Hello pals,
Recently I introduced Bitcoin and cryptocurrency to my friends and family,they liked the concept but they asked me a question that I wasn't able to answer.Is Bitcoin really secure?What if a hacker was able to hack Bitcoin system/blockchain?Who manages Bitcoin security and what are the security measures taken to avoid hackers being able to steal Bitcoins?Why Bitcoin is not blocked for those who use it illegally by buying/selling in the deepweb market?What if governements ban Bitcoin because of these people?
I really appreciate if you guys give me some answers
The blockchain is a complex conception and its security varies. Overall, in terms of a stable place to conduct business, yes the blockchain which bitcoin is on is secure. Though, bitcoin as a currency can be hacked and has been hacked in the past as news accounts have documented. Also, bitcoin as a currency can be lost and/or frozen within the blockchain as transactions needed concurrent addresses and sometimes amounts to be verified as complete. This latter portion, at times, doesnt have any security and therefore, billions of dollars have been frozen and/or lost already within the blockchain.