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Security  Information about bitcoin

  • Is Bitcoin secure?
  • Hasn’t Bitcoin been hacked in the past?

 

Is Bitcoin secure?

The cryptography and protocol of the Bitcoin technology is most likely the distributed computing project on the planet today. And still till today the results of the networks security has outperformed the expectations.

Most mistakes or errors come from people interacting with the network. People will always find a way to screw things up. Intentionally or not, we as a species require this in order to improve whatever we are working on. But in general most mistakes comes from people that accidentally deleted, loose or got their Bitcoin wallet stolen.

There are good solid security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.

 


Hasn’t Bitcoin been hacked in the past?

The same cryptography and the protocol used for Bitcoin are still active years after they were first drafted and implemented. This by itself is a feat worth mentioning and a good indication that the concept is well designed.

Still, security flaws in various software implementations have been found and fixed. Security requires being just as creative as those that try to breach the security. Sometimes only after the fact one is aware of a vault in a system. But this maturing of security levels is a daily activity of many of the brilliant minds working on this project as they try to stay ahead of the hackers

The security of Bitcoin itself has never been breached and it does not likely look like this will happen. The problems happen on the exchange and business level. For example if a bank is robbed does not mean that the dollar is compromised.

Still it is important to mention that that a complete set of solid practices and intuitive security solutions is required to provide users better protection of their money, and to reduce the risk of theft and loss. The last couple of years many such security features have been developed ( for example wallet encryption, offline wallets, hardware wallets, and multi-signature transactions).