Can Somebody Hack Bitcoin | MENAFN.COM

(MENAFN- Tomer & Alon Marketing and Publicity)

Many people consider Bitcoin hack-proof due to the blockchain technology behind it. Ideally, many people argue that blockchain technology is revolutionary, potentially transforming different economic sectors.

This technology creates a distributed and decentralized ledger that fends off hacker attacks. The only way a person can hack Bitcoin is by controlling 51% of the entire network. Nevertheless, nobody has hacked Bitcoin so far. Therefore, many people are rushing to trade and invest in this virtual currency.

The success Bitcoin has experienced so far is the reason for the emergency of other virtual currencies. For instance, the People’s Bank of China has developed a cryptocurrency that citizens can access and use within their country’s jurisdiction. Ideally, this is a digital currency that the central government issues, and people can transact with it provided they adhere to the set laws. And people can use to trade this virtual currency.

Nevertheless, traders and investors across the world are going for Bitcoin. And this has prompted some governments to think about and introduce stringent regulations. The emergence of followers’ legions, including hundreds of new virtual currencies launches and startup waves, predicated on the underlying Bitcoin technology has fueled the success of this digital currency.

Nevertheless, many investors are unsure whether Bitcoin is secure, despite the commotion and fuss surrounding it. So, can somebody hack Bitcoin? If yes, how can an investor protect themselves if this happens?

Bitcoin Security

Satoshi Nakamoto launched and introduced Bitcoin as a decentralized virtual currency in 2009. That means no single administrator would regulate or oversee Bitcoin. Ideally, this virtual currency is not subject to central banks or the government’s control and regulation.

The virtual currency world has grown due to peer-to-peer transactions over recent years, and Bitcoin is at the forefront of these transactions. People use the blockchain, a public ledger, to record and verify crypto transactions.

But security has remained a…