Happy day dear Read.cash Community, I hope you are all well, starting December with a lot of excitement, I bring you a topic that is controversial and good discussion, can Bitcoin be hacked?.
There are people who are afraid to invest in Bitcoin for fear that it can be hacked. Scammers are everywhere, there are many people who have been scammed with Bitcoin.
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But, can Bitcoin be hacked?
We have the guarantee that Bitcoin is hacker-proof, one of the reasons is that the blockchain is constantly checked by the entire network. Due to this situation the probability of attacks on the blockchain are unlikely. In order to add a new block, a set of transactions has to be performed, where each participant updating the Bitcoin register is constantly solving mathematical problems that are very complex.
There are thousands of copies stored on nodes in a computer network, these nodes are distributed around the world containing all Bitcoin transactions that have been made to date. If a hacker wanted to alter the Bitcoin log, he would have to hack into more than half of the computers that are used for mining.
In the history of Bitcoin since its launch in 2009, it has never suffered an attack, the blockchain has worked perfectly, there are no records of money theft or vulnerability in the system. These calculations are created by Bitcoin's encryption hash function. When adding a specific block to the database, each node in the network must validate that block. In order to validate the Bitcoin record all nodes must agree. Manipulating the network is almost impossible given the decentralized characteristics of the blockchain and the cost would be extremely high.
How is it that many people have been scammed by Bitcoin?
The basic problem lies in the security of the systems where cryptocurrencies are stored, many people are not familiar with the subject and do not take the right protective measures.
For example thefts from hot wallets: this is a type of wallet that is connected to the internet or is online in some way. These wallets are usually on the PC desktop or on cell phones without security measures are easily hackable.
Mt. Gox was an exchange that handled Bitcoin founded in Japan in 2010. Hackers went as far as stealing 850000 Bitcoin due to insufficient security it possessed, bankrupting it in 2014, the largest theft ever in Bitcoin history.
Another type of scam we observe:
Companies offer sales of Bitcoin or other cryptocurrency, with an extremely high return of capital in a very short time span.
Pyramid schemes, scammers tell you to pay with cryptocurrencies but you have to find 2 or more people to also pay and that way you get your investment back, the more you invest the more you will earn, but it has no guarantee.
Other scammers offer big rewards in cryptocurrencies in exchange for online jobs, but every time you do a job you have to fulfill some requirements and at some point they don't pay you back at all.
Sometimes they ask you for the seed of your wallet pretending to be the website and hack your account stealing all the cryptocurrencies you have.
In the channels of youtubers of great influence, they place whatsapp numbers posing as them offering Scholarships in NFT games, for example, but first you must pay a commission or make a supposed investment of some cryptoasset.
How to detect these scammers?
If they guarantee you that with little investment you will earn large sums of money.
If they promise high yields with guaranteed profits.
If they promise free money.
It is important to inform yourself about the company, who are behind them, the comments on the forums of other users, research about common scams.
If you are starting the world of cryptocurrencies, it is recommended to keep the seed phrases in a handwritten notebook that is in a safe place, do not share passwords, no responsible website is going to ask you for your seed phrase, you can research about cold wallets that are very safe and acquire them in reliable sites.
Thank you very much for making it to the end, you can share this information so that other people will know about this topic.
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December 3, 2021
References:
Photo Cover: https://nacionbtc.blogspot.com/2020/04/es-posible-piratear-bitcoin.html
https://www.consumidor.ftc.gov/articulos/lo-que-hay-que-saber-sobre-las-criptomonedas-y-las-estafas
My partner unfortunately was scammed by promising high return in a short span. I wasn't told about it only when it was certain that the money was lost did my partner told me all about it. We really have to be vigilant about scams like that for sometimes they attack us at our vulnerability.