Is it true that bitcoin immune from hacking & fraud ?? - page 9.

nur rochid

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Quote from: genocide on April 19, 2018, 05:10:53 AM

Yes, it is true that bitcoin is immune from hacking and fraud because it is highly encrypted.

In recent years, blockchain technology has attracted considerable attention. It records cryptographic transactions in a public ledger that is difficult to alter and compromise because of the distributed consensus. As a result, blockchain is believed to resist fraud and hacking.

indeed if bitcoin itself is hard to be hacked, but please be careful usually hacked even our wallet. usually it happens because of our carelessness, which resulted in our funds lost and is unlikely to return

vv181

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Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative.

Keeping a huge chunk of coin in the exchanges are never recommended. It is indeed the job of the exchanges to offer a better security without sacrificing the anonymity of the user (KYC verification.)

Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Correct. The securities that cryptocurrencies offer is highly secure in case someone able to control our private keys, the amount that is lost is almost has a zero chance of coming back. Nevertheless, it is our job to educate yourself how to properly secure it, so we can minimize the chance of being hacked.

Weawant

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Quote from: phpartisanmaster on April 20, 2018, 11:31:38 AM

Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Actually it was not immune from hacking but people will have a very hard time before they can hack the account or market they are interested to penetrate since the security today is really good and un hackable.

It's not immune to anything since there are so many hacking happens on bitcoins ecosystem and fraud incidents, Remember the old hacks pasted on history but those one are just flavor of history since it can make us learn on how to secure our bitcoins properly. But one thing I am sure if we are so careful and use the correct wallet who have good security then we have less chances to get hack.

Daimon88

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Quote from: Cairo18 on April 18, 2018, 11:40:15 PM

Quote from: lvincent on April 18, 2018, 09:10:24 PM

One of bitcoins aspect is anonymity so i think if their is some hacking incident i think it will be really hard to trace your loss, so i think it is irrecoverable but bitcoin itself cannot be hacked, but the bitcoin stored in our wallet or whatever storage can be hacked, just be careful and make sure to keep your private key safe.

I think all comes in websites or internets may prone into hackble and fraud, unless if bitcoin is strictly have thier security that no one can hack i think members or people that with in the group will secured and felt nothing to worry about.

Not everything on internet is hackable. If we talk about bitcoin itself, then it is the securest currency. No one can hack it. Just think, if it was possible, all the bitcoin would have been in the hands of hackers. Blockchain technology is indeed the toughest to break. As it is created by human, it is possible to have some holes but so far none is discovered. The security of exchange can be compromised.

phpartisanmaster

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Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Actually it was not immune from hacking but people will have a very hard time before they can hack the account or market they are interested to penetrate since the security today is really good and un hackable.

el kaka22

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Quote from: eelectrick on April 18, 2018, 10:04:45 AM

I think the most susceptible target and area of hacking is the owner of bitcoins, as long as our transactions and connectivity
are safe and secure incidents such as hacking can be lessen or avoided. We should all be careful and practice safe protocols
when transacting and accessing accounts at certain areas and places. But we don't know for sure, since hackers today are
very prolific and very good at getting what they want. I think as an extra precautionary, we should also know how to store
and move carefully our investments and money online. Carelessness and recklessness are the very vulnerabilities hackers are
keen on spotting on and exploited in most cases.

The good thing however is that as long as we know all the tactics being used by the hackers to get to us, we can always try to stay safe to some very good extent at least.

The main bitcoin itself cannot be hacked, controlled wallets cannot be hacked unless you give out your private keys and except for centralized wallets that you can end up being a victim of phishing attack most especially if you do not have some additional security on, I would say the only way to get to be a victim like you have said is just by being careless.

ASHLIUSZ

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These digital assets once lost is lost forever, because it is developed in such a manner to move in a single direction, which cannot be reversed until the receiver end decide to transact. This is a perfect system, but the same feature has caused users lose a lot of bitcoin. In a recent trade one of the scammer stole my 0.1btc

ralle14

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Quote from: darewaller on April 20, 2018, 02:00:28 AM

The stuffs stolen by hackers is always as a result of the carelessness of those holding them. Bitcoin itself is immune from hacking, at least for now, and even when we start having quantum computers, I am sure by then, the protocol would have been rebuilt to become anti-quantum.

It should always be immune from hacking because if not Bitcoin could start crashing and everyone would move another crypto. Their targets are mostly bitcoin exchanges, online casinos and other bitcoin related websites people should stop using these online sites as their main wallet and should learn more about other different bitcoin wallets.

Quote from: darewaller on April 20, 2018, 02:00:28 AM

Nevertheless, the only way people can get their assets in the hands of the hackers is by getting their wallets vulnerable in which case you either carelessly let them have access to your online wallet login details, or they one way or the other end up having access to your private keys.

That's not the only way, someone could easily pull an inside job in these exchanges just like what happened with shapeshift

rejekinomplok99

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Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

I think bitcoin is unhackable today, maybe in future bitcoin can be hacked. it is in my opinion

darewaller

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Quote from: pankowri on April 18, 2018, 11:38:13 AM

Digital currency is online based marketing.There are no physical money.Online based marketing have some advantage and disadvantages also.Last year in December 7 billion crores of money stolen by hackers.In 2016 it happed also.So I think to prevent fraud &hacking btc should increase its security system.

The stuffs stolen by hackers is always as a result of the carelessness of those holding them. Bitcoin itself is immune from hacking, at least for now, and even when we start having quantum computers, I am sure by then, the protocol would have been rebuilt to become anti-quantum.

Nevertheless, the only way people can get their assets in the hands of the hackers is by getting their wallets vulnerable in which case you either carelessly let them have access to your online wallet login details, or they one way or the other end up having access to your private keys.

Getcoinsite

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Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

its really hard to answer this one,because the hacking happens only by chance meaning that most aren't experienced this so minimal answers can be shared,but for my own views i guess your right,the amount is irrecoverable,because anonymity is what may hide the hacker same as the victim

Quote from: c++btc on April 19, 2018, 05:48:59 AM

Bitcoin itself cannot be hacked because it is locked by the blockchain and blockchain has the most secure at this generation but hackings are still happen but it is on the exchangers not bitcoin only exchangers and people who transactions are p2p.

Kindly right on this mate,its the exchanges or the users wallet or storage are hackable not the bitcoin itself,so better not to widen this issue if you arent a victim of this

H0USE

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Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Your point is irrelevent because nothing in this digital world is safe unless proper security measures are applied to be safe from group of anonymous hackers who are waiting that when you take a wrong move and they have access to your private keys and then all your money is gone.The hacks over exchanges has been increased as reports state that more than $100million have been stolen from exchanges. So btc if safe with you in your wallets unless personal data of investor gets leaked by exchange. So better choose wisely. And you can't stop these hacks but only avoid them.

c++btc

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Bitcoin itself cannot be hacked because it is locked by the blockchain and blockchain has the most secure at this generation but hackings are still happen but it is on the exchangers not bitcoin only exchangers and people who transactions are p2p.

phelbaby

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In every business there are weak loops that hacker and criminal find there way to loot but that dose not mean bitcoin is immune to this same is also applied here.

genocide

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Yes, it is true that bitcoin is immune from hacking and fraud because it is highly encrypted.

In recent years, blockchain technology has attracted considerable attention. It records cryptographic transactions in a public ledger that is difficult to alter and compromise because of the distributed consensus. As a result, blockchain is believed to resist fraud and hacking.

poodle63

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Quote from: Kakmakr on April 19, 2018, 02:48:09 AM

Quote from: Escf4 on April 19, 2018, 02:25:25 AM

I do not think it is true that bitcoin is immune from hacking and fraud, I believe if there is software that can really shield the bitcoin from hacks then it is good ,but for now we keep an eye for our wallet so that it will be safe, just do not make any false move,

Ok, I hope you understand the difference between Bitcoin and Bitcoin wallets . People tend to generalize when they talk about Bitcoin.

Bitcoin has never been hacked. The protocol or the software that are running on 1000s of full nodes are pretty secure. It is frequently updates and the source code is validated by proper signatures.

Bitcoin < As the currency, being used in third party software > has been compromised before, but the point of failure was not the currency, but rather the third party software that was used.

So, as you can see, you have to be specific. ^smile^

That's a really good explanation you good there, just for addition, the blockchain technology which bitcoin currently use is not actually impossible to manipulate but rather really costly and resource wasting.
To modify a block, you need to also modify the whole blockchain because blockchain is basically so many blocks connected and saved to the ledger, and when there's new block, the past block will also be verified, it's like a connected linear line and once you manipulate the data, the line will be cut off, resulting different blockchain system. well that's what I know. CMIIW.

maxim000

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Even if the technology is immune, the users most certainly aren't. Every human is susceptible to failure and errors and hence they would keep getting scanned every now and then. Not everyone can have the same level of intellect. Bitcoin as a currency cannot be hacked, and it doesn't even make sense hacking Bitcoin. While you can pirate the FIAT money, the same cannot be done with Bitcoin.

frowsiter

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Quote from: Izalcomax on March 25, 2018, 10:23:44 AM

Consider the value of bitcoin,it has made exchanges prime targets for hacking, and thus has made hacks there quite lucrative..
I mean the anonymity and irrevocability associated with bitcoin transactions means that the money lost is also irrecoverable, CMIIW..

Yeah, it is kind of immune but dont forget that it has been made by people only and it could be hacked if some intelligence come together and tries to identify the missing pieces altogether. Its not really immune as I said but with all the safety features that we have gotten today and if we use them for real then we can actually make it very very secured one. Lets not talk about the anonymity of the same as it is really pseudo anonymous and do not hides itself completely. You can check from where the money is being sent and received and thus if the addresses are receiving bigger amounts then they get the prime targets for the hackers. It could compromise the security of the same.

gezhid008

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In terms of technology, bitcoins are encrypted based on blockchain technology and have absolute security. No hacker can crack bitcoin. But there are security holes in the trading houses, and hackers can easily hack into the system, so we must keep the bitcoins in our wallets when we're not trading.

Kakmakr

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Quote from: Escf4 on April 19, 2018, 02:25:25 AM

I do not think it is true that bitcoin is immune from hacking and fraud, I believe if there is software that can really shield the bitcoin from hacks then it is good ,but for now we keep an eye for our wallet so that it will be safe, just do not make any false move,

Ok, I hope you understand the difference between Bitcoin and Bitcoin wallets . People tend to generalize when they talk about Bitcoin.

Bitcoin has never been hacked. The protocol or the software that are running on 1000s of full nodes are pretty secure. It is frequently updates and the source code is validated by proper signatures.

Bitcoin < As the currency, being used in third party software > has been compromised before, but the point of failure was not the currency, but rather the third party software that was used.

So, as you can see, you have to be specific. ^smile^

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