Is Bitcoin Hackable? | How One Can Steal Bitcoins?

Bitcoin is hackable, as well as the hacker, can steal it as soon as he traced your private key. It can be stolen by your own mistake or because of the hacker's skill. 

• Is Bitcoin really hackable and why? 

• The ways by which a hacker can steal Bitcoins. 

• The reason behind why Bitcoins aren't as safe as you think.

In this report, you will learn the following things:

Is Bitcoin really hackable and why? 

Stealing Bitcoin is out of the league for anyone but y'all listen up, bitcoin is just another digital cryptocurrency and is the oldest cryptocurrency, as well as bitcoin, which is quite expensive than what it looks like before. 

As long it is digital, I sense some skilled hackers around the world who can hypnotize (fool) you and steal your bitcoins. 

Some people who can't get themselves away from their cozy bed will be most likely to get indulge in stealing and hacking. No country can put its rules and regulations on bitcoin which makes it prone to hacks. On the other hand, bitcoin has attracted a lot of attention from hackers, individuals, companies, etc.

Let's talk about some possible ways by which one can hack or steal your precious coins a.k.a. bitcoins.

The ways by which someone can steal Bitcoins:

Users of bitcoins are assigned private keys to get access to the wallet. If by any means the private key is stolen, your bitcoins are in the hand of somebody else. Bitcoin is a gainful investment which means that the possibility of increasing hackers is high. Even service providers can be the reason for leaking your private information about bitcoin to others. There are many possible ways by which one can steal bitcoins. 

1. Keystroke logging:

This term refers to the recording of every keystroke you made while browsing, searching. On the other hand, it can even record your PIN, password, address, phone number, and more importantly, the private key can be stolen by this method. 

This happens most of the time when the user is not even aware of their keystrokes being recorded. Keylogger is a software program that automatically monitors the keystrokes made by users and sent them to a third party. Hardware-based keyloggers are rare and not likely to be present in-home or private spaces.

Ways to prevent keylogging:

• Observe background processes that are taking place, because keyloggers basically need root access.
• Virtual onscreen keyboards are much safer than physical keyboards while typing private information.
• Use a strong password and pin.
• Keep anti-virus as well as anti-root up to date.
• Disable self-running application from task manager.

2. Non-authentic bitcoin wallets:

Non-authentic bitcoin wallets or better say fake wallets are the latest technique of stealing bitcoins. As per a popular source, the members of the bitcoin community pointed out more than 10 fake bitcoin wallets in the Apple store. What I am trying to explain is that even the privacy-enhancing company has introduced some sort of risks. 

So, it will be much better to not download any software without having 101% confidence that the software which you are going to download is safe enough to store your valuable coins a.k.a. bitcoins. Though I think it is much easier to download authentic bitcoin wallets. Read the following rules while downloading any cryptocurrency wallet. Stay away from free giveaways, free exchanges, money transfer fraud, and pyramid schemes. 

Rules to follow before installing wallet:

• Use those wallets which are specifically suggested by bitcoin 'dot' org.
• While downloading a trusted wallet app, download it from that app's trusted site. The possibility is high that the app store may consist of fake wallets. 
• Always check the review given by trusted/verified downloaded users. Nowadays, even companies buy bots to write good reviews about their app.
• Do not use third-party wallets. In this way, no one other than you would have access to your private key.

3. Hacking your devices:

The private key of bitcoin users can be stored digitally as well as physically. By any means the hacker gets access to your device, he can steal your private key if it is stored in that device. Though there are some wallet companies like Wirex and blockchain which can keep your private key much safer. But the best way to keep your private key is to store it physically. 

Tips to prevent hacking of Bitcoin (device):

• Use firewall for PC. 
• Update the OS to the latest version. 
• Use complex passwords. 
• Update anti-virus. 
• Keep apps and browsers up to date.
• Don't respond to spam. 
• Use encryption. 

can bitcoin be hacked? Yes.