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Bitcoin is secure in ways the mind can hardly fathom. But fathom this: a Bitcoin key, or the private value associated with your supply of Bitcoin, is just one of 2^256 possible combinations. That’s a lot. That’s a lot more than a lot.
For comparison, it is estimated that the total number of atoms in the observable universe is around 10^80 which gives an idea of the immensity of this number.
Or as Brian Langel, the Chief Technology Officer at NYDIG bluntly points out,
“The number of atoms in the perceivable universe is likely smaller than that number.”
Furthermore, when your Bitcoin key is used in a transaction, the inherent anonymity of the key is further obscured through a process of cryptography. (This is where “crypto” comes from.) Cryptography is not new at all; it has been around for decades. It’s the coding system that underpins a myriad of other secure networks — everything from diplomatic cables sent by intelligence services to VPN addresses used by remote employees. Even when you move money between accounts on your online banking app, the information you share is made secure with methods of cryptography.
Cryptography performed on Bitcoin transactions is unique in that it’s all done in a decentralized manner. The version of cryptography at play for Bitcoin on the blockchain is called Elliptic Curve Digital Signature Algorithm (ECDSA). The blockchain incentivizes other actors (miners) to validate Bitcoin transactions. Miners collectively manage the flow of all Bitcoin transactions without interference. Their consensus ensures your transaction is protected from outside influence.
Ultimately what makes Bitcoin so secure is (1) the sheer impossibility of guessing a Bitcoin key, (2) the sophisticated cryptography of the blockchain, and (3) the decentralized nature of validation.
