Can any entity hack or shut down Bitcoin?
If you are a crypto enthusiast, you must have thought about the security of Bitcoin and other cryptocurrencies. Like many other enthusiasts, you may have wondered whether or when Bitcoin will suffer an attack or a shutdown. Even if such concerns have not crossed your mind at any particular time, you could have heard about them. You can still trade in cryptocurrency through the BitIQ
In 2021, the news that China had banned all cryptocurrencies in the country shocked the world. Banning Bitcoin and other cryptocurrencies in China was like a warning sound for crypto users and enthusiasts. What if different countries followed suit? Several governments have contemplated taking a similar measure but to no avail.
China banning Bitcoin means that the use of Bitcoin was illegal and somehow shut down in China. For some, this may sound like a single entity in the form of the Chinese government could shut down Bitcoin. But is that the case? Not really.
No single entity like a government, an organization, or an individual can hack or even shut down Bitcoin. That’s because of the technology that underpins Bitcoin. Blockchain technology is a highly-secure technology that applies a unique set of measures to prevent hacking or shutting down by a single entity.
Among the key features of blockchain is its decentralized structure. A decentralized network means no single entity controls or can control the technology. The Bitcoin blockchain is a shared digital data spreadsheet. Multiple users, miners, and nodes on this network work together to ensure its security and continuity.
With no single entity controlling Bitcoin technology, no single entity can independently interfere with it by either hacking or shutting it down. With the traditional centralized system like fiat currency, the government can decide to stop printing money and hence interfere with it. That’s not possible with Bitcoin’s decentralized structure.
Why A Single Entity Can’t Hack or Shut Down Bitcoin
Also, a single entity can’t hack or shut down Bitcoin because miners would note and prevent it. With over a hundred thousand nodes operating from different corners of the world, every transaction or block needs validation before its addition to the blockchain.
Another essential feature of the Bitcoin blockchain network is that it distributes the data across multiple computers worldwide. No single computer or node holds or maintains all the blockchain. It means that a single entity would have to attack all the nodes at once, which is impossible. There are hundreds or thousands of nodes, including private ones.
Government Interference Not Shut Down
Banning Bitcoin in China and efforts by other governments to take similar measures do not mean that they can hack or shut down Bitcoin. It only means that these entities can regulate or control Bitcoin use. For example, even after China banned Bitcoin, Bitcoin is still widely used in other parts of the world. After banning Bitcoin, the government introduced the digital Yuan.
Introducing the digital Yuan shows the impossibility of shutting down Bitcoin and other cryptocurrencies. Bitcoin has become so popular that shutting it down is even unimaginable because even governments appreciate its usefulness.
Bitcoin uses blockchain technology that guarantees its security. Blockchain ensures that no single entity can hack or shut down Bitcoin. Since its inception, Bitcoin has operated continuously with no shutdowns. Previous hacking stories did not affect the underlying blockchain network.