El Salvador President Says "Bitcoin Cannot Be Hacked". Is He Right?
Cryptocurrencies, especially Bitcoin, are increasingly becoming popular. Last month, El Salvador officially adopted Bitcoin as legal tender, and it became the first country to do so. On October 5, El Salvador's President Nayib Bukele shared a post on Twitter where he wrote, “#Bitcoin cannot be hacked.” This statement has since been getting a lot of attention from people all over the world. If the tweet is decoded, we can say that Bukele stressed more on the security aspect of Bitcoin. Basically, he tried to convey that people were using a technology that cannot be hacked through the Chivo wallet.
#Bitcoin cannot be hacked ????????♂️
October 4, 2021However, many people began criticising Bukele for his tweet. So much so that a few started sharing news related to hacker attacks on cryptocurrency platforms. There were a few who appreciated Bukele too.
Can Bitcoin Be Hacked?
Although not impossible, it is extremely difficult to hack Bitcoin. There are chances of the coins being stolen from the wallet, but the entire Bitcoin network cannot be hacked. Bitcoin uses blockchain technology, which makes hacking a very difficult task. The data is not stored at a single place or in a central server. It is distributed to the network of computers that are constantly checking and verifying the accuracy.
Ever since Bitcoins came into existence in 2009, there has never been a single incidence of the network being hacked. Yes, there may be times when the wallets were hacked. So, it is highly advisable for Bitcoin investors to take all the precautions to secure their coins.
In a trading process like digital currency, it is not that easy for anyone to have access to other peoples' wallets and steal coins. The two-factor identification process goes a long way as a security measure.
However, having said that, Bitcoin hacking is very challenging. But we can't say it's impossible.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
-
Where You Live Shapes How You Get To Work | The Reason Why
Two-wheelers are the most popular way to get to work in India, accounting for nearly 43% of workplace commutes.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
