Blockchain Technology:
Every Bitcoin transaction is recorded on the blockchain, which is a distributed ledger. Each block contains multiple transactions and is linked to the previous block through cryptographic hashes, forming a chain. Any attempt to tamper with a transaction would require recalculating the hashes of all subsequent blocks, which is nearly impossible.
Decentralized Network:
The Bitcoin network consists of thousands of nodes that collaboratively validate and record transactions. This decentralization ensures that no single entity can control or tamper with the data.
Consensus Mechanism:
Bitcoin uses a Proof of Work mechanism, where miners must solve complex mathematical problems to add new blocks to the blockchain. This makes the cost of tampering with blocks extremely high; if a malicious actor wants to alter a transaction, they would need to control more than 51% of the network's computing power.
Major Incidents:
Although the Bitcoin network itself is relatively secure, its surrounding ecosystem (such as exchanges and wallet services) has experienced some security incidents. For example, the Mt. Gox exchange was hacked in 2014, resulting in the theft of a large amount of Bitcoin. Most of these incidents are related to human error and inadequate security measures rather than vulnerabilities in the Bitcoin protocol itself.
