It’s been a while since the introduction of Bitcoin. And this cryptocurrency is now among the most popular digital currencies. Almost everybody wants to invest in it because it has captured nearly every investor’s attention. Some people specialize in the purchase and sale of Bitcoin for profits.
Currently, several platforms allow traders to purchase and sell Bitcoin to make a profit from the margin. Platforms like crypto superstar use upgraded trading bots that do more than equating numbers. Instead, the bots consider the trader’s activity. They analyze trends and prices on behalf of the user. That way, the bots enable the system to make more precise decisions for the trader.
Nevertheless, some people are still skeptical about Bitcoin trading. They wonder whether somebody can hack this cryptocurrency and manipulate prices or trading activity. But, can somebody hack Bitcoin?
Hacking Bitcoin
It’s difficult for a person to hack this cryptocurrency’s network. However, users still face the risk of having somebody steal their coins from a crypto exchange. Thus, you always risk losing your funds in a Bitcoin exchange or digital wallet.
The Bitcoin network uses blockchain technology. And this technology is not easy to hack. There is no central server for storing data in blockchain technology. With blockchain, an extensive network comprising computers in different places stores the data.
And these computers are constantly verifying and checking the accuracy of the crypto records. Therefore, hacking the Bitcoin network is more challenging because hackers have to breach many servers to collect information.
For instance, when hackers attempt to steal from a single vault room, they can easily do that. But an attempt to commit a heist from different rooms that have vaults and each has information in bits regarding single vault access is challenging. However, it is not impossible.
Nobody Has Hacked Bitcoin
Since the introduction of this cryptocurrency in 2009, nobody has managed to hack the entire network. However, some people have hacked crypto exchanges and digital wallets. As such, the fact that nobody has hacked the Bitcoin network as a whole doesn’t mean it’s completely risk-free. Potential risks exist in different stages of trading this cryptocurrency.
People trade Bitcoin in crypto exchanges and store it in digital wallets. As such, it’s not difficult for a person to access your wallet and possibly steal your coins. However, most platforms use a 2-factor authentication method for security purposes. If a hacker accesses a user’s personal information, they can infiltrate your wallet and even steal your coins. Therefore, take precautions to ensure the safety and security of your funds.
Use Safe Platforms
Since Bitcoin is a digital or virtual currency, you can only purchase and sell it online. You should also have a digital wallet to store your coins and a crypto exchange to trade this cryptocurrency. To ensure that you don’t end up losing your hard-earned money, choose a reputable wallet or Bitcoin exchange. Look for a platform with appropriate safety measures to ensure that criminals won’t hack your account and get away with your coins.
An ideal crypto exchange is secure and cost-effective. It’s also easy to set up an account with and use from any device. What’s more, it accepts different payment methods. And most importantly, it employs effective security measures.
Final Thoughts
Cryptocurrencies like Bitcoin are worth more than $280 billion. Since their introduction, cracks, hacks, phishes, and hijacks have threatened their existence. But up to now, these threats and assaults have not had a significant impact. Nevertheless, some criminals have stolen money from digital wallet owners and crypto exchange users.
Therefore, Bitcoin users should look for platforms that use effective security measures to avoid losing their money. For instance, an investor should choose a platform that uses a 2-factor authentication measure to avoid losing their money.
