For more than 10 years, the Bitcoin network works perfectly. His heart beats with the precision of a Swiss watch in 10 minute intervals. Nevertheless, there are always debates on a possible Bitcoin Shutdown, in which the network comes to a standstill. In today’s article we want to look, what possibilities there are actually to bring this to a Halt.So much had already been revealed: There are many possible scenarios for the future of Bitcoin. The scenario of death is probably one of the most unlikely of scenarios that exist. A Lot Of Fun!
Contents
What can lead to a Bitcoin Shutdown?
Before we devote ourselves to the scenarios, we summarize once again the most important data to the Bitcoin network. This will give us a good impression about the current state and the admission let us, therefore, the probabilities of the following scenarios to better assess.The Bitcoin network is now more than 10 years of 24/7 active.There are more than 10,000 Bitcoin Nodes, which are distributed around the world. They form the backbone of the network.The current Hashrate of the Bitcoin network is 115 Exahashes per SekundeMit these Figures, we now go in the race.
The risk of a planned, global attack
In the experiment, the Bitcoin network to shut down or to stop, show the advantages of the same: it is a decentralized and distributed computer network in which the nodes are distributed geographically is.An attack on the network therefore requires a planned and global action. One of the keywords, the falls here, again, is the danger of the so-called 51% attack. It is probably the most ‘realistic’ threat to the Bitcoin network.One of the veterans in the crypto scene, Jimmy Song is. As a long-term BTC-developer, he probably knows well what he is talking about. So the Song already wrote two years ago in a Medium article about the danger of the concentration of Hashpower by Miner’.
The centralized manufacture of Mining Equipment can have a bad end. Probably more dangerous scenario, the concentration of Hashpower is, however. This is especially dangerous when a single company controls more than half of the Power of the network.
How realistic is the 51% attack is?
This is the question we want to clarify now and for all time. Let’s start with the cost. At the current time of the article, the implementation of a 51% attack costs around half a Million US dollars per hour. The point the Following is, however, to even get to the 51% of the Hashpower, you would have to submit to the operators of mining pools, which have a lucrative, predictable, and sustainable business model, more than strong arguments. The likelihood that they engage in such a Deal is more than low.The best and safest stock market choose for you to opt for the right provider is not always easy. Therefore, we recommend that you take a look at our Bitcoin brokers & exchanges to throw a comparison. Trading on the safest and best exchanges in the world! For comparison, we come to the second point: such A coordinated attack would go unnoticed. In view of the more than 10,000 Nodes worldwide, the probability of this happening is very low.As soon as such a scenario would be made public, it would crash the Bitcoin price with it, in all probability immediately. What advantages would, therefore, give this for the attacker? — A monetary Benefit, it would not be most likely.In addition, the possibility that the Bitcoin Core Developer put a Fork as the Ultima Ratio would be even. Also the fact that Mining Pools are just Pools, so associations of miners, and, therefore, not the entire Hashpower have physically, it must not be forgotten.If you want more information, get in this 3minütigen Video of Andreas Antonopoulus a good answer.
Bitcoin is here to stay!
As we have seen, there is no rational, comprehensible reason for the network to shut down. The economic incentives are so good, that Miner will probably prefer getting the long-term, and predictable income for an attack. Even in the event of attack, the network knows how to defend itself, and could realize through a Hardfork a ‘Blockchain of the Honest’.In order for Bitcoin to die, as indeed would have to be something else: people would lose interest in him and BTC no longer use. Possible reasons for this could be a better, safer and more practical Alternative. In this sense, I wish everyone much success, trying to create a crypto currency that wants to compete with the now more than 10-year success story of the crypto-currency no 1.Are you afraid of an attack on the network? — You’re looking at the risk of arrest as a high?Come on in to our Telegram Chat and talk with the experts and the Community!
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