In your own words (no copy and pasting plagiarism) Answer - Do you think blockch
ID: 3905197 • Letter: I
Question
In your own words (no copy and pasting plagiarism)
Answer - Do you think blockchain is a panacea for security?
How Bitcoins get to be so valuable?
Is this a scam?
Requirements for the person that will be answering the above question.
* Type out responses in Your Own Words!
* Do not write on paper and send a photo.
* NO plagiarism/ NO copy and pasting from outside sources without properly citing your sources.
**FAILURE to adhere to the stated requirements will result in thumbs down and will be reported to Chegg administration.**
Explanation / Answer
Answers)
Blockchain is a technology or technique to encrypt data in a way so that people who do not trust each other can use this technique and share data which is valuable and secret in a secure way so that it cannot be tampered. Blockchain rules and techniques encrypt the data which is difficult for attackers to crack and manipulate and thus it is very secure. So a blockchain is a block of data which is an open distributed ledger resistant to modification or manipulation of the data.
The Bitcoin is a cryptographic currency which operates on a peer to peer network based on cryptographic protocols. Thus there is no central control on the cryptographic system of bitcoin and it is totally decentralized. Transactions of bitcoins are recorded in the public database known as the blockchain. Bitcoin users have incentive to stay honest and true to their network. Bitcoin miners do get the incentives on verifying the transactions made by the users and the incentive is in the form of bitcoins and mining fees and also transaction fees. The system is designed in such a way that the users get profits for mining rather than attacking as there is for and attack type called 51% of the entire bitcoin network. Bitcoin also based on trust and thus the transactions performed has to be verified by the miners and the blockchain.
Such that there will be incentives for both the users who will successfully complete their buy or sell transactions and also the miners who will get paid in terms of mining fees. There is always a chance for attacks such as a 51% attack but there are security of bitcoin which prevents this. A 51% attacker means a persons who will control most of the part of the network such as more than or equal to 51%. If the person owns 51% of the network, then the network will be owned mostly by him and he can take control of the majority of the network and perform attacks that focus on monetary gains in bitcoins.
As Bitcoin is based on a decentralized network if one attacker seems to control it, that may appear as that the person will ruin everything and steal bitcoins. But the truth is that Attackers cannot impersonate others and they require private keys to steal the money and send the money from other users, so it is not possible to write people's money as own or steal money as bitcoins by the attacker. Attackers cannot rewrite the blockchain and modify the blockchain because of securities enabled by the blockchain and has specific checkpoints so as to accept or reject the block chain. Thus this type of attack is not possible in the current scenario. Thus, we see theta there are incentives for users in the bitcoin network and that it will make them to be honest for the network rather than trying to attack and compromise the network. Thus bitcoin is a very secure as it implements the Blockchain.
Bitcoin and Blockchain are secure and these are no scams. Blockchain can be called as a security technique using cryptographic formats. And bitcoin implements this technique.