If blockchain is difficult to be hacked, then how does Bitcoin gets stolen?

in #cryptocurrency7 years ago

The blockchain, which runs the Bitcoin network, was never hacked. When we say cryptocurencies are stolen they are taken from the wallets that store them, not the blockchain.

The technology behind the Bitcoin network has withstood the test of time since 2009. In fact, the integrity of the network is arguably better than bank-level security.

Mike Novogratz, celebrated internationally billionaire, has employed a cybersecurity master to endeavor to hack it. After multiple attempts he couldn't do so, he put 10% of his total fortune in Bitcoin and Ethereum and quote "investment of my life" after soaring as a huge multibagger several months later.

The blockchain essentially tells you who claims what coin and what exchanges have occurred. It's basically a record keeper and and links one record to another.

A wallet means that you have ownership of a coin and on the off chance that somebody approached your private key or record (in the event that you store them on a an exchange or hot wallets) then they can send the coins from your wallet to their wallet in this way taking your coins.

This why it is prescribed to keep your private keys safe and put away offline and in various spots and if you can manage the cost of one then an equipment wallet like the Ledger Nano S is the best choice.

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Much of the value of the BTC comes from its security, if you could hack and steal the blockchain the BTC would collapse and its price would touch the floor.

It's exactly as you said.

Thanks dear, it's very important to know.

Safety is very important

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