Bitcoin Maximalists Dismiss DoS Attack Claims, Say Network Is Not Under Attack
rumors and speculations about possible Attacks on digital assets are commonplace in the world of Bitcoin and cryptocurrencies, and concerns have recently surfaced about a potential denial of service (DoS) attack on Bitcoin.
However, the BTC maxis have now come forward to allay those fears and reassure the community that Bitcoin is not under attack. Some have pointed out that the high demand may have increased BTC transaction fees.
BTC Maxis Calms Bitcoin DoS Attack Fears
A DoS attack is a type of cyber attack that disrupts the normal functioning of a website or network. In the case of BTC, this can slow down the network or even crash, making it difficult for users to transact. However, BTC maxis emphasized that the network was designed to resist such attacks.
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Notably, concerns of a DoS attack on the token’s network followed a sudden spike in transaction fees and unverified transactions.
According to BitInfoCharts, BTC transaction fees reached 0.00063 BTC or $19.20. At that time, Trevor.BTC noted in a tweet that Bitcoin transaction fees have surpassed the block subsidy reward. He also cited that it was the first time such an incident had occurred since 2017.
There are about 6.25 BTC block allowances in the Bitcoin proof-of-work mining process, which typically halves every four years. Typically, an increase in demand for block space can increase this number and increase the transaction fees recorded on the network.
Meanwhile, Mempool Space revealed that activity gradually decreases, bringing rates below the block reward. With current activity, fees could return to 4.51 BTC for each block processed negating speculation of a DoS attack.
Activities within the Bitcoin network
There have been attempts to Disturb the network in the past, and each time BTC has come out stronger. One analyst expressed confidence in BTC’s ability to handle any challenges that may come its way. He believe that Bitcoin is not under attack, that it is a case of demand.
Binance same suspended BTC transactions on May 8 due to high volume of outstanding transactions. The exchange has already suspended BTC transactions twice in the last 12 hours.
Meanwhile, some believe that increased activity within the Bitcoin network and demand for block space can be hinged. increased Ordinary inscriptions.
BTC price is now at approx. $27,839, with a 24-hour price drop of 3.02%. However, its trading volume over the same period has increased, gaining over 19.51% as it holds over $15 billion.
Featured image from Pixabay and chart from Tradingview