BTC Maxis: Bitcoin Not Under DoS Attack
The world’s largest cryptocurrency, Bitcoin, experienced a surge in transaction fees and unconfirmed transactions over the weekend. It is causing concern among investors and traders. However, some analysts have alleviated Bitcoin not under DoS attack on the network.
Takeaways
- BTC Maxis refers to Bitcoin maximalists, strong advocates who believe it is the only legitimate cryptocurrency.
- Bitcoin is not currently under a Denial of Service (DoS) attack. It is a cyber attack that overwhelms a network or server with traffic.
- On May 8, Binance suspended Bitcoin transactions again, citing the large volume of pending transactions.
Bitcoin Fees Surpass Block Subsidy
According to BitlnfoCharts, the average transaction fee for Bitcoin is currently $19.20. The backlog of transactions stood at 459,341 at the time of writing. The increased demand has caused total costs per block to temporarily exceed the subsidy rewards of 6.25 BTC on May 7. It is the first time since 2017 that a fee of 6.76 BTC recorded for one block.
Reasons for the Surge
The surge in activity and block space insistence attributed to the rise in Ordinal’s inspirations. According to analytics, 75% of Bitcoin on-chain transactions used Taproot on May 7, resulting in a record high. Despite this, some on crypto Twitter speculated that the congestion was due to a DoS attack on the Bitcoin network.
Analysts Dismiss DoS Attack Claims
Bitcoin analysts have dismissed the claims of a DoS attack. Furthermore, they stated that the surge in demand is due to Bitcoin’s increasing popularity and people being willing to pay to use it. One analyst, 0xfoobar, told his 130,000 followers that Bitcoin mempool finally gets some usage. So, they have yet to consider even the most basic scenarios, like Bitcoin becoming popular and people being willing to pay to use it.
Binance Suspends BTC Transactions
The world’s largest cryptocurrency exchange, Binance, suspended Bitcoin transactions on May 8, again, citing the large volume of pending transactions. So, it is the second time Binance has suspended transactions in the past 12 hours.
Do you know that?
BTC Maxis often closely monitor the Bitcoin network for signs of a potential attack. It shares updates with the wider this community.
It believes that Bitcoin’s security and decentralization are its key strengths. That’s why it will continue to be the dominant cryptocurrency in the long term.
Bitcoin network has several built-in security features, such as its proof work consensus algorithm. Therefore, it makes it difficult for attackers to compromise the network.
Conclusion
Bitcoin’s recent surge in transaction fees and unconfirmed transactions has caused concern among investors and traders. However, industry analysts have dismissed claims that Bitcoin is Not Under DoS Attack. It is all due to the ongoing popularity of Bitcoin. Despite all this, Binance has suspended Bitcoin transactions again, citing the large volume of pending transactions.