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Can ₿itcoin be Attacked or Hacked? 👩💻🤔🐱💻
Could a group of hackers, or a powerful country (like the US or China) hack ₿itcoin? 🤔
Could they attack the decentralized network and shut it down, even for a short period? 🤔
Both plots have been tried, many times, all have failed. ₿itcoin's network works similar to a torrent, where hundreds of thousands of computers are running the same code. Take any of them down and the others pull their slack. Modify or insert a hack or fork into the code, and the verification protocols will just ignore it as invalid and those computers running the hacked code would be the only ones running it and off by themselves in the corner, doing their own thing outside the network.
₿itcoin boasts the largest and most powerful computer network in the world. The amount of computing power needed just to launch a 50% attack on it would require approx. 3.5 times of all the computing power on earth. The irony is, a cost/benefit analysis would show it was far more profitable to use that power to mine ₿itcoin instead. Even if in some hypothetical sense it was possible to hack it, it would not be profitable. The very act of successfully hacking ₿itcoin would make it worthless and the hacker team would be shooting their own foot. Even hacking just one private key to a ₿itcoin wallet is an impossible feat. There are more possible password combinations to a wallet than there are atoms in the known universe. 🤯
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