Is Bitcoin vulnerable to quantum computing?

2019-11-15T19:01:53-08:00November 15th, 2019|Categories: |

Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don't yet exist and probably won't for a while. In the event that quantum computing could be an imminent threat to Bitcoin, the protocol could be upgraded to use post-quantum algorithms. Given the

Could users collude against Bitcoin?

2019-11-15T19:01:19-08:00November 15th, 2019|Categories: |

It is not possible to change the Bitcoin protocol that easily. Any Bitcoin client that doesn't comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same block chain, and neither is spending bitcoins

Is Bitcoin secure?

2019-11-15T19:00:00-08:00November 15th, 2019|Categories: |

The Bitcoin technology - the protocol and the cryptography - has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. Bitcoin's most common vulnerability is in user error. Bitcoin wallet files that store the necessary private keys can be accidentally deleted,

Hasn’t Bitcoin been hacked in the past?

2019-11-15T19:00:46-08:00November 15th, 2019|Categories: |

The rules of the protocol and the cryptography used for Bitcoin are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software,

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