Bitcoin Weaknesses & Attacks

For more info: https://en.bitcoin.it/wiki/Weaknesses

This article is a kind of course notes for https://academy.moralis.io/courses/bitcoin-attacks

Weak or Reused Private Keys

When in doubt, create a new account - new private key and transfer you assets to the new account

Sybil attack

Do not trust a single node, change you connections frequently

Packet Sniffing

Use TOR, for example you have the tor integrated in bitcoin_qt client

DoS attacks

Consensus limits like 1 MB Block, etc., try to mitigate this kind of attacks

Illegal content

Breaking Cryptography

Whole internet will break if such kind of technology becomes available, so it's a lot bigger problem


51% Attack

Malicious Clients

Closed source softwares are not encouraged in crypto since they are risky

Lost coins

Increasing the decimals can solve this problem

Guessing private keys

Practically not possible, explained nicely in https://www.youtube.com/watch?v=ObiqJzfyACM

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