Bitcoin Cash News Today – September 6th

bitcoin cash bch upgrade hard fork 32mb block size may 15 upgrade
  • Bitcoin Cash network was under attack by bad actors.
  • Members of the Bitcoin Cash community are worried about the future stability of the network.
  • Analysis say that the attack was caused by the actions of a group of unidentified miners. 

Bitcoin Cash News Today – Bitcoin Cash BCH is the first Bitcoin hard fork. Promoters of this network believe that it is the one and only Bitcoin. Recently, however, their faith in the Bitcoin Cash network was shaken as the network came under attack thanks to the actions of a group of miners. After the attack happened, the entire cryptocurrency community started reviewing the long-term stability of the network. Now, analysts have provided a breakdown of the attack.

Bitcoin Cash BCH Attacked By Miners According To Analysis

Just like Bitcoin, Bitcoin Cash is considered as a viable alternative to fiat. However, due to the action of a few miners, the blockchain now got a lot of backlog that took more than 9 hours to be cleared. The miners took advantage of a vulnerability on the blockchain that allowed them to generate 18 blocks per hour. This is about three times the number of blocks that should be mined on the Bitcoin Cash blockchain every hour. Regarding the attack one member of the Bitcoin Cash community said;

“It is important to note that persistent backlogs are a death-blow to the [zero-confirmation] concept, which requires predictable next block inclusion. As long as there is no backlog, then a recipient can know that any transaction that pays the minfee [minimum fee] will be accepted. Under conditions of backlog, this predictability is degraded, possibly fatally.”

The user suggested that having many backlogs on the system at a given time can lead to a system crash. BCH bag holders are worried because there is no way for them to determine if another larger attack will occur anytime soon. Some have suggested that the dusting attack on the network earlier must have set the stage for this attack.

Bitcoin Cash (BCH) Price Today – BCH / USD

NamePrice
bitcoin
Bitcoin
$7,526.250.262%
bitcoin-cash
Bitcoin Cash
$213.400.588%

While the attack did not have any permanent impact on the price of Bitcoin Cash BCH, the hashrate on the network has been stagnant since the beginning of the year. This raises more serious questions about the long-term survival of the Bitcoin Cash network. At the time of writing, the price of Bitcoin Cash BCH was struggling along with the rest of the cryptocurrency market. It was trading at $296.77. This means that it is up by 0.71% against the USD and down by 0.58% against the price of BTC. The trading volume over a 24 hour period is $1,295,505,734 and the market capitalization is $5,338,278,344.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.