Thousands of investors pour into the Bitcoin market almost every day with the hope of making profits. But did you know that the Bitcoin market abounds with unethical hackers who try to do away with the honest and hard-earned money of the investors and traders? The malicious acts of the Bitcoin thieves have stirred the regulators into stern actions. The developers of Bitcoin are striving hard as well to keep the thieves and hackers at bay. Find out more about Bitcoin thieves and their unethical tricks.
What Are the Security Features of Bitcoin?
1. Bitcoin is highly secure and encrypted
Bitcoin is highly encrypted by advanced Blockchain technology. The team behind Blockchain technology strives to encrypt every Bitcoin transaction that takes place over the Bitcoin Blockchain. The encryption mechanism ensures the confidentiality of private information of the parties so that hackers are not able to embezzle anything of value.
2. Bitcoin is decentralized
There are Bitcoin servers all over the world, with thousands of nodes that keep track of every Bitcoin transaction over the Blockchain. The network of nodes prevents any kind of malicious attack and creates an impossible situation for hacking into the system. A hacker can only get access to valuable information and Bitcoin if he gains control over more than 50% of the nodes, which is impossible.
3. Bitcoin is public
The public nature of Bitcoin refers to the transparency of Bitcoin transactions. Even if the parties to the transaction remain anonymous, the transaction information is available for the public. This has been done to prevent scam and fraud of Bitcoin transactions. A bitcoin transaction is also irreversible, and the wallet is highly protected.
How to Hack Bitcoin and Is It Easy?
Despite the topnotch encryption mechanism of Bitcoin by Blockchain technology, it is still not too difficult to hack Bitcoin. The developers are working hard to protect the system against malicious attacks. Here are some of the most popular tricks that hackers resort to for embezzling Bitcoin.
1. Hacking the devices
The Bitcoin wallet consists of two keys that are public key and private key. Bitcoin users usually store the private key in the computer or mobile devices, and the hacker accesses the computer to steal the private key. Bitcoin security specialists suggest to the users to maintain the private key in hard copy. You can also employ hot wallet services offered by Blockchain.com or Crypterium, and Wirex to store the private keys most securely.
2. Hacking by phishing emails
Hackers employ the tactic of sending phishing emails to entrap innocent Bitcoin users. The hacker impersonates a familiar service and sends an email to ask the receiver to furnish the sender with confidential details like private key data and personal information. When the receiver of the phishing email responds to the email, his Bitcoin wallet gets hacked. Stay alert of such fake emails and keep in mind that no official company email will ever ask for the private key.
3. Hacking by the installation of keyloggers
A keylogger is a malware that can record every PIN, password, and seed that the Bitcoin user introduces in his computer, and then transfer the recorded info to the Bitcoin hacker. Do not download any suspicious email attachment and scan every email before clicking on it. Do not insert virus-infected USB or pen-drives into the computer and run the anti-virus software every day to prevent the installation of keyloggers.
4. Hacking by the attack of Trojans
The Trojan virus can infiltrate into your computer, monitor the behavior of the user, and steal every information that remotely resembles a private key of the Bitcoin wallet. A good way to prevent the attack of the Trojan virus is regular antivirus checks.
5. Hacking by averting the two-factor authentication
The 2FA is an additional security layer that makes sure of the authenticity of transactions and operations. 2FA is crucial for protecting users against unsolicited Bitcoin transactions, but there are cases of bypassing the 2FA security layer. So, be alert of the notifications and take action whenever you notice any suspicious activity.
Why Do Hackers Target Bitcoin?
Bitcoin hackers have been reported to have stolen millions from cryptocurrency exchanges. Despite the high level of security of Blockchain technology, Bitcoin is still an easy target for Bitcoin thieves and hackers. That is because the cryptocurrency wallet or the crypto exchange may not be secure at all. The Bitcoin trading platform may be phony as well. And these platforms and wallets become easy targets of Bitcoin heist.
Can Bitcoin Be Hacked?
Bitcoin cannot be hacked as it is secured by the highly advanced and robust Blockchain technology. But Bitcoin gets hacked when the hacker gets access to the private key of the user’s Bitcoin wallet. The Bitcoin thief hacks into the user’s devices by sending phishing emails and employing other tactics to steal the confidential wallet information.
What Are the Biggest Bitcoin Hacks?
The biggest and most shocking Bitcoin hacks include:
- The Bithumb hack of $30 million on June 19.
- The South Korean exchange, Coinrail’s hack of $37.2 million.
- The BitGrail hack of $195 million
- The Coincheck hack of $534 million
Be wary of Bitcoin hacks and maintain the utmost security of the Bitcoin wallet. Adopt every security measure necessary to protect the private keys and do not respond to suspicious emails. Run antivirus checks every day to make sure that the system is protected against Bitcoin hackers. Apart from that, When you are choosing a platform for Bitcoin trading then you check its legitimate, safety and security features. One such most trusted and secured platform is the Bitcoin Aussie System that gives you profit on Bitcoin trading. It is an automated trading platform which is also called as Bitcoin Robots.