{"id":524911,"date":"2023-03-29T22:18:52","date_gmt":"2023-03-29T22:18:52","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=524911"},"modified":"2024-06-11T14:34:42","modified_gmt":"2024-06-11T14:34:42","slug":"is-bitcoin-security-at-risk-experts-weigh-in","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/is-bitcoin-security-at-risk-experts-weigh-in\/","title":{"rendered":"Is Bitcoin&#8217;s Security at Risk? Experts Weigh In"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC) is recovering its bullish momentum after a short period of consolidation between $26,600 and $27,400. The largest cryptocurrency in the market seems poised to breach higher levels if it closes the month above $27,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin&#8217;s potential to achieve new yearly highs and initiate a bull run is currently being discussed in the market. However, the security of the largest crypto by market cap is a less discussed topic.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Justin Bons, the founder of Cyber Capital, Europe&#8217;s oldest cryptocurrency fund and a full-time crypto researcher, has expressed concerns about certain factors that could significantly reduce Bitcoin&#8217;s network security.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/news\/ethereum\/arbitrum-optimism-and-polygon-which-is-the-ultimate-ethereum-l2\/\" target=\"_blank\" rel=\"noopener \">Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2?<\/a><\/div>\n<h2><b>Is Bitcoin\u2019s Security Model Unsustainable?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">According to a recent Twitter <\/span><a href=\"https:\/\/twitter.com\/Justin_Bons\/status\/38473986?s=20\" rel=\"nofollow\"><span style=\"font-weight: 400\">post <\/span><\/a><span style=\"font-weight: 400\">by Justin Bons, he suggests that the sustainability of BTC\u2019s security model and the current hash rate might not increase with its price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Justin Bons further argues that price drops and halvings (when the block reward for miners is reduced in half) result in exponentially lower security for the network. As seen in the chart below, Bons suggests that BTC\u2019s security is lower than two years ago.\u00a0<\/span><\/p>\n<figure id=\"attachment_524912\" aria-describedby=\"caption-attachment-524912\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-524912 size-large\" src=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/03\/FsWBnLPWYAE0OBw.jpg?resize=860%2C362\" alt=\"Bitcoin \" width=\"860\" height=\"362\"><figcaption id=\"caption-attachment-524912\" class=\"wp-caption-text\">BTC&#8217;s miner revenue over the last 2 years. Source: <a href=\"https:\/\/twitter.com\/Justin_Bons\/status\/38473986?s=20\" target=\"_blank\" rel=\"noopener nofollow\">Justin Bons on Twitter.<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">According to Bons, the chart shows Bitcoin miner revenue, specifically the block reward that miners receive for processing transactions and adding them to the blockchain. Bons clarifies that this differs from hash rate, a metric measuring the computing power used to mine Bitcoin blocks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bons further argues that the hash rate is not necessarily an accurate indicator of Bitcoin\u2019s security, as the hash rate can increase while miner revenue decreases. This is because as hardware for mining improves and becomes more efficient, it costs less to produce the same number of hashes.<\/span><\/p>\n<p><span style=\"font-weight: 400\">This means that even if the hash rate increases, it does not necessarily mean the network is more secure. Bons highlights the importance of considering multiple metrics when evaluating the security of Bitcoin\u2019s network rather than relying solely on the hash rate.<\/span><\/p>\n<p><span style=\"font-weight: 400\">For Bons, the cost goes into producing those hashes that ultimately secure BTC\u2019s network, claiming that what matters most is the cost of \u201cattacking\u201d Bitcoin, which is not solely determined by hash rate.<\/span><\/p>\n<h3><b>What Are The Options For Bitcoin?<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Bons further claims that as the block rewards for miners decrease over time, the network will increasingly rely on Bitcoin transaction (TX) fees to incentivize miners to secure the network.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If TX fees are not high enough, the author believes that the security of Bitcoin will decrease to a point where it becomes profitable for attackers to launch an attack, rendering the network insecure.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bons suggests that if the security of Bitcoin\u2019s network continues to decrease due to low transaction fees, two options may be left to address the issue.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The first option, according to Bons, would be to increase Bitcoin\u2019s supply inflation by creating more Bitcoin beyond the 21 million that was originally intended. This would increase the circulation of Bitcoin and could help to incentivize miners to continue securing the network, even if transaction fees are low.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The second option would be to allow the network to come under attack with double-spending. This would be a serious security breach, allowing attackers to steal funds from other users on the network by spending the same Bitcoin twice. This would be the last resource and could result in a loss of confidence in Bitcoin\u2019s security and value.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Overall, Bons suggests that BTC&#8217;s security model may not be sustainable in the long run and that changes may need to be made to ensure the network&#8217;s security and longevity.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.ktsl888.com\/analysis\/aave\/this-price-level-remains-crucial-for-aave-as-it-surpasses-70\/\" target=\"_blank\" rel=\"noopener \">This Price Level Remains Crucial For AAVE As It Surpasses $70<\/a><\/div>\n<figure id=\"attachment_524913\" aria-describedby=\"caption-attachment-524913\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-524913\" src=\"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/03\/BTCUSDT_2023-03-29_17-39-40_400cd.png?resize=860%2C407\" alt=\"Bitcoin \" width=\"860\" height=\"407\"><figcaption id=\"caption-attachment-524913\" class=\"wp-caption-text\">Bitcoin is currently battling to surpass the resistance wall placed at $28,600 on the 1-day chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7EqogTce\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Featured image from Unsplahs, chart from TradingView.com<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) is recovering its bullish momentum after a short period of consolidation between $26,600 and $27,400. The largest cryptocurrency in the market seems poised to breach higher levels if it closes the month above $27,000.\u00a0 Bitcoin&#8217;s potential to achieve new yearly highs and initiate a bull run is currently being discussed in the market. However, the security of the largest crypto by market cap is a less discussed topic.\u00a0 Justin Bons, the founder of Cyber Capital, Europe&#8217;s oldest cryptocurrency fund and a full-time crypto researcher, has expressed concerns about certain factors that could significantly reduce Bitcoin&#8217;s network security. Related Reading: Arbitrum, Optimism, And Polygon: Which Is The Ultimate Ethereum L2? Is Bitcoin\u2019s Security Model Unsustainable? According to a recent Twitter post by Justin Bons, he suggests that the sustainability of BTC\u2019s security model and the current hash rate might not increase with its price.\u00a0 Justin Bons further argues that price drops and halvings (when the block reward for miners is reduced in half) result in exponentially lower security for the network. As seen in the chart below, Bons suggests that BTC\u2019s security is lower than two years ago.\u00a0 According to Bons, the chart shows Bitcoin miner revenue, specifically the block reward that miners receive for processing transactions and adding them to the blockchain. Bons clarifies that this differs from hash rate, a metric measuring the computing power used to mine Bitcoin blocks.\u00a0 Bons further argues that the hash rate is not necessarily an accurate indicator of Bitcoin\u2019s security, as the hash rate can increase while miner revenue decreases. This is because as hardware for mining improves and becomes more efficient, it costs less to produce the same number of hashes. This means that even if the hash rate increases, it does not necessarily mean the network is more secure. Bons highlights the importance of considering multiple metrics when evaluating the security of Bitcoin\u2019s network rather than relying solely on the hash rate. For Bons, the cost goes into producing those hashes that ultimately secure BTC\u2019s network, claiming that what matters most is the cost of \u201cattacking\u201d Bitcoin, which is not solely determined by hash rate. What Are The Options For Bitcoin? Bons further claims that as the block rewards for miners decrease over time, the network will increasingly rely on Bitcoin transaction (TX) fees to incentivize miners to secure the network. If TX fees are not high enough, the author believes that the security of Bitcoin will decrease to a point where it becomes profitable for attackers to launch an attack, rendering the network insecure. Bons suggests that if the security of Bitcoin\u2019s network continues to decrease due to low transaction fees, two options may be left to address the issue. The first option, according to Bons, would be to increase Bitcoin\u2019s supply inflation by creating more Bitcoin beyond the 21 million that was originally intended. This would increase the circulation of Bitcoin and could help to incentivize miners to continue securing the network, even if transaction fees are low.\u00a0 The second option would be to allow the network to come under attack with double-spending. This would be a serious security breach, allowing attackers to steal funds from other users on the network by spending the same Bitcoin twice. This would be the last resource and could result in a loss of confidence in Bitcoin\u2019s security and value.\u00a0 Overall, Bons suggests that BTC&#8217;s security model may not be sustainable in the long run and that changes may need to be made to ensure the network&#8217;s security and longevity. Related Reading: This Price Level Remains Crucial For AAVE As It Surpasses $70 Featured image from Unsplahs, chart from TradingView.com &nbsp;<\/p>\n","protected":false},"author":589,"featured_media":524914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1020,78790,6664,1558],"class_list":["post-524911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-blockchain","tag-btcusdt","tag-crypto","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Is Bitcoin&#039;s Security at Risk? 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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