Bitcoin (BTC) is built-with a consensus network, that enables a new kind of payment system and a completely digitalized form of money. Bitcoin is the world’s first decentralized peer-to-peer payment network – powered by its users – without any central authority or middlemen.
Bitcoin’s technology itself is said to have one of most cryptographically advanced and secure network, which is hugely getting adopted as a new kind of crypt-o-currency. Here are few things related to security and concerns about getting it hacked.
# Is Bitcoin really Secure?
The Bitcoin technology is built-on the protocol and the cryptography, that has a strong security track record, and the network is also said to have probably one of the biggest secure distributed computing project in the world.
It’s most common vulnerability is in individual user error. Bitcoin wallet files which stores the necessary private keys, can be accidentally lost, stolen or deleted. This is pretty much similar to physical cash stored in a digital form by any user.
Fortunately, there are options, where users can employ better security practices to protect their money or even use service providers those offering good levels of security, and reliable insurance against theft or loss.
Bitcoin is designed to be a free, secure, private and decentralized payment system with the technology of cryptographically advanced protection system for all transactions digitally.
# Can’t Bitcoin be Hacked Ever?
The rules of the protocol and the cryptography script used for Bitcoin system, are still working years after its inception, which is a pretty good indication that the concept is well designed in itself for the future possibilities.
However, security flaws have been found, and fixed over time in various software implementations. Like any other form of software, the security of BTC software depends on the speed with which problems are found and fixed.
The more such issues are discovered, the more BTC is gaining maturity. There are often various misconceptions about thefts and security breaches, that happened on various diverse exchanges and businesses.
Although these events are unfortunate, none of them involve BTC itself being hacked, nor imply any inherent flaws in Bitcoin; just pretty much like a bank robbery, that doesn’t mean the dollar is compromised.
However, it is accurate to say that a complete and powerful set of good practices and intuitive security solutions is required to give users better protection of their money, and reduce the risk of theft and loss.
Over the course of the last few years, those security features have quickly developed, in digital forms, such as wallet encryption, hardware wallets, offline wallets, and multi-signature transactions etc.
Now, you let us know! What, you think about this worlds most secure and innovative cryptographic currency, the future of money? Have you started using it?