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How To Hack Bitcoin Successfully

How to hack bitcoin Successfully
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Bitcoin has been the most successful cryptocurrency to date, both in value, security, and its system of operation. Attaining an all-time high(ATH) price of over $60,000. In this post, we will talk about how to hack bitcoin successfully.

What is Bitcoin

First, we need to understand bitcoin before we can be able to exploit it or hack it. Bitcoin is a decentralized digital currency that uses cryptography to secure its transactions, and the transaction history is recorded in a public ledger called the blockchain.

Now, you must understand that bitcoin is not a physical entity. It only exists on a computer as a file, recorded and stored in the blockchain. Knowing this, (that bitcoin only exists in the blockchain) the only way to hack bitcoin would be to hack the bitcoin blockchain.

How To Hack Bitcoin Successfully

The blockchain is used by different organizations to record transactions over a distributed network of computers. The blockchain protocol then instructs the computers on how to verify and add transactions. The server is secure and the transactions are permanent which makes verification easier.

In the past, the blockchain has been said to be immutable, and extremely secure, but recently, blockchain hacks have greatly increased as hackers have found out that the blockchain can be vulnerable. Since 2017, public data shows that hackers have stolen over $2 billion from the cryptocurrency blockchain.

In September 2019, developers of Bitcoin’s main client, called Bitcoin Core, had to scramble to fix a bug (in secret) that could have let attackers mint more bitcoins than the system is supposed to allow. There are different ways to carry out an attack on the blockchain which might include:

  1. 51% attacks
  2. Creation errors
  3. Insufficient security
  4. smart contract

Considering the bitcoin protocol and its system of operation, the best method is the 51% attack.

51% Attack and Cost

Firstly, transactions are confirmed in the blockchain through a process called mining. Mining is a process where thousands of computers are in a race to solve a complex mathematical problem. The winner is rewarded in crypto and also gets the right to upload the blockchain with the latest block.

Secondly, to carry out a 51% attack, a hacker needs to be in control of over 50% of the processing power(hash rate) of the entire blockchain network, this way his superior computational power will win each race to confirm a transaction, the hacker can then proceed to create alternate transactions(fork), delay transaction, spend a coin multiple times(double spending).

The hacker, who succeeds in controlling over 50% 0f the mining power can make authoritative decisions and take advantage of the system.

Bitcoin currently has a market capitalization value of $758.33 Billion. Based on the price of mining equipment, mining rigs, computers, and electricity costs(depending on location), it would cost a hacker over $1,500,541 per hour to hack the bitcoin network.

How to hack Bitcoin successfully

Bitcoin Security

security
security

Bitcoin’s blockchain, using the proof of work consensus mechanism has so far, demonstrated the best, and most robust security in cryptocurrency. Despite being the first and oldest cryptocurrency, it has never been hacked or compromised.

An attacker who seeks to hack bitcoin will have to bypass bitcoin’s active hashing power and still gamble for the block reward. However, the scale is so big and the cost is too high, it is almost impossible for this to occur.

Conclusion

While now is supposedly an opportunity to make money with cryptocurrency, most people are concerned over the safety of digital assets because it offers no insurance backing, and no central organization is responsible for losses. One hack, and you could lose everything.

This blockchain protocol is like a gamemaster that uses cryptography, game theory, and other high-level mathematical problems to always maintain security on the network.

The process is so complex, that it’s extremely difficult (near impossible) for ordinary hackers to compromise the system.

It’s what makes blockchains attractive for governments, corporations, and companies all over the world. There is no easy method on how to hack bitcoin successfully so far

I hope this post has been of value to you

if you have questions or comments, please write them in the comment section below, and I will do my best to get back to you.

Keep learning!

Keep Earning!!

For more simplified information and education on cryptocurrency, visit wayamask.

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