Everyone worries about their bread being taken. One thing people worry about (or dream about) are massive heists that will make them lose all of their money. The Bitcoin network is currently valued at 356 Billion US Dollars; what if someone hacks it?
The Bitcoin Network is NOT Easy to Hack
Let’s first compare the Bitcoin network to other financial institutions. Here is a short list of financial institutions that have been hacked in the last few years.
- Capital One.
- Westpac
- First American Financial Corp
- JP Morgan
- Equifax
- Lloyd’s Banking Group
- Bank of Montreal
- HSBC
I have listed major American, Canadian, British, and Australian firms. All of these firms had YOUR data stolen. Because of these institutions your social security number has probably been sold on the dark web 20 different times. All of this I pulled up on a simple Google search and put together within 5 minutes; it’s not including anything that happened more than three years ago because search engines like recent information. In the meantime, Bitcoin was launched ten years ago and has never been hacked.
Perhaps in 2010 no one hacked Bitcoin because nobody knew it existed but by May 2013 it had a market cap of 1 billion USD; surely there were hackers eyeballing it. So why hasn’t it been hacked?
- SHA 256 encryption. This is the “crypto” side of Bitcoin. SHA 256 has never been hacked and if quantum computing becomes a problem the Bitcoin network will merely upgrade to quantum resistant cryptography. If there is no quantum resistant cryptography than we will have much bigger problems than the Bitcoin network getting hacked.
- Proof of Work. Few people can answer the question “what is Bitcoin?” and few know anything about Bitcoin mining. Bitcoin uses a process called proof of work to run the network and make sure every transaction is legitimate. Proof of work requires computers to do large algorithms that prove the transactions are legitimate. For Bitcoin to be 51% attacked it would require a very large amount of money and concerted effort; so much money it’s more economical to just mine Bitcoin.
- Decentralized. There is no Bitcoin office and there is no single place that makes the Bitcoin. Large Bitcoin mining operations could shut down and the network would continue to hum along. There is no central point of failure.
If you think I am wrong about Bitcoin you are free to prove it; there is a 758 billion Dollar pot available if I am wrong.
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