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How safe is Bitcoin in the case of the protocol being completely broken?
Let's say that down the road someone completely breaks the bitcoin protocol. Someone finds a way to reverse the hashing algorithm and redo transactions, the Chinese government does a 51 attack, or maybe the network is DDoSed to its knees. I don't know, just some hypothetical scenario where the currency breaks and it becomes unusable. How resilient is the Bitcoin community and protocol against such a catastrophe? Could the community decide to stop everything, go back to before it happened, and switch to a new protocol that is resistant against the flaw?
Bitcoin is well known for its safety. The biggest dangers are mainly hacker attacks on third party services, through which one accesses his bitcoins. These are above all the various crypto exchanges on which the users have created accounts or the bitcoins stored locally in wallets. Basically, either the exchange itself is directly attacked, so that data can be stolen there. The biggest known incident was the hacker attack on Mt.Gox about 4 years ago, when a huge hack of Bitcoins was looted. This was also the reason for the decrease of Bitcoins 2014. Today, the exchanges have improved to prevent such occurrences, because it can come to hacks and the trade is severely restricted or even stopped completely. This often leads to strong price fluctuations, mainly caused by so-called panic sells. An equally large attack surface offer individual mistakes that can easily be prevented. Individual mistakes are the responsibility of individual users and are often: - insufficiently secured user accounts due to weak passwords - Login on a phishing site - send the private keys to a scammer If a stranger has once gained access to your own accounts, he can quickly transfer the entire balance to another wallet and due to the anonymity, it is no longer clearly comprehensible. For such a kind of total loss helps therefore only a careful handling with your personal user data. But as long as you follow to the usual security rules and pay attention to secure passwords, which you should also change from time to time and do not use the same password on many other pages, an accident normally cannot happen. The high demand and high competition between exchanges has also contributed to the improvement of safety standards. How make you sure to safe your Bitcoins?
If I was to say purchase something like a premium account on Keep2share, with Bitcoin through Bitpay, how secure is my bitcoin wallet? I guess what I'm asking is; if you paid with CC or Paypal, they could always scam you once they have your details, ie. over-bill you or continue billing you after you already paid. Is Bitcoin any more safe? Can they do things like re-charge me, after I've paid? Total noob here, so thank you for your patience.
I hear that bitcoin blockchains are all public. Where can you go and view blockchain transactions, I am curious how it works. Secondly, when it comes to anonymity I am curious what the fuse is about people viewing addresses and blockchains publicly. How does this affect your privacy or identity even. It's not like your personal information is attached to it is it? So with my understanding, bitcoin is more anyonmous than say paypal because with a transaction you can immediately identify personal details from the sender, however paypal would be more secure than bitcoin. I know there's a lot of factors, but would the generalization be safe to assume? Paypal more secure, but Bitcoin more privacy...?
I'm a newbie to Bitcoins but do want to find the most secure way to register and handle my wallet. I found this Bitcoin paper wallet generator https://bitcoinpaperwallet.com but still have questions. 1) Is it safe? 2) Is it just the same if I would have a printed login and password? 3) Can somebody compromise my details without having the actual piece of paper? 4) How can I pay or get paid using this piece of paper? Sorry for all these newbie questions but I already spent 4 hours trying to find a simple and the most secure way of working with bitcoins and the more informating I have the less satisfied I am. Thx!
Coinkite Bitcoin School, a collaboration with KISBitcoin for videos to teach you how to do Bitcoin safe and secure! The first video is out! "How to install Tor", you will need this as you learn how to run a Full Node next!
I'm new to the crypto idea, I heard Monero is better to BitCoin. How do I use it, including creating wallets and how do I keep it safe from hackers? Also can it be converted into dollar bills? I heard Australia is considering going cashless, so I'm getting a bit nervous about other regions.
...Oh and converting between Bitcoin and Monero safely,
Für Bitcoin gibt es Server in aller Welt sowie über Zehntausend Knoten, die alle Transaktionen im System nachverfolgen. Und das ist wichtig, weil es Folgendes bedeutet: Wenn mit einem der Server oder Knoten zufällig etwas passiert, können die anderen in die Bresche springen. Es bedeutet zudem, dass der Versuch, einen der Server zu hacken, sinnlos ist: Dabei könnten Sie nichts stehlen, was ... Bitcoin als Safe Haven? Diese Eigenschaften sprechen dagegen. Gerade im Bereich der Liquidität hat Bitcoin bisweilen Probleme damit, zu punkten. Nach wie vor treten immer wieder Komplikationen mit Krypto-Exchanges auf, so richtig flüssig ist die führende Kryptowährung nach Marktkapitalisierung noch nicht. Auch der funktionelle Zweck der Kryptowährung ist bisweilen umstritten. Zwar wird ... Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. Is it safe to buy Bitcoin? Anyone thinking of investing in Bitcoin or another cryptocurrency should be very careful. Their values are volatile, with the ability to plummet as quickly as they shoot up. Let me first say that I’m speaking as myself and not on behalf of the Federal Reserve System. Also, that my expertise is in the world of physical cash, so I’m not an expert in bitcoin. There are a variety of ways to think about the relative safety...
SUBSCRIBE TO OUR NEW CHANNEL HERE: https://bit.ly/2SZZSDV It started the cryptocurrency revolution and offers us a glimpse of the future - but is bitcoin the... In this Crypto Corner Robert Koenig explains how safe the Bitcoin blockchain is, and why it is worth spending all that electricity to secure the network. He ... You can start with buying a part of the Bitcoin. Investors who want to trade bitcoin need a place to store them—a digital wallet. They also need to buy bitco... You've heard a lot about Bitcoin, but what are some of the cons, and is it safe (some have even referred to it as a "ponzi scheme")? AJ+ asks The Wall Street... James explains: Where, What & Why