Cryptocurrencies, especially Bitcoin, are becoming increasingly popular. Last month, El Salvador officially introduced Bitcoin as legal tender, and it was the first country to do so. On October 5, El Salvador’s President Nayib Bukele shared a post on Twitter in which he wrote: “#Bitcoin cannot be hacked”. That statement has since received a lot of attention from people around the world. If the tweet is deciphered, we can say that Bukele put more emphasis on the security aspect of Bitcoin. Basically, he was trying to convey that people are using technology that cannot be hacked through the Chivo wallet.
#Bitcoin not hackable ????????? ♂️
– Nayib Bukele ????????? (@nayibbukele) October 4, 2021
However, many people started criticizing Bukele for his tweet. So much so that some started sharing news about hacking attacks on cryptocurrency platforms. There were also some who appreciated Bukele.
Can Bitcoin Be Hacked?
While not impossible, it is extremely difficult to hack Bitcoin. There is a possibility that the coins could be stolen from the wallet, but the entire Bitcoin network cannot be hacked. Bitcoin uses blockchain technology, which makes hacking a very difficult task. The data is not stored in a single location or on a central server. It is distributed to the network of computers that are constantly checking and verifying its accuracy.
Since Bitcoins hit the market in 2009, there has never been a single case of the network being hacked. Yes, it can happen that the wallets have been hacked. Hence, it is very advisable for Bitcoin investors to take every precaution to secure their coins.
In a trading process like digital currency, it is not that easy for anyone to access other people’s wallets and steal coins. The two-factor identification process goes a long way as a security measure.
However, bitcoin hacking is a major challenge. But we cannot say that it is impossible.