Blockchain

Can Bitcoin Be Hacked?

January 19, 2019

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Can Bitcoin Be Hacked?

Can the blockchain be hacked?
Every blockchain is different. There are some that are more mature than others. As an example, Bitcoin and Ethereum’s core blockchain protocol has never been hacked. That means a lot when there is a one-hundred billion dollar bounty on the line for hacking Bitcoin.

That means for over nine years, not a single person has been able to hack it even with that large of a reward for doing so in place. That simply says more than explaining the underlying technology and how it is unhackable. 

Can the blockchain be stopped?
The blockchain is a ledger that everyone has. These “pages” of the ledger are called “blocks” and linked together to create the ledger as a whole. The chain is censorship resistant yet is only as strong as the network of users and holders of the ledger. The current size of the Bitcoin network is nearly unstoppable by institutions and governments from a technical angle. Their power would have to come from outlawing the use of Bitcoin on an individual level which can easily be circumvented as easily as using a VPN (virtual private network). 

Can I lose money if servers crash or get hacked?
We recommend never keeping more money than you are willing to lose on an exchange. Exchanges are useful when swapping from fiat to cryptocurrency and that is where the usefulness ends. Exchanges are centralized, meaning they are more likely to have server issues or hacking vulnerabilities. 

The Bitcoin protocol has never had a second of downtime. The only downtime you will see  is due to a third party programs built around Bitcoin. These are private companies and technologies that have issues on their side of the equation. 

If the internet goes down do I lose my money?
If the entire internet goes down, we will have more pressing problems then the value of money.  There are countless interesting articles and writings about the ways users could send and receive Bitcoin without access to the internet.

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