What is Bitcoin? - Part 2
How Safe is Bitcoin as a Whole? Short answer, it is really safe to transact with Bitcoin. In comparison, conventional banks tend to have high risk towards hacking activities due to its centralized nature and human’s fraud (eg. Corruption, Money Laundering). As Blockchain is decentralized, every miner will have a record of all the transactions involved in Bitcoin. Hey, what’s a miner? In essence, Bitcoin mining is a process where people worldwide validate Bitcoin transactions, instead of going through intermediary such as banks. Those people are called miners. Imagine a scenario where I want to transfer 1 Bitcoin to my friend, Eddie. Data of this transaction would be available in the record of every miners in the world. Hence, if a hacker wants to modify this transaction, the hacker would need to hack in the majority of the miners in the world at the same time in order to modify the transaction between me and Eddie, which is near impossible ...