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
Bitcoin technology, protocols and cryptography have a strong record of security records, and Bitcoin's network is probably the largest distributed tally project in the world.
Bitcoin's most common disadvantage lies in its user error. Bitcoin wallet data that holds private keys can be erased accidentally, lost, or stolen. Fortunately, users can apply security measures to protect their bitcoins or use the services of providers that offer high level of security.
Bitcoin is money, and money is always used for legal or illegal purposes. Cash, credit cards and the banking system today extend far beyond Bitcoin in terms of use for criminal activity.
And the last, if the government forbids bitcoin and closing the local exchange, investors can move to foreign exchange that is easily accessed via the internet. And in this era of internet, investors are never will find any meaningful constraints to deposit or withdraw their funds in global scope.