Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: 3 Ways to Hack Bitcoin
by
pooya87
on 12/08/2020, 04:46:17 UTC
⭐ Merited by bitmover (1)
There are currently three ways to steal Bitcoin. First, hackers infect crypto asset exchange servers with special malware via e-mail, websites and popads and infiltrate devices. This happened with the Binance hack last year.
Second, take apart the Bitcoin hardware wallet and get the seed phrase. This has been practiced by Kraken against Trezor.
Third, hacking into the Bitcoin blockchain network itself through “51 Percent Attack”. This third method is considered expensive, but has the potential to get the largest loot than the other two methods. This third method, according to observers, will cost up to US $ 21 million.

these are not "hacking bitcoin". so your title i nonsense.

the first and second have nothing to do with bitcoin. it is about security of centralized services and physical devices created by a company. bitcoin itself is secure. it is like posting your private key on a forum and then saying they hacked my bitcoin since that is how most exchange hacks are, they have low security with lots of holes in it and when someone exploits them, they hack their exchange not bitcoin.

and the third one is not exactly affecting the coins one has. it can only create new blocks in place of old blocks, and it is not just expensive it is extremely expensive to perform and actually rob someone because it requires a gigantic transaction to be sent first to someone in a trade where you get something else in return (like selling millions of dollars worth of bitcoin and receiving the fiat) then 51% attacking (that costs millions of dollars) to reverse that transaction. but the problem is that someone who has accepted such a huge transaction will demand a lot more confirmation which means the 51% attack cost goes into trillions of dollars.