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
You might think that an open source bitcoin system allows a genius computer to break into a bitcoin system and publish a number of bitcoins for itself. In fact this system has been reviewed by various circles as flawless. any past transaction data is stored in all peers across the network, and should be in order. Each new transaction will be verified by a number of newly declared valid peers.
Secure, insecure bitcoin systems are users and money exchangers. just like internet banking passwords, hackers can easily steal some money from you if the computer is infected with a virus .