, if the wrong address is entered it will be a fatal error.

Enough with 1 wallet but supported by multiple security such as using the Multi-Sig method, 2FA, transaction verification and using a hardware wallet. It is safe enough, and never reveal your address to the public or social media because it will be dangerous and it is a more direct threat to users, such as crimes that often occur in large numbers of Bitcoin wallet users.

On chain problems are easy to solve as there are thousands of blockchain backups (full nodes) to restore the state of the chain after any damage caused by the exploit. On the security of your private key, it is mathematically difficult to find them, so it's better if you distribute your coins across many addresses because 1000 bitcoins in one address is worth going after, but nobody would go after 1 bitcoin in one address.

I think it really depends on how severe the flaw is and how quickly it is addressed. If it's a small issue that can be fixed easily, it might not have a huge impact. But if it's a major flaw that can't be fixed easily, it could be a disaster. But, the chances of that happening are pretty slim. The fact that the blockchain technology is trusted by millions of people and is already being used in many different systems is a testament to its security. And, the good thing about Bitcoin is that we have a community of developers who are constantly working to improve the technology and address any potential issues.

If ECDLP, the elliptic curve discrete log problem, turns out not to be as computationally hard as we think,
and someone happens to stumble on an algorithm to crack it, then they could steal from practically all cryptocurrencies.
First they'd steal from ones where inflation remains undetected, by opening Pedersen commitments in arbitrary ways. Next they could try their luck on Bitcoin, taking balances with reused keys. It would probably take a while before
public evidence builds. People would first blame victims on poor security practices and such. But if the thief is greedy and keeps at it, people would eventually realize that ECDLP has likely been cracked. Then the value of Bitcoin and all other crypto currencies would quickly plummet.
If the thief is not too greedy then the public at large may never suspect though.

No one knows the exact value but surely the price will collapse if this major flaw didn’t solved immediately. Trust and confidence are the 2 main factor that built the price of Bitcoin to this level. Removing this will make Bitcoin a normal shitcoin that can be exploited by hacker or the team itself.

Luckily Bitcoin survived for more than a decade without facing this major flaw unlike other coin like Ethereum that result to massive loss during the DAO incident.

Bitcoin blockchain is running for already 14 years,  the changes of a major flaw like that appear is nearly zero. Don't worry about it.

The protocol is highly tested already.

The  blockchain echnology is trusted by millions of people and it is already being used in many different systems.

what would happen to the value and adoption of Bitcoin if a major flaw in its protocol was discovered and exploited, leading to the loss of a significant portion of the coins in circulation,
and a loss of trust in the technology?
i don't have very technical knowledge about how secure it is .