Instagram down
Twitter down
Whatsapp down
UPI down
We all have seen such news headlines. But have you ever seen headline saying “Bitcoin network is down”?
In its journey of 14 years since its inception, the Bitcoin network is neither down, nor hacked. Not even for a second.
But why is it a big deal?
Because while the biggest platforms of all time, Whatsapp and Facebook faced outrages multiple times, something like bitcoin which is always seen through a skeptical lens has never been hacked.
To hack a bitcoin network, hackers have to hack ATLEAST 51% nodes of its network.
Here are the theoretically possible ways to make it happen-
All Bitcoin miners can come together to launch a 51% attack and steal value. But it would be exactly like banks robbing themselves to make money which is pointless. Moreover, the high hash and energy required to launch such an attack are huge and impractical.
Unlike existing popular platforms which are all centralized, Bitcoin is decentralized. Therefore, it is also not possible for hackers to hack more than half of a system where the power is distributed to thousands of people.
Even if any government or army tries to take control of Bitcoin, it is far from possible given the physical, moral, economical, and geographical factors involved in doing so.
Bitcoin is a golden goose killing that can never be advantageous to anyone. Its hack is only possible in the fantasy world of possibilities, not the real world of probabilities.
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