Can cryptocurrency be hacked

Is cryptocurrency hackable? This is a common question people ask. Also, several experts consider Bitcoin as “hack-proof.” But does that mean it will never be hacked? Well, Let’s find out.

Please note that we’ll discuss keeping Bitcoin as the center. It’s because Bitcoin is somewhat reliable.

As discussed earlier, Bitcoin works on blockchain technology. The entire network reviews this blockchain which makes hacking almost impossible. To add or introduce a new block to the blockchain, the miner has to solve complex math problems.

Once the miner solves the math problem, he can try adding the block to the chain. However, before he could add the block, every node in the network must declare it valid. And if all the nodes agree, only then can the miner add a new block to the chain.

In a nutshell, manipulating cryptocurrency is not easy. It’s rather extremely difficult. A potential hacker can try to overwrite or erase a black that is already spent. This phenomenon is known as “double-spending.” Fortunately, because of computing, chronological and decentralized characteristics doing this is impossible.  

What will happen if someone tries to hack into the Bitcoin blockchain

Now, the Bitcoin blockchain is not a single copy. There are thousands of copies spread across a network of computers globally. These copies rest in “nodes” containing data for every transaction that has ever happened.

So, if a hacker wants to hack into any blockchain, he will have to hack into more than 50 percent of the computers involved. This is what we call a 51% attack.

What is 51% attack

The 51% attack is a threat to the blockchains. In case someone succeeds in making this attack, he would be able to tweak the digital ledger. However, this is a theory. The probability of 51%is pretty low, which proves how secure blockchain and cryptocurrency are.

Where does the maximum risk lie?

The maximum risk lies in using wallets. When you create a crypto wallet, you get a private key along with that. And if you lose that key, you’re at risk of being duped of all your money. However, if you take good care or use a paper wallet, it won’t happen.

Another thing that poses a threat is crypto exchange platforms. Such platforms are a target of hackers who want to steal your information to hack into your accounts. However, if you choose the best crypto exchange platforms with 2-factor authentication, you can be safe. Common examples of crypto exchange platforms are Cash App, Binance, etc.