In the whole world, too many people want to buy Bitcoin. It is the reason that many governments are taking strict steps in the matters of Bitcoin security. Bitcoin is the first cryptocurrency, and after its fame, different companies launched many other cryptocurrencies.
Some hacking incidents happened in the past, so most Bitcoin investors are unsure about Bitcoin security. So, the main question is, can bitcoin be hacked? If the answer to this question is yes, what is the process to secure your payment?
Can Bitcoin Be Hacked: Overview
Can bitcoin wallets be hacked? It is very complicated to hack Bitcoin because of blockchain technology. But remember that hacking Bitcoin is difficult but not impossible. Various talented hackers can do this with the help of different methods.
We all know that blockchain technology provides complete security, but still, every technology contains loopholes. These loopholes allow the hackers to take advantage of it and hack Bitcoin with the help of different ways.
Let me tell you about the ways and how you can secure your Bitcoin.
Bitcoin and Security
Generally, Bitcoin was introduced in 2009; it is a decentralized currency. It means that a single administrator cannot handle Bitcoin like any bank or any government. Due to the peer-to-peer transaction, Bitcoin has become very famous.
Other than this blockchain technology is present to record and verify the transaction of Bitcoin. After the rise of Bitcoin, most people are facing security issues. On the other hand, it is not an easy task to hack bitcoin because of blockchain technology.
Like the employees of Bitcoin, always review the blockchain technology for security. So, it is tough to hack. But here’s the thing: hacking is complicated but not impossible. That’s why we cannot consider it a secure investment option.
Due to different reasons, it is possible to hack Bitcoin, like the security, and in this, there are many ways to hack it. These standard methods include:
Phishing
The famous and common method to steal Bitcoin is giving access to your wallet. Yes, it is possible with the help of phishing, like sending the link to websites that look like a professional website that wants to exchange Bitcoin or any cryptocurrency.
Most of the time to make it real, the hackers send you a professional email that looks like what you receive from an authentic website. This email contains a website that looks like the original website.
When you click on the website, you will redirect to the fake website, and here you will have to enter your email and password. But keep in mind that after filling out the details, the hackers can easily steal your login credentials.
It will help if you stay careful about this. Before clicking any link or entering your authentication details, you must check the website like its domain or its SSL certificate and other information.
SMS Verification
It is the second type of attack that hackers use to steal Bitcoin. With the help of this attack, hackers target those people who are involved in cryptocurrency. 2FA is activated with the help of smartphones, and the main aim of this is to stop the transaction SMS verification.
After stopping the SMS verification, they use different methods to hack the Bitcoin-like SIM-Card cloning, wiretapping, and phishing.
Mobile Applications
There are too many smartphone applications for crypto. But the main problem is that most of them are not secure because of security issues. It also contains different types of loopholes, like they save the data in an unencrypted database.
Moreover, there is also a chance of leakage of data and API keys. Because of these loopholes, hackers can easily steal Bitcoin. Hackers attack these mobile crypto applications for different purposes. Sometimes they want to know the PINs or perform various activities.
These actions include disturbing the position in the market, dropping the cryptocurrencies position, or creating more demand for any crypto.
Wallets and the Transaction Process
If you are a Bitcoin trader, you know very well that Bitcoin is present in the wallets. We can trade this crypto with the help of various exchanges like Coinbase etc. When buying Bitcoin at stores like Walmart, you need to be careful.
Usually, there are too many security issues present in these applications. Developers of these tools are always trying to improve the security of wallets.
But in the process of transaction, every company uses the two-factor identification for security purposes. It means this transaction security will get linked with the phone number or an email.
If any hacker can get these details, it means they can easily access the transaction section. Also, if hackers got personal information, it will be easy to infiltrate the whole transaction.
Malware
This technique is ancient, but it is the primary technique of hackers to hack Bitcoin and other cryptocurrencies. In this method, the hackers infect your device with the help of keyloggers. It is because you use the PIN and Password when you enter.
Moreover, hackers do cross-scripting, which means when you enter, you will be automatically redirected to the malicious websites. Unluckily, the dangerous thing is that this activity is not detectable by the browser.
How Can It Be Avoided?
To prevent an attack from the method of keyloggers, you should perform the following steps before starting your crypto journey.
- Use antivirus software, and keep it updated.
- Don’t click on links looking suspicious, and don’t open attachments.
- Be extra cautious when copying and pasting addresses.
Moreover, if you want to keep your Bitcoins safe from cross-site scripting, you should follow the following steps.
- Use Anti-Crypto Mining Add-ons such as MinerBlock and No Coin.
- Select endpoint protection that detects and blocks crypto miners.
- If you own a website, you need to set up a content security policy.
Stealing Secret Keys
If you want to do transactions in Bitcoin, then for this, you always need the keys. There are two types of keys: the private key and the other is the public key. If we talk about the private key, then according to its name, it is only available to the account holder.
With the help of a private key, the account holder can efficiently perform all types of transactions like it is a digital signature for the account holder. However, the public key is present to confirm the private key.
The private key is present in your cryptocurrency wallet, but remember that you can’t perform a transaction if you lose your private key. Now, you understand the whole situation. If someone steals your key, it is simple to transfer Bitcoin to another wallet.
How Can It Be Avoided?
If the hacker uses this technique and hacks all your Bitcoins, you can’t track them because they use your private key. So, to apply it, hackers try to steal your private key with the help of different methods like extensions, browsers, and other loopholes.
The best option to avoid this attack is always to use cold wallets. These wallets don’t need an internet connection and are considered separate devices. That’s why these wallets are among the most secure wallets, but if you lose this wallet, you have to forget all your assets.
Besides this, the next wallet option is the hot wallet; it is not as safe as the cold wallet because you need an internet connection to use this. If you want to use your wallet, then first you have to connect to the internet. That’s why it is easy for hackers to hack Bitcoin from the hot wallets.
Question: Can It Be Hacked?
Is bitcoin safe? As we wrote above, all the transactions of Bitcoin are present in blockchain technology. It is a digital ledger that provides complete security. It is difficult for hackers to hack Bitcoin. But with the help of stealing authentication details, hackers can easily hack Bitcoin.
Frequently Asked Questions (FAQs)
Can hackers steal Bitcoin?
If the hacker obtains access to your Bitcoin digital wallet, a hacker can steal the Bitcoin.
Can Bitcoin be faked?
The answer to this question is no; it is not possible to create fake Bitcoin. In the market, you will find only one Bitcoin blockchain.
Can you be tracked through Bitcoin?
Bitcoin doesn’t reveal any person’s identity or other details; then, it is not possible to track anyone with the help of Bitcoin. But if you are purchasing anything from the merchant, then there is a chance.
Can stolen bitcoin be recovered?
If your Bitcoin has been stolen, then it is impossible to get back. So, always be careful and take care of your Bitcoin.
Conclusion: Can Bitcoin Be Hacked
Nowadays, every person takes an interest in cryptocurrency for multiple assets. It is a fact that the methods to make money will also come with different challenges and risks that you should be aware of.
The best thing for you is that the company will quickly resolve all the vulnerabilities when the new hacking method is discovered. But the bad news for you is that every new technology comes with different loopholes that provide a unique opportunity to hackers.
I hope you have got the answer to your question: can Bitcoin be hacked. If you still have questions in your mind, let us know in the comment section. We would love to answer and help you solve your problem.
