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❓ASK Bitcoin Network Is More Likely To Get Attacked Now

NoLimits15

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Bitcoin network's hash rate has gone down significantly which makes it prone to get attacked by hackers. This type of attack where a group of unknown miners with a powerful hash rate tries to take over a network is called a 51% attack. If this type of attack were to occur then it will mess up all the transactions made in the network. Bitcoin's hash rate went down by 16% and taking over the network costs must less than before, around $11 million.
 
Yeah I have seen the Bitcoin free has been increased a lot in the past few days and even the small transaction is taking like 6-7 hours to get confirmed even with a large fees.
 
Two days ago I send 0.01 BTC to my Poloniex account and I paid almost 1 dollar fee hoping my transaction will be fast. But in reality, it took almost an hour just for one confirmation... Practically I paid extra and still didn't managed to bye coin I wanted. Things like this are very bad for investors and that is probably one of the reasons why BTC will never reach 50k dollars. I wrote 50k dollars because some of the predictions were that BTC will hit 50k in 2020. Also, we all talk about decentralisation but in reality, almost 70% of Bitcoin hashes is controlled by 5 big mining companies. Practically we created a new centralized banking system and we still full ourselves with the concept of decentralization. Not to mention a fact about huge dumps whenever BTC price reaches 10k dollars. 51% attack is very complex and it is very hard to complete on Bitcoin network but some of the altcoins are very vulnerable.
 
I think that such a thing would not happen. But the slow down process of the network is a huge problem all the same
the slow down process of the Bitcoin network is actually caused by the huge transaction been carried out on the network ,that's why you see that at times the network fee is always very high wne the person increase a fast arrival process for the Bitcoin he want to recieve
 
Bitcoin network's hash rate has gone down significantly which makes it prone to get attacked by hackers. This type of attack where a group of unknown miners with a powerful hash rate tries to take over a network is called a 51% attack. If this type of attack were to occur then it will mess up all the transactions made in the network. Bitcoin's hash rate went down by 16% and taking over the network costs must less than before, around $11 million.
With the security measures in place , the probability of this happening is very slim. Nevertheless, anything is possible in the digital space. The collapse of Terra Luna has proved to be a typical example that nothing is impossible. Chinese miners could have been the ones to do this but since the ban of mining in China , their hash rate has dropped.
 
With the security measures in place , the probability of this happening is very slim. Nevertheless, anything is possible in the digital space. The collapse of Terra Luna has proved to be a typical example that nothing is impossible. Chinese miners could have been the ones to do this but since the ban of mining in China , their hash rate has dropped.
I think there are already proper back up to prevent such thing from happening ,Bitcoin have a very good security system from start ,the Blockchain security is top notch that's why many companies are adopting the Bitcoin Blockchain technology in every ways
 
the slow down process of the Bitcoin network is actually caused by the huge transaction been carried out on the network ,that's why you see that at times the network fee is always very high wne the person increase a fast arrival process for the Bitcoin he want to recieve

Despite the massive fluctuation in the price of bitcoin, we have been seeing no massive change in the fees of bitcoin network. In the graph below, we can see a massive surge in the amount of fees, but the fees declined at a higher rate and returned back to normal. I have managed to get the data of Bitcoin fees and the history of fees since October, 2019 till now.
 

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Despite the massive fluctuation in the price of bitcoin, we have been seeing no massive change in the fees of bitcoin network. In the graph below, we can see a massive surge in the amount of fees, but the fees declined at a higher rate and returned back to normal. I have managed to get the data of Bitcoin fees and the history of fees since October, 2019 till now.
if you watch the increase ,you would see that what affected it then was the increase in price ,the more the price ,the more the fee of Bitcoin would rise too ,when Bitcoin price was $60k then we could see a very high amount of fees ,compared to the price of Bitcoin now,the fees is really not too high like that
 
if you watch the increase ,you would see that what affected it then was the increase in price ,the more the price ,the more the fee of Bitcoin would rise too ,when Bitcoin price was $60k then we could see a very high amount of fees ,compared to the price of Bitcoin now,the fees is really not too high like that

I think that Bitcoin market is also crashing due to political circumstances as of now. We may see some improvement by the passage of time. However, it will still take a lots of time to get great results if the dip buyers decide to purchase the dip sooner.
 
Bitcoin network's hash rate has gone down significantly which makes it prone to get attacked by hackers. This type of attack where a group of unknown miners with a powerful hash rate tries to take over a network is called a 51% attack. If this type of attack were to occur then it will mess up all the transactions made in the network. Bitcoin's hash rate went down by 16% and taking over the network costs must less than before, around $11 million.
The hash rate going down is actually a good thing when it comes to teh mining of the new coins into the supply chain if i am not mistaken however i do see the concern that you have with this as well and therefroe i think that it is a double edged sword because whilst there are some benefits it can also hurt the market as well.
 
I think that Bitcoin market is also crashing due to political circumstances as of now. We may see some improvement by the passage of time. However, it will still take a lots of time to get great results if the dip buyers decide to purchase the dip sooner.
I do have to wonder if and when Bitcoin would claim it's previous ATH again especially with all that is going on in different sectors of the global economy. Inflation is through the roof, civil unrest in some key nations not to mention clashing ideas of world leaders where cryptocurrency is concerned.
 
I do have to wonder if and when Bitcoin would claim it's previous ATH again especially with all that is going on in different sectors of the global economy. Inflation is through the roof, civil unrest in some key nations not to mention clashing ideas of world leaders where cryptocurrency is concerned.
There is a lot of pople that i have spoken to that seem to be trying to mov towards cryptocurrency and bitcoin in specific in order to try and find a way to beat the inflation rate and if this happens then it will drive more and more traffic and demand to this coin as well and therefore this will cause the price to rise higher than it has ever been.
 
There was truly slow transaction deals especially last month on Bitocin. But I won't be too quick to attribute this to any looming dangers because it was not only Bitocin that witnessed this as many of my friends complain of other coins too. Users only needs to becareful and do much of security measures for their coins protection.
 
There was truly slow transaction deals especially last month on Bitocin. But I won't be too quick to attribute this to any looming dangers because it was not only Bitocin that witnessed this as many of my friends complain of other coins too. Users only needs to becareful and do much of security measures for their coins protection.
That is the concern when it comes to any systemthat is based online because there is always going to be a concern when it comes to the security of the system and that it can be hacked from anywhere in the world if there is even just the sallest of a slip up because that is how they can leak and track your information.
 

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