Home ยป The Massive Twitter Hack Strengthened Reputation of Bitcoin

The Massive Twitter Hack Strengthened Reputation of Bitcoin

No one has managed to hack Bitcoin since its inception. None of the GAFAs (Google, Apple, Facebook, Amazon) can boast of the same, although they have much more money at their disposal to provide their systems with reliable protection.
be-in-the-loop - The Massive Twitter Hack Strengthened Reputation of Bitcoin

On July 15, 2020, Twitter fell victim to a massive hacker attack. Many verified accounts of the world famous people were discredited, including politicians, entrepreneurs, show business stars as well as accounts of large corporations.

Later in this article, we’ll take a look at seven top Bitcoin lessons to be learned from this massive Twitter hacker attack.

1.Twitter was hacked, not Bitcoin

Twitter was hacked on July 15, 2020. Contrary to common practice, when only individual accounts are hacked, this time the hacker attack was aimed at the Twitter platform itself.

Bitcoin has been and remains the most secure decentralized network in the world. As a reminder, Bitcoin has never been hacked since its launch on January 3, 2009.

This is quite an achievement when you consider that it is protected only by its users and it does not receive any financial support from private investment banks or governments.

2. Scammers Seek Bitcoin, not Shitcoins

It is no coincidence that hackers accepted payments in bitcoins. The attackers were clearly aware of what they were doing, and therefore they were not extorting “shitcoins” from their gullible victims. Most altcoins have no practical application in real life, as a result of which in the future their value will eventually go down to zero.

be-in-the-loop - The Massive Twitter Hack Strengthened Reputation of Bitcoin

The price of bitcoin is likely to rise to $ 1 million within twenty years. Fraudsters are well aware of this. This is why bitcoins were the target of their massive attack on Twitter.

3. Greed is your biggest enemy in the Bitcoin world

Greed has clouded judgement of those people who were hooked by fraudsters and sent them their bitcoins, succumbing to the attractive promises of fake tweets from the celebrities’ accounts.

They wanted to get free bitcoins without making any effort, and they were even willing to believe someone who told them that after they sent $ 1,000 in bitcoins, they would get double the amount, or $ 2,000, back.

4. The route of stolen bitcoins can always be traced

Bitcoin is a public blockchain that allows anyone to view its contents. Since the address used by hackers to extort Bitcoin is known to everyone, anyone can follow the Bitcoin blockchain to see the balance of that address.

be-in-the-loop - The Massive Twitter Hack Strengthened Reputation of Bitcoin

Now the history of these bitcoins can be tracked forever. Even if hackers move them to some other address, we can find out about it.

As most marketplaces implement an increasingly stringent KYC Policy, scammers will not be able to convert stolen bitcoins into fiat money.

5. You should firmly learn the fundamentals of Bitcoin

Many newcomers to the Bitcoin world send their bitcoins to addresses belonging to attackers, and then come and ask how they could get their precious bitcoins back.

Instead of asking such questions, these people should educate themselves and improve their knowledge of the Bitcoin fundamentals.

Every confirmed Bitcoin transaction is irreversible.

When you send your bitcoins to someone, you won’t be able to reverse the transaction. In the Bitcoin world, there is simply no refunds.

6. You are responsible for the security of your bitcoins

You cannot blame anyone if you lose your bitcoins by falling into the scammers’ trap. Nobody will compensate you for anything. There is no such insurance as in the banking system.

be-in-the-loop - The Massive Twitter Hack Strengthened Reputation of Bitcoin

This is a very small price to pay for the benefits that cryptocurrency provides. With Bitcoin, no one can stop you from using your money the way you want. Moreover, no one can confiscate your bitcoins.

7. Don't Trust, Check

People who fall into scammers’ traps like the one that happened on July 15, 2020 on Twitter are getting exactly what they deserve. You buy bitcoin, but you don’t even think about putting in any effort to understand how it works. If you foolishly lose your bitcoins subsequently, only you will be to blame.

Bitcoin was and remains the most protected decentralized network in the world. No one has managed to hack Bitcoin since its inception. None of the GAFAs (Google, Apple, Facebook, Amazon) can boast of the same, although they have much more money at their disposal to provide their systems with reliable protection.

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