Topic: Is Bitcoin really secure? - page 122. (Read 21626 times)

Don't worry mate, bitcoin is secure ,but what gives way to the hackers is a person's stupidity.  Bitcoin has been designed in such a way that hackers cannot hack it just like that.  Since your friends are asking whether or not their crypto currency will be secure or not, tell them to have some knowledge on bitcoin before they get into using bitcoin. 

You need to secure your wallets and be careful about yout your private keys. Bitcoin itself is secure enough but I am not sure if your wallets are really secured or not, that's depend in each Bitcoin's user. So make sure to secure your wallet otherwise many hackers try daily to steal bitcoins online.

Hacking incident would only happen in your bitcoin wallet but talking about Hacking directly on Bitcoin network I would say its really an impossible thing to be done as of these days unless if hackers have quantum technology breaking hashes wont be an easy stuff. No one can manipulate and hack bitcoin and this is really the beauty on it. Anonymous and secure transaction directly with other person without any 3rd party involved.

About hacking that i dont think is possible as you can see that only exchanges and other wallets are only able to get hacked but still bitcoin system and blockchain is not possible. About uses that cannot be blocked as it is upto the users choice of using bitcoins. and about government banning that is still issues that if you are working on bitcoin that is at your own risk.

The real problem is that most people fail to understand probability/risk.

Quantum theory says it is possible that you will spontaneous disappear and re-appear on the dark side of the moon.
But if the average time it takes to happen is greater than the lifetime of the universe, you may as well say in normal conversation it's impossible (even though it isn't)

Its the same with hacking Bitcoin, if you want to brute force any of the keys or hashes in Bitcoin it is currently 'impossible'

The next risk is back doors, can someone find a back door to cut down the number of possibilities that need trying in a brute force attack, this is really difficult to quantify as you need to predict when something will be discovered or invented.

Bitcoin used SHA256 hashing and Elliptic Keys.


A bitcoin address is made from hashing a Public Key.
If you send coins from a Bitcoin Address you release your public key to the world.

So with only the Bitcoin Address a hacker needs to brute force both the hash of the address and the public key(s) discovered for that hash. That's 2 levels of security.
If the public key is known, the hacker *only* needs to hack the key and find the private key.

Of course both these 'hacks' are 'impossible'

But for  better security in Bitcoin (which would require the hacking/brute forcing of 2 crypto operations) don't reuse Bitcoin Addresses and release your Public Key.

Well, we can easily say, the security of your bitcoins is directly proportional to how sensible and secure your methods of using the technology are. If you really want to keep your bitcoins safe then you should really make watch-only wallets, paper wallets and hardcore-encrypt your wallets. Also, you should really be careful while using the computer that contains your wallet, you must be very careful not to download malicious software and to protect yourself from viruses that could otherwise give crucial information to hackers that may put to danger the security of your BTC.
 
However, if you follow all advice provided by people on here and be an extra bit cautious, your bitcoins will almost be impenetrable, and unlike banks, you don't really need to depend on anyone for the security of your documents as BTC is completely decentralized.

Yes indeed, Bitcoin is a highly secure cryptocurrency and will continue to remain the same. Its been functioning from 2010 when it was first released and there has been no incidences of breaches in the blockchain though there have been a few attempts to hack the main chain. You can use Bitcoin without any fear of being hacked as long as you keep yourself secure the way it needs to be done.

Yes, it is secured and you should trust bitcoins. It is not possible to block the users who misuse the bitcoins as it is a decentralized currency, there is no government involved to monitor it. Government can not ban the bitcoins but they can refuse to recognize or regulate the bitcoins.

Bitcoin is extremely secure. Your money is protected public/private key cryptography which impossible to crack by hackers using today's computers. No one can spend your money. This video is a very good explanation of how secure it really is https://www.youtube.com/watch?v=ZloHVKk7DHk

While the purpose of the blockchain is to keep the integrity of the system. Eg. stop double spending, keeping a tamper proof record of all past transactions. It is impossible edit past transactions because of miners providing security through proof of work. To change a past transaction you will need to have more than 51% of the total computing power of the bitcoin network combined, and that would run into millions of dollars. You can even mitigate this risk by waiting for more confirmations to a transaction before accepting it as unalterable. The more confirmations a transaction has the more blocks have been mined on top of it making it exponentially harder to retrospectively change.

This is impossible a hacker simply can't hack the blockchain there are lot of things involved the only risk is the hacker can ddos blockchain which can stop transactions other than that nothing can be done to the blockchain.
No one there is no owner of bitcoin , blockchain is just a software created by a person named satoshi he had created this system and that's it no management is required people can earn by mining and can send transactions with a fees the fees goes to miner and the system is designed in a way that it awards them with small rewards.
As i said no one controls bitcoin that's the reason it is anonymous it can be bad at sometimes as  in the case of deep web or online scams but even if we see a scam going on nothing can be done.

There is no way of blocking it all they can do is shut down exchanges or block them the government can't do anything else bitcoin can never be shut down.

It is secure but in the past few days, i heard some news that there are many hacker thatare coming out to make our lives ruined. But i have a trust in the moderators that they will keep bitcoin secure and safe among the hackers.

This concern is precisely why we have the blockchain technology behind Bitcoin and the main reason why this is very revolutionary and very innovative. Although Bitcoin itself can't be hacked it is the wallets containing those Bitcoin which can be an issue.


I think it is impossible to do and doing so can hamper the whole Bitcoin ecosystem. Soon I am sure the whole Bitcoin community can devise something that is acceptable to all to address this concern. Banning Bitcoin just because there are criminals using it is illogical because any currency can be used for illegal activities...would it be possible to ban the use of the dollar just because the drug cartels in Mexico are using the dollars for their business?

I believe and trust, bitcoin is absolutely completely safe because the bitcoin gave life a decent and secure for the future. as with the value the higher the price quickly, then this will affect its movement. should we keep a bitcoin partly into the wallet then you will be lucky

I think it will stay for long because of many good reason as i see,  bitcoin provides opportunity to many people and they used it to easy earnings.

These are typical concerns of people who rely on the news media. If they believe that hackers are omnipotent and can get into any computer or server. This is not so. They are people and their activities use information that you yourself give them. Be careful and do not rely on the antivirus program in the computer. You need to have antivirus and then no you are not hacked.

You need to read bitcoin whitepaper. It is explained there how blockchain cannot be cheated or hacked. So bitcoin is safe because of blockchain. But if you will be careless with your private keys, then it's your fault you get hacked, not bitcoin.

Actually no system is secure it depends on time. Sooner or later every system gets outdated and this might happen with bitcoin but at this moment it's secure and you are safe unless someone predicts your private keys which is rare but not impossible.

Nothing is 100% secure but I think that bitcoin network has very high security standards. As far as the coins in wallets are concerened, that depends on every individual which wallet you choose and what security rules you implement. If you disclose your data to someone then your bitcoins could be endangered. But still I think that there are greater chances that you lose your fiat money on bank account than bitcoins in the wallet.

Bitcoin is safe to use but security is up to you.. I you were hacked that's because of your carelessness.
You should secure your computer, avoid scammers and be careful when doing transactions because it's irrefundable.