How to hack bitcoin?

Until recently, all hacks, thefts and scams in the cryptocurrency sector were, in one way or another, relatedwith infrastructure vulnerabilities - cryptocurrency exchanges, wallets and services. But what will happen if the security of the fundamentals - the Bitcoin blockchain - is hacked?

According to the head of the Coinbase cryptocurrency exchange,Brian Armstrong, the likelihood that someone will find a mathematical vulnerability in the cryptography system based on the blockchain network of the bitcoin is extremely small, but there is still a risk. Moreover, Philip Martina, head of security at Coinbase, believes the problem is far more serious. [Forbes]

“Mathematical vulnerability? In this case, the collapse of Bitcoin is the last thing that will worry us. We are talking about the digital apocalypse and the collapse of the entire Internet.”, Martin is sure.

The fact is that encryption is the basis of all digital processes that occur on the Internet. Trillions of dollars flow daily over encrypted electronic networks.

Therefore, if hackers find a vulnerability in the systemencryption, the problem will be much deeper than the theft of digital assets (the total market capitalization of all cryptocurrencies in circulation at the time of writing is $ 284 billion).

So, what risk factors can be fatal for bitcoin.

Implementation error

Bitcoin is based on the principles of ellipticalcryptography (ECC). To date, no one has managed to find a vulnerability in the source code of the first cryptocurrency, however, circumventing this protection is actually not so difficult.

Sony Japan and Microsoft Microsoftknow this firsthand. Both companies suffered because hackers found loopholes in the implementation of the protection system using ECC. For example, to play games on the PlayStation for free, it was enough to know two valid codes and a bit of algebra at the high school level.

They have been trying to hack Bitcoin for 11 years without success, but there is no guarantee that sooner or later someone will not stumble upon a vulnerability in the code.

Human factor

In fact, to steal bitcoins from someone,You may not know algebra at all and may not even remember the multiplication table. It is enough to have the gift of persuasion and lie without a twinge of conscience. According to Jamie Armstead, vice president of the banking consortium that runs the Zelle payment network, he is not worried about hacker attacks, but about phishing.

For example, fake emails tocorporate treasurer, or voice commands to take control of your device. Not to mention the threat of interception of messages on the way from the sender to the recipient. Cybersecurity experts are constantly working to improve communication protocols, but they still remain a weak link.

Could some large-scale disinformationcause the majority of nodes on the Bitcoin network to simultaneously commit a fatal error? This requires some very clever deception, but this is potentially possible.

Higher mathematics

Encryption methods generally appear to be strong.and fairly well studied. However, you need to understand that this is not proven reliability. It is possible that someone may find a special case that will destroy the whole harmonious picture.

A simple example: The French mathematician Fermat made a simple assumption regarding the exponentials of two numbers, which seemed correct but unprovable. For three hundred years, people have unsuccessfully tried to prove it. And not so long ago, it was possible - partly due to elliptical curves.

Quantum computers

Quantum computers are theoretically capablereduce the time it takes to decrypt a code from billions of years to hours. In October last year, Google sowed a panic among cryptographers, announcing the achievement of quantum superiority: an experimental device in 200 seconds to perform calculations that a conventional computer took 10,000 years to complete.

IBM experts say Google’s master atquantum exaggerations. But be that as it may, the motion vector is understandable. It is possible that in ten years what is now possible only in theory will become a reality.

All the time since the creation of BitcoinThe cryptocurrency industry has been under attack from hackers, scammers, and scammers of all kinds and stripes. In the future, nothing will change - exchanges will be hacked, people will be deceived, security systems will break down. The likelihood of a major collapse that could destroy the entire system is small. And yet it exists.

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