Can bitcoins be hacked is probably the question that is uppermost in the minds of a new crypto investor. As Bitcoin prices continue to skyrocket when every other asset has been experiencing a setback because of the pandemic, investors are looking to invest in Bitcoins. Its recent success has led to the emergence of a big legion of followers and startups eager to leverage the blockchain technology. People can be spotted trading bitcoins all over the globe. When looking for a way to successfully trade Bitcoin, you will come across trading robots such as bitcoin buyers, which are known as crypto trading bots for trading cryptocurrencies in a secure manner. By referring to the bitcoin buyer Bewertung guide, you can find the genuine reviews and ratings of their users. But, does this mean that the Bitcoin is complete hack-proof? In case it is possible to hack Bitcoins, how can you be sure your coins will be safe?
Know whether Bitcoins can be Hacked or not:
The Bitcoin had made its debut in the crypto scene in 2009 and there has been no looking back since then. It is a decentralized digital peer-to-peer payment system unregulated by any bank or government. It is founded on the blockchain which is a public ledger used for verifying and recording transactions. So, ever since its inception, security of Bitcoins has been a topic of many debates. The reason why Bitcoin was founded was to make money transfers anonymous, faster, and safer.
Bitcoins are difficult to hack, primarily because of the blockchain technology on which it has been founded. The blockchain has a network of computers or miners who will verify transactions; this continuous reviewing makes hacks unlikely. At the same time, this does not make Bitcoins safe. Bitcoins are volatile and there will always be risks associated with this investment. A 51% attack is believed to be the biggest threat to a blockchain. But, for this to happen, a single organization or individual must have control over majority of the blockchain’s mining power. This is highly unlikely; so, you can consider Bitcoin hack-proof.
While Bitcoins may be hard to hack, the risks of coins getting stolen from digital wallets is always there. Risks may be low but not absent. They are low because the blockchain makes sure that data is not localized inside a central server. Rather, it is distributed across thousands of computers in a network. The computers or nodes have a responsibility to check for data accuracy. So, in order to hack, the hackers must breach the entire network.
Ever since its launch in 2009, the Bitcoin network has remained safe from hacking. However, there have been instances of Bitcoins having got stolen from exchanges which were hacked.
Bitcoins are traded through exchanges which can be vulnerable to cyber thefts and hacking attempts. This is what happened in the infamous Mt. Gox incident in 2014. Bitcoins can also be stored inside digital wallets protected with robust passwords and dual-factor authentication. But, hackers often use sophisticated techniques to get non-crypto related personal data about users. This helps them to infiltrate wallets to steal Bitcoins. According to a report by Forbes, a huge data breach happened in December, 2020 which exposed personal data of 270,000 users online. This data was stolen from the France-based Bitcoin hardware wallet Ledger. It was then posted on Raid Forums which is a marketplace for buying and selling hacked data.
While wallet developers keep working to upgrade security features, hackers keep working on newer ways to infiltrate these wallets. In any transaction, a two-factor authentication is a must for security purposes. But a transaction that is linked to a phone or email ID can be compromised when hackers can get their hands on some non-crypto related details. For protections, users have private keys to their account. But, if hackers can find these they can hack your wallet and steal the Bitcoins.