What would it take to kill the Bitcoin network?

0


After the king of crypto has continued to survive for over ten years, a proper attempt to kill the Bitcoin network cannot succeed because miners are supposed to act in their economic best interest.

However, BTC, also thanks to its incentive structure, protects itself from attacks because minors who play according to the rule enjoy the same amount of reward, unlike others who choose to be illegal. They end up having to make a large upfront payment and lingering costs, which could lead to a reduction in the value of other Cryptos in circulation.

Trying to kill the Bitcoin network? Crypto own security model

At the same time, trying to manipulate to help a particular miner would mean that that miner would control over 51% of the share of hard power, mining equipment, and electrical power required to operate it. But then, if network users get a lead, several others would make sure to sell their Bitcoin. This makes the attack very expensive, as the gains from subversion of the network lead to low cost deals.

According to an article titled A model for Bitcoin’s security and the drop in the block subsidy, Hasu, James Prestwich and Brandon Curtis, both analysts, claimed that when the market value of BTC plunges and a double-spend attack is imminent, it translates into a big loss even if this player controls a rate of 100 %.

Bitcoin’s security model has also been a hot topic in the crypto world as it is considered virtually impossible to kill the Bitcoin network. Responding to an article by Hash that spoke about the lack of centralization of the risk mining posed, Twitter users waved the air by talking about an irrational actor.

BTC security model depends on its miners preserving its value, otherwise, the value of mining will be lost, but it will not add up. Why own a healthy share of the current BTC hash rate if a capable attacker only wants to demolish the network.

Kelly’s reaction to an attempt to kill the Bitcoin network

Mike Kelly, CEO of Curl, believes that BTC is not as resistant to a nation-state level attack as many believe, so in its opinion, it might be possible to kill Bitcoin Network. He thinks governments are not taking BTC seriously at the moment. According to Kelly, a serious country would take over important mining and DoS processes throughout the network, in the end, leaving little choice requiring a significant price reduction.

Featured Image By Pixabay



Share.

Comments are closed.