How To Destroy Bitcoin- Introduction For The Newbie
Many Bitcoiners have formed quasi-religious faith in the long-term viability of Bitcoin. A vast number of nodes all around the globe confirming transactions means it is very hard to break and will likely stay that way for the foreseeable future.
Author:Stefano MclaughlinReviewer:Camilo WoodMar 11, 202229.3K Shares390.9K Views
Many Bitcoiners have formed quasi-religious faith in the long-term viability of Bitcoin. A vast number of nodes all around the globe confirming transactions means it is very hard to break and will likely stay that way for the foreseeable future.
Many people who aren't acquainted with Bitcoin assume that it's bound to failure because, like anything else digital, it will eventually be hacked. After understanding Bitcoin's workings, it becomes evident that "hacking" it is not an easy undertaking. Bitcoin may also be vulnerable to a number of additional dangers. Computer security is an intractable challenge because of the unexpected nature of the attackers and their constant search for new attack vectors. Here are some ways one can do in order to accomplish the task of how to destroy Bitcoin.
Hacking
Many Bitcoiners have formed quasi-religious faith in the long-term viability of Bitcoin. A vast number of nodes all around the globe confirming transactions means it is very hard to break and will likely stay that way for the foreseeable future.
Many people who aren't acquainted with Bitcoin assume that it's bound to failure because, like anything else digital, it will eventually be hacked. After understanding Bitcoin's workings, it becomes evident that "hacking" it is not an easy undertaking. Bitcoin may also be vulnerable to a number of additional dangers. Computer security is an intractable challenge because of the unexpected nature of the attackers and their constant search for new attack vectors.
All Computer Nodes Are Hostile Attackers
A network's security relies on making a few machines impregnable to attackers and utilizing them as a record of everything that has happened. Instead of securing each of its computers individually, Bitcoin assumes that all computer nodes are hostile attackers and works on the premise that all computers are vulnerable to assault. Bitcoin checks all network activity rather than relying on any one member to be trustworthy.
As a result of such verification, via proof-of-work, which requires a lot of processing power, Bitcoin security is invulnerable to issues of access or credentials since it relies on brute force. If everyone is presumed to be dishonest, then committing transactions to a shared record will be expensive for everyone, and those costs will be lost if fraud is discovered. Economic incentives make dishonesty very costly and unlikely to be successful at the same time.
How To Hack Bitcoins
The posting of an incorrect block to the blockchain, and the network's acceptance and continued development of the block, would be required for a node to damage the record of transactions to fraudulently shift funds to a particular account, or to render it useless. Because nodes have a very low cost of detecting fraud, while the cost of adding a block of transactions is high and continuously rising, and because the majority of nodes in the network have an interest in Bitcoin's survival, attackers are unlikely to win this battle, which will only become more difficult as the cost of adding blocks continues to rise.
Summary
Bitcoin's architecture relies on a fundamental imbalance between the costs of committing new blocks of transactions and the costs of validating the legitimacy of those transactions. This asymmetry is at the core of the Bitcoin protocol. This implies that, although it is theoretically feasible to falsify records, the economic incentives are heavily skewed in favor of doing so. As a consequence, the ledger of transactions serves as an irrefutable record of all legitimate transactions that have occurred so far.
Stefano Mclaughlin
Author
Camilo Wood
Reviewer
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