Hacking and cyber targeting has become one of the regular things in our daily life, as we almost daily hear the news of hacking a company or government body, mostly with financial motives.
Bitcoin, by virtue of the nature of its work based on the Internet and computers, which has a total market value of more than $ 340 billion, which means that it is a tempting target for hackers and hackers.
Nevertheless, during the 11 years of Bitcoin's existence, the Bitcoin blockchain has not been compromised, as Bitcoin has proven to be remarkably resilient in the face of shocks and stresses.
Although cryptocurrency trading platforms were hacked and Bitcoin stolen, the Bitcoin network (the blockchain) remained immune and out of the control of the hackers.
It can be said that what helped the security of the Bitcoin blockchain is its decentralized, distributed nature across the world.
Below we will learn in depth about what makes the Bitcoin blockchain safe? Is Bitcoin immune to penetration?
Bitcoin use for public cryptography:
Bitcoin is a cryptocurrency built on a public blockchain, in which everyone can see its transactions and the sending and receiving addresses of Bitcoin, meaning that Bitcoin uses "public cryptography."
As for the Bitcoin stored in the addresses, it cannot be accessed and moved except with the private key.
Meaning that Bitcoin owns a public key that represents the Bitcoin address and a private key that represents the password that the Bitcoin owner has to move and perform transactions with his digital currencies.
This encryption method is based on an algorithm called the Elliptic Curve Digital Signature Algorithm (ECDSA).
The only way to derive a person's private key from a public key is to force the search by trying every possible value for a private key and see if it created the corresponding public key.
In practical terms, this is impossible, given that there are 1,077 possible combinations.
Bitcoin transactions are irreversible:
Perhaps one of the most important strengths of Bitcoin is that the block that is extracted cannot be undone, knowing that each block of Bitcoin carries a set of newly processed transactions.
Each block is related to the previous block, and these blocks go in a single direction.
The blockchain can be likened to a record and writing book with the terms of writing on this book, which are:
The inability to amend or tear the papers and that the notebook is intended for writing only and adding information and data.
This means that people cannot simply reverse a transaction from a week ago, such as credit card companies, that could reverse a purchase.
Bitcoin based on distributed blockchain:
The traditional financial system relies on central parties such as banks to keep a record of transactions and prevent fraudulent transactions.
But this means that you are relying on those parties to act in good faith, while either of these parties can modify the transaction book and falsify or reverse the transaction.
Things in the blockchain are different, as instead of putting money in a central database, they are subject to failure and control.
While in the Bitcoin blockchain, the transactions and the database are kept in records distributed across computers in different parts of the world, meaning that the record and book of Bitcoin transactions is distributed to many parties, so when changing a transaction in one book, it is difficult to amend everyone who holds the same book.
Meaning, everyone who runs the Bitcoin program using a "node" (a node is a computer) is responsible for verifying transactions.
The majority of the contract must agree in one way or another that the transaction history is accurate before it is approved. Here, there is no need to worry, the process as a whole is automated, so no one clicks "OK" every 10 minutes, when a new block is created.
Therefore, in order for someone to penetrate the blockchain, he will need more than one node, for the Bitcoin blockchain to achieve the attack of 51%, the party that wishes to attack must have a huge budget that may equal the budget of entire countries to achieve the attack.
With so many different people managing the Bitcoin blockchain and a collective interest in keeping the currency safe, a breach is unlikely to occur, while a 51% attack is simply too expensive and difficult to coordinate.
Generic Bitcoin Blockchain:
Everyone can see the transactions on the Bitcoin blockchain.
This does not mean that anyone can see what is in your wallet, or know that it belongs to you, because your money is in an alias.
In addition, no one can take your money, except with your permission or mistake, as the one who owns the private keys is the one who can move Bitcoin.
Because of this transparency, everyone can see the blockchain transactions and verify that everything is normal and safe, and this is the power of Bitcoin.
