Rumors and speculations about possible digital asset attacks are common in the Bitcoin and crypto world, and concerns recently surfaced about a potential Denial of Service (DoS) attack on Bitcoin.
However, BTC maxis have now come forward to allay these fears and assure the community that Bitcoin is not under attack. Some have pointed out that high demand may have spiked BTC transaction fees.
BTC Maxis Calms Fear Of Bitcoin DoS Attack
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 could cause the network to slow down or even crash, making it difficult for users to transact. However, BTC maxis have emphasized that the network is designed to withstand such attacks.
Related Reading: Bitcoin Taproot Drives Transactions To ATH – What This Means For Investors
Notably, the concerns of a DoS attack on the token’s network occurred after a sudden surge in transaction fees and unverified dealings.
According to BitInfoCharts, BTC transaction fees reached 0.00063 BTC or $19.20. At that time, Trevor.BTC noted in a tweet that Bitcoin’s transaction fees surpassed the block subsidy reward. He also cited that it was the first time this incident had occurred since 2017.
There are about 6.25 BTC block subsidies in Bitcoin’s proof-of-work mining process, which typically halves every four years. Usually, a rise in the demand for the block space could raise this figure and increase transaction fees recorded on the network.
Meanwhile, Mempool Space revealed that the activity gradually slows, bringing the fees below the block reward. With the present activity, the fees may return to 4.51 BTC for each processed block negating the speculation of a DoS attack.
Activities Within Bitcoin Network
There have been attempts to disrupt the network in the past, and every time BTC has come out stronger. An analyst expressed confidence in BTC’s ability to handle any challenges that may come in the way. He believes that Bitcoin is not under attack, that it is rather a case of demand.
Binance even suspended BTC transactions on May 8 due to the high volume of pending transactions. The exchange has now suspended BTC transactions two times over the last 12 hours.
Meanwhile, some believe that the rise in activity within the Bitcoin network and block space demand can be hinged on increased Ordinals inscriptions.
The BTC’s price now stands at approximately $27,839, with a 24-hour price decline of 3.02%. However, its trading volume in the same period has increased, gaining more than 19.51%, as it holds over $15 billion.
Featured image from Pixabay and chart from Tradingview
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Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel