El Salvador President Says "Bitcoin Cannot Be Hacked". Is He Right?

Cryptocurrencies, especially Bitcoin, are increasingly becoming popular. Last month, El Salvador officially adopted Bitcoin as legal tender, and it became the first country to do so. On October 5, El Salvador's President Nayib Bukele shared a post on Twitter where he wrote, “#Bitcoin cannot be hacked.” This statement has since been getting a lot of attention from people all over the world. If the tweet is decoded, we can say that Bukele stressed more on the security aspect of Bitcoin. Basically, he tried to convey that people were using a technology that cannot be hacked through the Chivo wallet.

However, many people began criticising Bukele for his tweet. So much so that a few started sharing news related to hacker attacks on cryptocurrency platforms. There were a few who appreciated Bukele too.

Can Bitcoin Be Hacked?

Although not impossible, it is extremely difficult to hack Bitcoin. There are chances of the coins being stolen from the wallet, but the entire Bitcoin network cannot be hacked. Bitcoin uses blockchain technology, which makes hacking a very difficult task. The data is not stored at a single place or in a central server. It is distributed to the network of computers that are constantly checking and verifying the accuracy.

Ever since Bitcoins came into existence in 2009, there has never been a single incidence of the network being hacked. Yes, there may be times when the wallets were hacked. So, it is highly advisable for Bitcoin investors to take all the precautions to secure their coins.

In a trading process like digital currency, it is not that easy for anyone to have access to other peoples' wallets and steal coins. The two-factor identification process goes a long way as a security measure.

However, having said that, Bitcoin hacking is very challenging. But we can't say it's impossible.