Rumors of an attack on Bitcoin: Maximalists react!

One of the biggest fears of crypto players is that a blockchain will be attacked. This situation almost always results in significant losses and undermines investor confidence in the crypto industry. However, there have been recent rumors circulating about the possibility of a denial-of-service (DoS) attack on Bitcoin. It should be noted that this type of cyberattack makes transactions very difficult by disrupting the functioning of the affected network. Bitcoin maximalists have decided to react to ease concerns.

Bitcoin is disrupted by something other than a denial-of-service attack!

Justin Bons recently made a prediction by citing a major threat to the security of Bitcoin. In fact, the founder of Cyber Capital predicted a considerable increase in transaction fees on the network. This is what has been recently observed, with fees reaching 0.00063 BTC, or $19.20. This situation has led to rumors of a possible DoS attack. Investor fears have been heightened by the sudden increase in unverified transactions.

Bitcoin is under DoS attack. High transaction fees are the chosen pain point by the attacker, probably to makes bitcoin unusable for smaller players. pic.twitter.com/0J56liNSGf

— iris.to/jogi (@proofofjogi) May 7, 2023

In response to the increasingly persistent rumors, Bitcoin maximalists are reacting to reassure the community. They have stated that there is no cause for concern because the Bitcoin network is not under attack. Some have cited another possible cause of the increase in activity and demand for block space on Bitcoin. This is the increase in registrations on Ordinals. Some think that the problem stems from the fact that there are fewer bitcoins available for purchase as demand increases.

It should be noted that there are approximately 6.25 BTC in block subsidies in the next mining process following Bitcoin’s PoW consensus. When demand for block space increases, this can lead to an increase in the block subsidy reward. This situation can also cause an increase in transaction fees on the network.

The increase in activity on the Bitcoin network was so strong that Binance had to suspend BTC transactions. There were also rumors that the exchange had lost 1/3 of its bitcoins in 24 hours. However, this turned out to be false, and Binance announced on May 8th: “We’re aware that some data are showing a large volume of outflows from Binance. This ‘outflow’ are actually movements between Binance hot and cold wallets due to the BTC address adjustments.”