Here we will explain two types of possible hacking issues. In the first type of hacking we will talk about whole system hacking and in the second type of hacking we will talk about Bitcoin token or Ethereum token hacking.
Before to start this post we would like to tell all the visitors that here will not discuss about wallet id and password hacking because these are part of individual mistakes of the user to disclose his details somehow by mistake. We will discuss only about possibilities of technical hacking.
Bitcoin Or Ethereum Application Hacking Possibility
In the field of cryptocurrency both Bitcoin and Ethereum are the most trusted cryptocurrency and no doubt this trust level by people is only the main fact to increase the price of these types of cryptocurrency.
But if we talk about the possibility of hacking then it is possible that Bitcoin or Ethereum whole applications can be hacked. Because the whole world of this internet is full of hackers and full of experts in the Internet of things.
There are chances that a hacker or hater in online/offline can steal login details of Bitcoin or Ethereum applications.
But at this end what a hacker can do?
Bitcoin or Ethereum like cryptocurrency are based on the DApp concept.
According to DApp it is not possible to change the data of the DApp project. Here Bitcoin, like real cryptocurrency, is a DApp based application.
So even if a person will hack login details then it will be useless for him because every data ( token) in DApp is owned by the users of the DApp application through a private key.
So if a person owns a private key that he owns the Bitcoin token.
Related: Learn about DApp by click here
Alternatively we can say, Even if the developer or owner of Bitcoin application will try to change data or try to steal a Bitcoin token, then he can’t because it is against the rule of DApp.
Possibility Of Private Key Hacking
Private key is a combination of bytes or characters which allows a user to spend his token. To know more about private key click here.
Hacking of a Bitcoin wallet or Ethereum wallet is possible through a phishing attack. Since wallets of Bitcoin and Ethereum like cryptocurrency application are highly secured and are not easy to hack.
But if a user is not aware about the security of his pc then there are chances that a hacker/scammer can do a phishing attack on the PC/Laptop system.
During export/import of private key in wallet, private key can be read by other unauthorized apps. If a cryptocurrency user will use an authorized and official website and application then there is no chance for such things.
Beside phishing like hack attacks, there are chances of guessing private key combinations according to the Bitcoin address.
Actually we meant, every Bitcoin address or public key in Bitcoin or Ethereum like cryptocurrency has a private key. And the combination characters in a private key are designed according to some formula which is based upon the public key.
So there is a very little chance of such a type of guess through a supercomputer to figure out the private key of a particular public key.
According to an article by a highly experienced cryptography developer, Even if a super computer will try to access the private key of a public key through good software programming, it can take more than 25 years to calculate the exact private key corresponding to the public key.
So it is almost impossible to derive a private key from a public key.
No one will try such a type of technique to hack Blockchain technology based things because it is impossible to run a super computer continuously for such a long period of time.