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Why no one could hack blockchain ?

  • Thread starter Thread starter hani20980
  • Start date Start date
Suba said:
In theory the BTC Blockchain is not unhackable, but we need a hashrate of at least 51% on the blockchain network, so that hackers can control the blockchain to their liking. At least it takes the combined power of the 5 largest mining pools to be able to achieve a 51% attack. Although now the Stratum V2 protocol has been embedded. but this protocol is cryptographically signed by a large Mining pool. To carry out a 51% attack on the Bitcoin blockchain requires an hourly fee of around $ 770,000, what if this attack fails, will hackers not go bankrupt, so you have to think twice.
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I do know that it is not easy to hack bitcoin and before an hackers can Jack Blockchain then he will have to be fast or else he will loss huge amount of money. But I don't know that this is how it works
 
mcjerry said:
I do know that it is not easy to hack bitcoin and before an hackers can Jack Blockchain then he will have to be fast or else he will loss huge amount of money. But I don't know that this is how it works
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Yeah!!!! Due to the high transaction fees and security of it they themselves don't have the fund to have access into a the network this make it difficult for them...
 
Though I believe with time hackers might be able to. But for now it is hard for them to achieve this mainly because of the complexity of the Blockchain.
 
Do you pray for it to happen ?
Well I don't see it happening as block chain has a unique data which is well protected from online bugs
 
hani20980 said:
Each day we hear news about new hacks for wallets or exchanges but why since the creation
of bitcoin no one could hack blockchain or BTC transactions even smart and genius hackers ?
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Yes I have heard of hacking in exchangers but not in Blockchain. This is just my opinion but I think the hacking is just an excuse because I think it's really intentional by the people behind the exchange.
 
Actually I think no one or no platform is immune to hacks and attacks and it's impressive the job blockchain is doing concerning their security and hopefully that remains the case too
 
hani20980 said:
Each day we hear news about new hacks for wallets or exchanges but why since the creation
of bitcoin no one could hack blockchain or BTC transactions even smart and genius hackers ?
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I guess why it is impossible for most hackers out there not to be able to hack blockchain is that, not just one hacker is using to create that blockchain, and most of them were no were to be found so it won't be easy for most hackers out there.
 
I think block chain was also created my best thinkers and hackers who are also superb , am sure someone out there who had the idea of hacking has been employed to work with block chain
 
harrypaul said:
Do you pray for it to happen ?
Well I don't see it happening as block chain has a unique data which is well protected from online bugs
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Well this is not likely to happen because blockchain as a whole is a decentralized technology in which their database is not easily accessible by bugs, this is not likely to happen.
 
No one can give a concrete answer to this question, but I really feel that's why most people like keeping their funds in cryto because it's safer.
 
I don't really know why this does not happen but generally maybe because of the decentralized blockchain technology, there are a lot of complicated factors that make it almost impossible for people to penetrate.
 
Suba said:
In theory the BTC Blockchain is not unhackable, but we need a hashrate of at least 51% on the blockchain network, so that hackers can control the blockchain to their liking. At least it takes the combined power of the 5 largest mining pools to be able to achieve a 51% attack. Although now the Stratum V2 protocol has been embedded. but this protocol is cryptographically signed by a large Mining pool. To carry out a 51% attack on the Bitcoin blockchain requires an hourly fee of around $ 770,000, what if this attack fails, will hackers not go bankrupt, so you have to think twice.
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Thanks for the information. I think block chain is now the way out. The hashrate requires and demands. 51% is no joke
 
I have heard of some block chain getting hacked.
So I believe block chain can be hacked but maybe it is difficult to hack Bitcoin block chain
 
Everyday new blocks of information are been added to the block chain and they are being confirmed by a lot of people which makes it very difficult for anybody to hack it successfully.
 
Well, actually that is not true. Blockchain can be hacked, I have read a lot of news how blockchain networks were hacked and a lot of people and crypto exchange lost crypto worth millions of dollars
 
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