Bitcoin security (video)

Wednesday 22 April 2015

Bitcoin's security is rock-solid - if you look after your private keys properly.

 

Having recently been introduced to the world of Fiverr, I decided to commission this video about bitcoin security. Thanks goes to happyvideo - nice job!

Take a look at: Cookie Monster endorses bitcoin

Bitcoin frequently gets a bad press due to the many hacks and thefts that have occurred in its six-year history. But not one of these is down to a vulnerability in the bitcoin protocol. Almost all are due to poor security practices.

Bitcoin’s own security is based on 256-bit private keys. 256 bits or, for bitcoin, 51 character-long base-58 keys (which use a combination of upper- and lower-case letters and numbers, barring a few that look too similar), may not seem very long or complicated. However, two-to-the-power-256 is a huge number: 1 followed by 77 zeros or, more accurately, 115,792,089,237,316,195,423,570,985,008,687,907,853,269,984,665,640,564,039,457,584,007,913,129,639,936.

This number is so vast that the fastest computers ever made - in fact, the fastest computers it’s possible to make using current techniques - couldn’t count that high in the lifetime of the solar system. Ignore hashing any numbers or carrying out cryptographic functions: just counting that high is impossible.

That’s why keeping your private keys private is important - and why if you do can that properly, your bitcoins will stay safe.


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