Security Of BTC: Can It Be Hacked?
Can Bitcoin be hacked?
Technology has revolutionized the way things world now. You will find innovation in every aspect of the world. In this digital era, keeping up with the competition is important. The age of digitization has made everything accessible from the comfort of our own space. With everything one click away, executing ideas has become so much easier. With the endless opportunities provided by technology, one of the finest products of technology has to be Blockchain. The innovation of the internet and currency has made digital advancement possible. Digital money is now being highly used by individuals around the world.
Cryptocurrencies have allowed people to be more secure and transparent at the same time. The best thing about them is that they aren’t controlled by authority. Unlike paper money, the government has zero control over cryptocurrency. Digital money is more secure and private than regular money and cards. transactions made through cryptocurrency are completely anonymous as no personal information is needed. It is one of the major reasons why people have switched to crypto. Other than anonymity, cryptocurrency transactions are quite cheap. Unlike bank transfers, the digital currency doesn’t charge any fee most of the time. Only a solid internet connection is needed to have access to your own cryptocurrency account.
Digital wallets are a form of cryptocurrency. Digital wallets are globally used as a payment method. Not only do they push people to go cash-less, but there’s also no hassle of carrying cards, bills, and cash anymore. All transactions and information are stored as blocks electronically.
The switch to cryptocurrency has increased in the last 5 years since its much cheaper, easier and faster to carry transactions around the world. Being the most used cryptocurrency, Bitcoin has been considered really valuable in today’s world. Digital currency is easier to secure, divide, transfer and store.
People choose Bitcoin to diversify their portfolio. It is mainly popular for offering complete anonymity, price stability, and high security.
Security is one of the major reasons people go for Bitcoin since a decentralized platform is used to transfer money. High security is constantly prioritized with Bitcoin. Since it’s a decentralized platform and you’re controlling your money and transactions, everything is in your hands. The transactions are very secure. Every transaction made is recorded in the form of blocks and stored online.
Bitcoin has a complex technology behind it. The algorithms incorporated are highly complex for anyone to configure or hack.
While many investors are prompted to invest in Bitcoin and enjoy the benefits, most are concerned about security, especially if Bitcoin is hack-proof or not? The security of the currency makes investors hesitant since it’s a huge investment and they want to make sure their investment is safe and protected.
Let’s look at Bitcoin and its security
As Bitcoin was launched as a decentralized platform, it automatically attracted people who didn’t want any third party to be involved in regulating transactions such as the government and banks. Bitcoin offers peer-to-peer transactions which have been a hit in the digital era.
While Bitcoin transactions are stored in blocks on the internet, the blockchain is responsible for verifying and recording these transactions in a digital ledger.
The complexity of algorithms and high-level security has made Bitcoin impossible to hack. Bitcoin users are constantly reviewing the technology and updating it to make sure the algorithms stay intact and the security remains bullet-proof. Bitcoin itself is quite difficult to hack as tested by people multiple times.
All cryptocurrencies and Bitcoins exist on the blockchain. Every Bitcoin owner has a private key to authorize transactions of that particular Bitcoin. This private key only exists with the owner.
When a person is using a digital portfolio such as Ledger Wallet, they have complete control over their private keys. This means they’re free to spend bitcoins as they like. To be able to access a Bitcoin, a private key is needed. A potential hacker will need to have access to the private keys to be able to reach the portfolio. Obtaining private keys is extremely difficult and nearly impossible. Without the private keys, the bitcoin cannot be authorized for transactions.
Bitcoin investors can either use a portfolio or an online platform to invest in. An online platform is considered a popular choice by many as its much more profitable. These platforms are responsible for thousands of transactions worth millions of dollars in Bitcoin currency. A platform is more vulnerable than a portfolio. When investors put add their Bitcoins to these platforms, they receive a private key to access and spend them. A hacker who’s able to get access to those keys will surely be able to recover all the bitcoins stored on the platform.
Another way of hacking includes gaining access to the platform’s removal system and make a legitimate currency transaction until all funds belonging to users are recovered.
It is important to remember that only a platform can be hacked, not the blockchain. While putting your bitcoins on platforms will offer you more flexibility, but it might not necessarily maintain a high-level of security. It is the software used by these platforms that can be operated and hacked, not the technology itself. There are thousands of experts and IT professionals working day and night to ensure the security of bitcoins globally.
While bitcoins are a good investment and turn to be highly profitable, its important to make sure you choose the most secure investment mode. Bitcoin has a lot more potential than other cryptocurrencies which is why it’s regarded highly reliable and secure.