Somewhere, Right Now, Someone Is Trying to Hack Bitcoin
Examining the real-world threat hackers pose to the #1 crypto asset and cryptocurrency wallets
Somewhere, right now, someone is trying to hack Bitcoin.
And it poses a real-world threat to the security of every Bitcoin holder.
But don’t worry, most experts believe the №1 cryptocurrency is hack-proof.
The experts say Bitcoin is hack-proof because of the strong multi-layered cryptography employed by Bitcoin’s blockchain.
As well, the Bitcoin developer community is constantly watching for threats to the network through real-time monitoring, looking for weaknesses in the official source code, and keeping an eye out for doomsday scenarios.
The biggest potential threat to the security of the Bitcoin blockchain is a 51% attack.
A 51% attack is when a lone hacker or group of hackers take majority control of the network through mining (i.e. hashrate computations). If a hacker or a shadowy organization gained 51% control of Bitcoin’s blockchain, they might alert the public ledger to enable double spending. And if that scenario played out in the real-world, then the cryptocurrency market would be in chaos.
