Can cryptocurrency be hacked?
Now a lot of people often ask us you
know Josh can all my coins just
disappear out of my wallet can things be
stolen can things be taken from me well
the reality of it is is that hacking
obviously does happen you know anything
connected to the internet or a computer
is pretty you know got the option that
something might get hacked but what's
really critical here for people to
understand is unlike a website being
hacked or your online banking being
hacked it's because there are lots of
people that have access to those
different mechanisms if you take the
blockchain and Bitcoin underlying code
that supports the whole ecosystem for
Bitcoin at least the Bitcoin blockchain
has never been hacked it's never had a
bad transaction and it's one of the most
secure data networks on earth where the
misconceptions come from is that the
coins the actual Bitcoins themselves
even though the underlying networks very
secure some people might kind of hang
those coins out to dry on a bad website
or a dodgy website and then perhaps if
you lose your email address or your
password or you're very silly and use the
same passwords for different things then
ultimately yes people can access those
coins
but that isn't a representation of the
underlying blockchain it's a
representation of an individual putting a
coin in a silly place or perhaps
that website getting hacked because
their security systems weren't up to
speed so again the safest way to keep
your coins is always in a hardware
wallet offline off the internet with
your private keys kept nice and safe
search for the video on the channel
about hot wallets and cold wallets for
some more information about this but
fundamentally crypto can be hacked
that isn't an underlying inherent
problem with the blockchain the
blockchain technology that all this is
based on it's the safest most secure
form of data that we have it's just that
obviously the coins that sit on top of
this can find themselves in a lot of
places that might be more vulnerable and
again nine times out of ten it's down to
user error so again if you're using the
same same password same email addresses
and someone takes your details then of
course you're going to have a problem or
perhaps if you have your crypto wallets
on your phone and you lose your phone
then again that's going to be a problem
so with all things in the security world
of online and the internet you've got to
kind of look after yourself and keep
yourself protected as best as you can
it's more likely that you're going to
lose coins
through human error and having you know
something forgotten or stolen in the
more classical sense than it is that
your coins are ever gonna go missing the
blockchain itself always make sure that
transactions go to where they're meant to
go and do what you need to get done
again of course there are scams out there
with people trying to manipulate your
money and ask for certain coins when
they don't need to so of course there
are many many things you need to be
aware of the same in this space as there
are for online banks fraudsters that
try and take your grandma's money
there's all that in this space too I
mean the reality of it is is wherever
there's money to be made there's gonna
be people that have malicious intents
and no amount of technology is ever
going to stop that but what you can
understand is that the blockchain itself
is very secure your money can be
exceptionally safe if you tak e the right
precautions in fact arguably safer
than even in the bank at the moment
there's a whole kind of education around
this to make sure you can get as safe
and secure as possible but there is not
a technical vulnerability with various
cryptos and various blockchains it's
more the human side of things which is
where these misconceptions arise from
I've been Josh from easy crypto I hope
this has helped answer some of your
crypto questions if you'd like to find
out a little bit more about the sector
maybe you've got some other questions
that are burning on your mind have a
look around the channel leave us a like
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see you in the next video soon
 
 
