Are you an investor of bitcoin crypto? If yes, you must be familiar with blockchain technology and its sweet advantages. Are you familiar with the dark side of blockchain technology? If not, you must get familiar with it before adopting this technology in your activities. Every single thing has both sides, bright and dark. There is nothing in this world that can give you a sweet taste all the time; sometimes, it tastes bitter. The same thing is with this well-known technology there are so many advantages and disadvantages. Blockchain technology is a distributed digital ledger and solves many significant problems.
This technology stores the user’s data in the block, which goes through nodes. Undoubtedly, this technology has made the trustless environment secure and avoided scams. But still, this technology carries some disadvantages and people must be aware of it. If you want to get them to your knowledge, you should read this article thoroughly. In this article, we will provide you with knowledge of the disadvantages of blockchain technology. So have a look to know more. Click this image below to start your bitcoin journey.
The 51 percent attack
Who says that one cannot attack blockchain technology? It is not true that blockchain technology is immune to hackers and attacks. Blockchain technology can also be hacked. It is not immune to hackers. The 51 per cent attacks are discussed among all the network attacks performed against the blockchain technology networks. This attack occurs when one person manages more than the 50 per cent hashing power of the network, which finally allows the person to disturb the network worldwide.
But still, there are no 51 per cent attacks successfully done on the blockchain technology. There is no guarantee of the future because this technology is full of surprises, and anything can happen at any time. The blockchain technology of bitcoin is not so well secured; still, there are some losing ends too. So if you think that this technology can give you 100 per cent security, you cannot say it.
Loss of private keys
Blockchain technology uses a public key to provide ownership to the user over their bitcoin crypto. Every blockchain address has a matching private key, and it is given to every investor. Users can share the address for receiving, transactions but they must keep the private keys secured from a third party. The reason is private keys are the keys that unlock their account and let the user have access to their digital coins. It means that the users have their banks and private keys to open and control them.
The horrible thing is that if the user loses private keys, then there is no way to take your investment out from the account. No one can recover all the data and funds invested by the user in this technology, and the back option is also unavailable. So if you want to always be on the safe side, you should make sure about the safety of the private keys. Because it is all about the precious money you have invested, you should not take any risk. One wrong step can destroy all investment, and it is one of the significant risks of blockchain.
Difficult to modify the data
While discussing the disadvantages of blockchain technology, how can we forget the data modification? Modification of the data is one of the significant disadvantages of this technology. If you uploaded the data on this technology, it is tough to modify it. It is challenging to modify the data uploaded on this technology, and it takes a lot of time and hard work. If somehow you have made an error in the data while uploading on this technology, how will you modify it? You can’t modify the uploaded data because you must abandon one chain and take the new one. The data modification process is time-consuming, and patience is needed.
The bottom lines
From the points mentioned above, you have got enough knowledge about the disadvantages of blockchain technology. The disadvantage is that this technology is still in development, not fully developed. Therefore, it will take time to be a perfect technology.
