Bitcoin is more secure today than before. It is getting safer day by day. - Bitcoin - CryptoTalk.Org Jump to content
Brushless4500KV

Bitcoin is more secure today than before. It is getting safer day by day.

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I want to talk about bitcoin and blockchain security by mentioning a fact. I think it was easier for hackers to manipulate bitcoin transactions or blockchain network in the early days when bitcoin came into existence. Why?

The security of blockchain is achieved by connecting all blocks together as chain. Any new block have a hash that is connected to the old hash of the previous block and this process continues for the next blocks. So, if a hacker wants to manipulate any block hash, he have to manipulate all blocks before and after it to achieve his goal and since the number of blocks are extremely high, the time and energy he should spend to hack one block will be huge.

But 10 years ago, the number of blocks were not as high as today and it was easier for hackers to manipulate hashes. So, as time goes by, more blocks will be added to the network which will result in safer bitcoin transactions. What do you think?

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6 hours ago, Hashimi said:

Currently there is now way to crack the code of bitcoin.Well The only way in which Bitcoin can be broken is by a sufficiently powerful quantum computer. You would need one with at least 1500 qubits. Currently we are only at 20. It might not seem like much of a difference but it is quite a lot.

 

Yes you are right, bitcoin is so powerful and scam it will be too difficult, and like you said above, to broke bitcoin you need a powerful computer and a lot experience 

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I think it has a little confusion.

No matter if there is a Hash, it cannot be decrypted because the SHA256 algorithm prevents it. It is that makes the network safe.

So the miners are responsible for creating the block when they find the encrypted Hash, then more miners confirming.

 

Nowadays, deciphering Hash is usually more complex than before.


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What are you talking about mate? Bitcoin was never been played with or manipulated by hackers before and there is nothing even done to the network now other than addinf lighting network fkr transaction speed but bitcoin is as secure as it has been since day 1 .

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Bitcoin may be secure because it is almost impossible to hack blockchain network but computation power of computers are getting stronger every year and it may be a risk for bitcoin security if used by hackers.

However, even if bitcoin can't be hacked, bitcoin wallets and exchanges are the security weaknesses of crypto world. We have all seen many wallets were hacked and huge amount of BTC were gone. This is an annoying problem that prevents me from investing more than $100 in cryptocurrency until there is a solution to overcome this problem. I think online fiat accounts are still safer than online crypto wallets and are better for value storage in the long term.

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7 hours ago, Bijoy52 said:

As I agree with you, the demand for Bitcoin is increasing even as the name of Bitcoin is heard in the face now, there are no people working online who don't know science, who never work online and now say what Bitcoin is,  They will also work with this bitcoin, so that Bitcoin may have earned more reputations in the days ahead. Bitcoin is now a completely safe currency 

What are you guys talking about?bitcoin has been a safe currency ever since it was invented so its still the same here and yea we have more newbis coming in more as we go on and everyone is trying to make money of bitcoin because its safe and secure. 

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I love the way that money is now taken to protect blockchain and bitcoin, and I think bitcoin and blockchain are a lot more secure and hackers now find it very difficult to break into something that is too complicated for hackers and for us.  That's a lot of benefits now that we are secured and our science is our capital with us  Can keep

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In these days, wne price of Bitcoin is decreasing news like this is really good for community. Maybe someone hasn`t known, but this is true. Bitcoin is safer when community is bigger 


 

 

 

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On 12/7/2019 at 10:56 PM, Hashimi said:

Currently there is now way to crack the code of bitcoin.Well The only way in which Bitcoin can be broken is by a sufficiently powerful quantum computer. You would need one with at least 1500 qubits. Currently we are only at 20. It might not seem like much of a difference but it is quite a lot.

 

Do you also think that sales trucks can be mobile hacks, most of the wallets I use blockchain wallet tell me if you really know how

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On 12/7/2019 at 10:52 PM, Brushless4500KV said:

I want to talk about bitcoin and blockchain security by mentioning a fact. I think it was easier for hackers to manipulate bitcoin transactions or blockchain network in the early days when bitcoin came into existence. Why?

The security of blockchain is achieved by connecting all blocks together as chain. Any new block have a hash that is connected to the old hash of the previous block and this process continues for the next blocks. So, if a hacker wants to manipulate any block hash, he have to manipulate all blocks before and after it to achieve his goal and since the number of blocks are extremely high, the time and energy he should spend to hack one block will be huge.

But 10 years ago, the number of blocks were not as high as today and it was easier for hackers to manipulate hashes. So, as time goes by, more blocks will be added to the network which will result in safer bitcoin transactions. What do you think?

I don't really know about the security block itself. if you look at hackers it would not have been possible to do that ten years ago. Than I thought more would not have thought that bitcoin could be of high value, if they knew this he would have done it in the early years. The concept here is hackers only do things that are have a high value, bitcoin in 2010 does not have the courage as it is now. With the growth in value, the development will also improve both in terms of security.
 

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It's been 10 years now and there is no hackers can manipulate the blockchain so that means bitcoin has a solid security. How genius Satoshi Nakamoto is.


 

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Yes i ever hear news like that.

In my opinion block is created by combination transaction worldwide. It created every 10 minutes. So if we want secure the blockchain first way is by mining the Bitcoin. Miner have a task to solving mathematical puzzle in every block. Their solving time maybe decreased every year but overall that is will help Blockchain keep secure.

The block have reward for who can solve the puzzle. So if hacker want hack the block, that is like impossible. Because the miner will be the first solve it than the hacker.


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. Thats good news means the people who work behind Bitcoin have anticipated this before and this has added to public confidence that Bitcoin is safe.

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On 12/7/2019 at 10:52 PM, Brushless4500KV said:

But 10 years ago, the number of blocks were not as high as today and it was easier for hackers to manipulate hashes.

There was an overflow bug in bitcoin code which generate 184 billion Bitcoin in August 2010. But Satoshi had managed to fix the code and moved the chain. The Block height is 74638. The network is safe since version 0.3.10 was released and I hope there is nothing can stop us now.

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On 12/26/2019 at 12:33 PM, iroman01 said:

I think bitcoin and blockchain are a lot safer and hackers are now very hard to penetrate, generally BTC runs with blockchain. Anyone cannot hack Blockchain.

yea i think even the government will hire hackers to penetrate the blockchain but they wont be able to do it, which is why hackers are now hacking exchanges because its much easier.

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yes i think that it is getting safer day by day it also want to provide security to it's users that why we can say that it is a secure site for people who want to earn money for their interest.

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On 12/7/2019 at 10:52 AM, Brushless4500KV said:

I think it was easier for hackers to manipulate bitcoin transactions or blockchain network in the early days when bitcoin came into existence.

I don't think that's necessarily true, and I don't know that any wallets have actually been hacked unless you're talking about doing it via malware, like a keylogger or something like that.  There haven't been that many scam accusations about hacks much, except of course for exchanges.  They've been the target for quite a few attacks over the years, and I'm not sure if security is getting any better.

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If we’re evaluating the wallets purely on how safe they are, Coinbase and Trezor are probably your best bets when it comes to hot and cold wallets, respectively.

This doesn’t mean that the other wallets are unsafe or not trustworthy – it’s just that Trezor and Coinbase have almost completely dominated the market AND they have very strong and sustainable foundations for the claims about their safety.
 

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Yes for example crypto exchanges were less secure time ago but now due to past hacks they giving more priority to security for bitcoin and crypto. As time goes by more and more measures are made against hackers and a strenghthening of the blockchain to be' more secure.

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Yes it's very true. Bitcoin is now very safe and day by day its security will increase. Now hackers can't hacl bitcoin by Blockchains fault. Blockchain syated upgrades day by day.

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If bitcoin is safe, then it's good, but if it's safe, I'm more afraid. Because the nature of bitcoin is volatile, if it's safe I see it as if something is wrong

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It's true that bitcoin has been far more stable in 2019 than in previous years. In 2017, bitcoin's price rose from about $1,000 to almost $20,000 before ending the year at about $14,500. In 2018, bitcoin plunged from that level at the beginning of the year to less than $4,000 by year's end.
 

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I did not know this information previously, but it is good for the Bitcoin network to become more secure, now it is very safe and almost impenetrable, but I wonder will it remain safe when the Bitcoin mining ends?

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10 hours ago, MuhammadSh said:

i really wondered why is a useful and informative topic like this didn't get any good reaction !! and there are a lot of useless posts with a big number of good reactions!

thanks for sharing this good information with us my friend!!

Thank you, my friend, for your participation and providing advice. I also now see responses without wording, good luck

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Panic sentiment sharply intensified after the announcement on 24 June that creditor payments for the bankrupt crypto exchange Mt.Gox would begin in early July. The total amount of funds to be distributed among former clients is 162,100 BTC, roughly $10 billion. Bitcoin responded to this news with an 8% drop. It’s no surprise – such a volume of coins flooding the free market can seriously knock down prices. In the derivatives market, long positions worth $177 million were forcibly liquidated, and the total financing rate for futures contracts turned negative for the first time in June, indicating that sales exceeded purchases.   It is precisely on the expectations of Mt.Gox debt payments that the flagship crypto asset's quotes reached the lowest level in the past eight weeks last Monday. In this situation, two things are encouraging. Firstly, the deadline for repayment falls on 31 October, and it's possible that payments will be made in parts over four months rather than all at once. And secondly, there is hope that not all creditors will rush to convert their bitcoins into fiat, but will hold onto them, hoping for price growth.   In addition to the above, BTC miners exerted some downward pressure on the market. It became known that their coin reserves reached a 14-year low, as they had to sell a significant amount of BTC due to the April halving to cover operational expenses. Recall that the cost of mining bitcoin, according to JPMorgan analysts, is $53,000. Historically, this cost level is a strong support for BTC/USD. However, even in March, JPMorgan did not rule out that after the halving, bitcoin could temporarily fall to $42,000.   In the absence of positive signals, the demand for spot bitcoin ETFs continues to decline, major market participants slow down their activity, and start to take profits. This also pressures the prices. CEO of investment company CryptoQuant Ki Young Ju calculated that over the past two weeks, bitcoin whales and miners set a record by selling coins worth $1.2 billion.   According to 10x Research, all last week, US spot BTC ETFs recorded investor outflows, and on 21 June, net outflow exceeded $105 million. 10x Research believes that bitcoin will now need to find a new price range to stabilize the decline and then find growth catalysts. In the medium term, according to 10x Research analysts, it is not worth expecting BTC to return above $70,000.   Popular analyst Matthew Hyland noted that the combined bitcoin balance on centralized exchanges reached a multi-year low. In theory, this could be seen as a bullish signal, but the crypto market leader is not yet eager to show an upward trend. Naturally, the publication of key US economic data could serve as a vector for further cryptocurrency movements. If the Fed takes its first step in easing its monetary policy in September, it could support risky assets, including bitcoin. According to Cryptology experts, the chances of bitcoin reaching a new all-time high by the end of September are quite high, and what is happening now is a phase of accumulation.   Despite the current decline, many investors remain optimistic, citing the cyclical nature of the crypto market. They also do not forget about the US elections. For example, former Goldman Sachs CEO Raoul Pal predicted significant bitcoin and cryptocurrency market growth in Q4 2024. In an episode of The Wolf Of All Streets podcast, the financier noted that risky assets like bitcoin usually rally against the backdrop of US presidential elections. "The final quarter of an election year is a real 'banana zone' for all assets. It always is," Pal optimistically stated, noting that the "banana zone" for cryptocurrencies in autumn is much more pronounced than, for example, for the Nasdaq index.   Bitcoin was also supported by billionaire Michael Saylor. His company, MicroStrategy, is one of the largest bitcoin holders in the world, with 205,000 BTC on its balance sheet. Despite the negative trend, it increased its reserves by another 11,931 BTC (over $700 million) in the past month alone. Saylor is convinced of the first cryptocurrency's ability to grow to $10 million with support from China and other factors. He believes that in the future, governments, especially China, will fully embrace the first cryptocurrency and integrate it into the state infrastructure. The entrepreneur declared all pre-bitcoin economic instruments obsolete. "Before Satoshi Nakamoto, economics was a pseudoscience. All economists before Satoshi tried to develop economic laws with shells, glass beads, pieces of paper, and credit instruments," the businessman wrote, calling bitcoin a "perfect asset."   In previous reviews, we already wrote that the launch of exchange-traded spot ETFs on Ethereum could give a certain boost to the digital asset market. On 25 June, SEC (US Securities and Exchange Commission) Chairman Gary Gensler noted that the registration process for new ETFs is "going smoothly," and the approval date depends on how quickly applicants submit adjusted S-1 forms. Bloomberg analysts call 02 July the expected approval date for new products. Reuters, citing anonymous sources, reports that a consensus has been reached between fund managers and the SEC in negotiations, and only the "final touches" remain.   Co-founder of venture company Mechanism Capital Andrew Kang stated that after the approval of ETH-ETF, Ethereum's rate could correct by 30%, falling to $2,400. In his opinion, at this stage, the main altcoin attracts much less attention from institutional investors compared to bitcoin. Based on this, ETH-ETF will attract only 15% of funds compared to what BTC-ETF received at the start.   Kang noted that to increase Ethereum's attractiveness among investors, its ecosystem needs to be positioned as a decentralized financial settlement layer, a global computer, or a Web3 application store. At the same time, it will be difficult to sell new ideas for Ethereum's application to funds, as the asset is perceived by investors as an overvalued stock of a large technology company.   Significantly more positively views the future of Ethereum Matt Hougan, CIO of Bitwise, a company managing cryptocurrency funds. In his opinion, the appearance of a long-awaited exchange product is undoubtedly a positive factor, and the net inflow of investments into ETH-ETF over the first 18 months will amount to $15 billion. In his analysis, he relies on the experience of Canada and the EU, where in similar products the inflow ratio for Ethereum and Bitcoin is approximately 1 to 4 (i.e., 25%). In other words, if in the first quarter of work for spot Bitcoin-ETF the total inflow was $26.9 billion, for Ethereum it is expected to be at the level of $6.7 billion. In this case, in three months of work, the leading altcoin could rise to $4,400-5,000.   CEO of SkyBridge Capital Anthony Scaramucci believes that the price of Ethereum could rise even higher, reaching $10,000-12,000. Regarding bitcoin, the entrepreneur allows for its growth to $170,000-250,000. The main driver, in his opinion, will be the further institutional acceptance of cryptocurrency. Scaramucci called the approval of spot exchange ETFs an important regulatory barrier breakthrough for attracting new capital. Thanks to this, in his opinion, the share of digital gold in the portfolios of major players will soon be about 3%.   As of the evening of Friday, 28 June, BTC/USD is trading at $60,190, and ETH/USD is in the $3,390 zone. The total crypto market capitalization is $2.24 trillion ($2.34 trillion a week ago). The bitcoin Fear & Greed Index (Crypto Fear & Greed Index) has dropped from 63 to 47 points over the past 7 days, moving from the Greed zone to the Neutral zone.   In conclusion, here is another observation from Matt Hougan. The CIO of Bitwise presented three reasons why long-term investments in both bitcoin and Ethereum are more advantageous compared to investing only in bitcoin. These are: 1. portfolio diversification 2. the opportunity to earn on very different ecosystems and 3. economic benefit.   Considering the difference in the capitalization levels of bitcoin and Ethereum, Hougan believes that 75% of the capital should be invested in BTC and 25% in ETH. According to calculations, over the period from May 2020 to May 2024, the yield of such an investment portfolio is 3% per annum higher than one that only contains bitcoin. However, Hougan acknowledges that in the shorter term, a portfolio including 100% BTC outperforms a diversified one. Moreover, investing only in bitcoin carries fewer risks due to its higher market capitalization and features such as limited coin issuance and a phased reduction in the inflation rate to zero.   NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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