To hack the blockchain network can cost an astounding amount of money. Several new experimental alt coins have fallen victim to hackers due to floors and loopholes found within their design.
In the early days of cryptocurrency this was commonplace. In the decade proceeding however, there have been many alterations to the protocols used by blockchains and cryptocurrencies, with some currencies such as Ethereum splitting in to two separate currencies due to a disagreement on improvements to protocol.
This spawned thousands of new cryptocurrencies, all serving different purposes and offering potential new use cases. The point here is that if companies like Google and Facebook are adapting crypto (or perhaps even creating their own?) then there must be a bar for security that forms some sort of consensus. This is just one of the factors to consider when asking “is it it true that Bitcoin is a safe investment?”
The encoding process, known as “hashing” is getting bigger every day, with each new transaction comes a new chain of data blocks. The longer the hash, the more time, energy and money it requires to attack the system and decrypt the data on blockchain.
This, coupled with periodic halving of mining fees makes hacking less appealing every day. These codes have been formulated in a way that there is no central organization or individual in control, cryptocurrency is decentralised. A network of computers known as Nodes verify these transactions from around the world anonymously. These records are immutable, meaning they cannot be changed.
They are stored infinitely and publicly. Should you have a private key to unhash a code in order to receive payment, it is transparent. The technology behind the private key on the blockchain has been designed so that any person trying to hack your digital asset, even with a supercomputer, would require longer than a human lifetime to do so.
The immense calculations and sheer number of probabilities involved means that even if cracking the puzzle was remotely plausible, it wouldn’t be worth the effort.
This is why Bitcoin is a safe and secure investment.