Bitcoin: Providing More Security Than Ever
Here is a mesmerizing and calming fact from the crypto sector, as of now, if an attacker tries to hack the bitcoin, the attacker will be requiring a 100% hashrate of the network for rewriting the ledgers of bitcoin dating back to 3 January 2009. And the hacker will need a couple of years too. In simple words, the network is too damn secure at this point. Actually, safer than ever. You do not have to worry if you’re a bitcoin investor, your transactions are packed under the blocks.
The reason for the latest all time high is the hashrate of the network is approaching its all time high again.
The trend of PoW identical days elevating and increasing to the right and up since mid 2019. Before this, the chain could be rewritten for under a year. Since then, the security has increased massively. Leading people to believe this fundamental node is not fully appreciated for more than 2½ years.
The concentration of many individuals has been towards the Lightning Network’s growth, adoption of Bitcoin at the corporate and institutional level, Bitcoin in front of authorities, and its spread throughout the pop culture, amongst many other things. It’s crazy that the PoW equivalent days don’t get the spotlight conventionally as it is one of the finest metrics for gauging the security of a network, which actually must be a significant determining element leading to the metrics’ growth mentioned above.
People should be comfortable while utilizing the Lightning Network as they are settling in a protocol that is tracking a ledger that might never been modified, providing certainty to the persons that says it can be locked up on the 2nd layer and perform transactions with them without getting afraid of not having UTXO upon closing the channel.
Retail investors, corporates, and institutes should feel relaxed while moving larger and smaller values in the network only if they are feeling confident regarding the transaction being fastened to the block, with a tiny possibility of getting compromised by an attacker.
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Also, the authorities must not worry regarding the retailers losing the money through a secure protocol.
The people at large must remain comfortable with bitcoin getting mainstream as a network, which is going to play a crucial part in the coordination of economies worldwide, only if they realize that the more people are onboarded, the more secure it will become.
There’s nothing to worry about for the people as their transactions are verified and packed inside numerous blocks.
As of this writing, Bitcoin was bullish by 0.18%, trending at the price of $46,628.19.