Will Bitcoins vanished in one day when we woke up? - page 2.

m2017

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Quote from: Rexlus on April 20, 2023, 06:27:33 AM

Is there a situation where we woke up one day and found out all our bitcoins vanished? Blockchain or DLT has a common explanation where it is calculated to solve double spending problem which represent a incomparable transaction that are solve through the computers in the network?

How can something that doesn't exist vanish?

Have you forgotten how bitcoin works? There is no our bitcoin. In fact, bitcoin is not owned by anyone, but users get the right to own it (proof of ownership). Which means that bitcoin don't move anywhere at all (in transactions) and only information about the owner (wallet) is transmitted.

I understand your concerns, but I don't think it's something to be bothered with. The probability of your nightmares is about zero.

bitmover

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Quote from: Rexlus on April 20, 2023, 06:27:33 AM

Is there a situation where we woke up one day and found out all our bitcoins vanished?

Only if you are hacked, which is usually the owner's fault by not following basic security procedures.

Quote

Blockchain or DLT has a common explanation where it is calculated to solve double spending problem which represent a incomparable transaction that are solve through the computers in the network?

Bitcoin algorithm is already tested enough and you don't have to worry about it. It is safe to use.

It is much more likely that your bank/government one day decide to close your account and get your money based on some allegation.

Bitcoin price has a high volatility , but they are safe and aren't going anywhere when properly stored.

Findingnemo

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To eradicate the bitcoin's blockchain network the governments have to shut down the internet all around the world or have to destroy each and every operating node which is practically impossible to happen so the direct and actual answer to your question is NO.

But your wallet may be drained overnight and the balance will be zero when you wake up which may happen to anyone if their device is infected or they gave their private keys unintentionally to someone, etc.

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Quote from: Rexlus on April 20, 2023, 06:27:33 AM

Is there a situation where we woke up one day and found out all our bitcoins vanished?

Nothing just vanishes in life. Should anything have to go out of existence, it would occur by some progression which means, the signs and warnings would be there but, could have been ignored all along. Besides, we exists in various time zones and as such, while some adjustments to a system is being made, there will always be some persons taking part and note of these changes.

Haven't said that, there is no surprises in cryptocurrency. If the bearish market don't come to be within a blink. It takes time to dip and then you would not the bulls pushing the market up again.
If you look at what stunts that have been thrown to the bitcoin innovation, having faith in the system wont be such a difficult thing to do. Still your advised to pick your investment with spare money.

YOSHIE

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Quote from: Rexlus on April 20, 2023, 06:27:33 AM

Is there a situation where we woke up one day and found out all our bitcoins vanished? Blockchain or DLT has a common explanation where it is calculated to solve double spending problem which represent a incomparable transaction that are solve through the computers in the network?

Don't think that in the future it will never happen let alone Bitcoin, humans can disappear/die as you asked, what's more bitcoin that is run through the internet network, there is no guarantee that the internet network will remain intact forever.

For that my advice is that you don't think too much about Bitcoin that you don't know about, now what you see and know is the best and what you can do, you want to invest, trade and so on, that's the best thought for you to do, don't fantasize about tomorrow, the day after tomorrow and so on Bitcoin is like this and that, remember: if we know what will happen in the future, of course we don't want to do anything but good, we are currently living in this world, not in the hereafter.

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Quote from: Rexlus on April 20, 2023, 06:27:33 AM

Is there a situation where we woke up one day and found out all our bitcoins vanished?

If you are asking a question that concerns you or an individual, then the answer is definitely YES - because every day people wake up, open their crypto wallets and all they see is zero on the balance. But this is not happening because of technical flaws or vulnerabilities that some hacker used to steal "all Bitcoins", but because a lot of people do not understand the basics of proper storage and use of cryptocurrencies.

The conclusion is more than clear, and that is that people are the weakest link in the chain, regardless of whether it is the reasons I have already mentioned, or the genetic tendency to destroy everything around them and ultimately themselves.

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Bitcoin transactions are irreversible and a more total confirmations you have for your bitcoin transaction to that address with which you stores your bitcoin, a smaller risk to see it vanished (reverted by 51% attack).

How many bitcoin confirmations is enough?

Quote from: https://github.com/bitcoinbook/bitcoinbook/blob/develop/ch09.asciidoc

One way to think about the blockchain is like layers in a geological formation, or glacier core sample. The surface layers might change with the seasons, or even be blown away before they have time to settle. But once you go a few inches deep, geological layers become more and more stable. By the time you look a few hundred feet down, you are looking at a snapshot of the past that has remained undisturbed for millions of years. In the blockchain, the most recent few blocks might be revised if there is a chain recalculation due to a fork. The top six blocks are like a few inches of topsoil. But once you go more deeply into the blockchain, beyond six blocks, blocks are less and less likely to change. After 100 blocks back, there is so much stability that the coinbase transaction—the transaction containing newly mined bitcoin—can be spent. A few thousand blocks back (a month) and the blockchain is settled history, for all practical purposes. While the protocol always allows a chain to be undone by a longer chain and while the possibility of any block being reversed always exists, the probability of such an event decreases as time passes until it becomes infinitesimal.

Check with this free tool: https://jlopp.github.io/bitcoin-confirmation-risk-calculator/
or that tool which is more accurate: https://web.archive.org/web/20181231045818/https://people.xiph.org/~greg/attack_success.html

The first tool does not count decimal number but the second tool does.

Rigon

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Quote from: Rexlus on April 20, 2023, 06:27:33 AM

Is there a situation where we woke up one day and found out all our bitcoins vanished? Blockchain or DLT has a common explanation where it is calculated to solve double spending problem which represent a incomparable transaction that are solve through the computers in the network?

From my point of view I can say Bitcoin will never disappear. I think those who think so are completely wrong. But yes one thing is that if an exchange goes bankrupt or gets hacked then the dollars or bitcoins will disappear from there. Will disappear from the exchange but will be visible to other addresses taken. This kind of thing can happen in all coins other than Bitcoin like altcoin. The CEO of the coin can make it disappear if it wishes, this will only happen with the altcoin. Moreover, I think that no such incident will happen in the case of Bitcoin.

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Quote from: Rexlus on April 20, 2023, 06:27:33 AM

Is there a situation where we woke up one day and found out all our bitcoins vanished? Blockchain or DLT has a common explanation where it is calculated to solve double spending problem which represent a incomparable transaction that are solve through the computers in the network?

0% I think. Its already been created and stored away thay no one will ever access or controls it. But there are some bitcoin losses already or those stored in private key that arent accesible by the owners or forgotten their keys. But who knows the innovation changing maybe some genius might tapped a way for this umpossible assumption but I doubt it will be easy just like that.

Nwada001

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I don't think that could ever be possible with the little knowledge I have of Bitcoin. There is no possibility that will ever make Bitcoin vanish into thin air; how will that even happen? This kind of imagination can only be possible on coins that are on a centralized system, where the team in charge can wake up any day and make away with all holders' coins.

In the aspect of Bitcoin, it's only you and anyone else who has access to your wallet who could be able to move out your coins to a separate wallet. Even when that is done, the coins are not entirely gone because they can still be located on a different wallet.
Unless the entire blockchain is shut down, which will only make coins available, the coins in your wallet won't disappear.
In conclusion, I don't think there could ever be any possible scenario for Bitcoin to vanish out of a holder's wallet without a trace.

Rexlus

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Is there a situation where we woke up one day and found out all our bitcoins vanished? Blockchain or DLT has a common explanation where it is calculated to solve double spending problem which represent a incomparable transaction that are solve through the computers in the network?

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