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Are you compromising your Bitcoin?

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Written by   2
2 months ago

Hey, I'm here again! Yes, the crazy dude who writes stuff on the internet!

Do not forget to follow all my advice if you want to lose your wife because you have put the rent money in "coins that are worth cents but can be worth thousands of dollars"

You have probably already heard many times about the importance of keeping your cryptocurrencies in a cold wallet and if you are a bit careless it is also probable that you have not taken the advice very seriously. I will try to briefly explain why you are risking more than you should. Let's take Bitcoin as an example (although it applies to many more currencies).

Whether you have been learning about cryptocurrencies for a long time or not, you have surely heard of one or more attacks on different protocols and exchanges. Unfortunately, it is something that is repeated too many times. But what you may not have understood yet is that attacks are always carried out on an exchange, a chain bridge, or another type of protocol, never on a Blockchain.

The possibility of hacking a Blockchain like Bitcoin is zero today(maybe another little chain but not this one). To modify a block within this Blockchain you must also modify the previous blocks since each block contains specific information from the previous one. To be able to modify it you must have a computational power equal to or greater than 51% of the network. If we take that into account, at a certain point of growth it became impossible to accumulate that computational power individually, it is something that could only be done with quantum computing (in the future).

Knowing that the only option that hackers have to get good loot is through exchanges and attacks on some type of protocol (bridges, pools, online wallets, etc...), the best option that remains for us is to remove our coins from the Internet.

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This post was also published inPublish0x by me, The Crazy Dude. You can use this link to win your crypto or become a new writer in Publish0x.

 

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Written by   2
2 months ago
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