Don’t Forget the Importance of Censorship Resistance

Since people are once again talking about self-custody as one of crypto’s unique strengths, I would like to remind everyone about an equally important fundamental value proposition of crypto that, in the early days, was touted as the killer feature. I’m talking about censorship resistance. The following opinion editorial was written by Bitcoin.com CEO Dennis

The post Don’t Forget the Importance of Censorship Resistance appeared first on BTC Ethereum Crypto Currency Blog.

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Bitcoin is ‘one of the worst cryptocurrencies' claims Cyber Capital founder

The comments come as Ethereum and Cardano are soon undergoing significant upgrades, while Bitcoin has remained largely unaltered.

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Bitcoin Whitepaper 13th Anniversary – What Does It Say?

The post Bitcoin Whitepaper 13th Anniversary – What Does It Say? appeared first on CryptoTicker.

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Bitcoin Network Holds Over $1 TRILLION In Value... and it has NEVER Been Hacked! How It's Creator Knew Attacks Would Come, and How He Prepared...

Many people have speculated if there could be some way to create bitcoin's out of thin air by hacking Bitcoin transactions. But these dreams remain nothing more to this day.

But in the Bitcoin white paper, Satoshi Nakamoto anticipates attackers who will want to defraud the system, knowing there is always someone greedy who wants the biggest piece of the pie.

However, the Bitcoin white paper explains why it's so unlikely we will ever see a successful hack of bitcoin (or any other type of attack)...

Thirteen years after the white paper's publication, the lessons about how difficult it would be to defraud the network remain relevant.

Amazingly - Satoshi is by all accounts, gone - yet the network has become even more secure on it's own. As the number of Bitcoin miners grows larger by the day, the idea of hacking the system becomes increasingly absurd.

"By convention, the first transaction in a block is a special transaction that starts a new coin owned by the creator of the block. This adds an incentive for nodes to support the network, and provides a way to initially distribute coins into circulation, since there is no central authority to issue them. The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation. In our case, it is CPU time and electricity that is expended." - Satoshi, Bitcoin Whitepaper

This means that a hacker would need many Bitcoin miners to create the conditions that allow to deceive most of the miners that currently work on the network.

It's impossible to give an exact number, but experts estimate a hacker wanting to manipulate Bitcoin's network would need around 1 MILLION miners running modified code to even attempt it - and we're not talking about repurposed old laptops, this would require the most modern, powerful ASIC mining rigs.

How Bitcoin's Security Improves By Itself Every Day....

The network is designed to keep as many copies of the transaction history as possible so that no one can change them, the security of Bitcoin is built on cooperation, or all the computers on the network agreeing on the time and size of a transaction.

In order for a fraudulent miner to even be allowed on the network, they would need to have a valid copy of past transactions as well.  Then they could only attempt to manipulate new transactions they initiated - because the rest of the nodes would never accept a history of new transactions that did not match their own record on the blockchain.

So, the longer Bitcoin exists, the longer the list of previous blocks gets.

What About Standard 'Cracking' Methods?

One classic method of getting past digital security is as old as computers are - cracking, simply trying one password after another.

Bitcoin has this covered as well - it uses an an encryption algorithm called as 'Sha-256' which was designed by the NSA and the National Institute of Standards and Technology.

Take a look at this randomly generated private key, keep this in mind: 1E99423A4ED27608A15A2616A2B0E9E52CED330AC530EDCC32C8FFC6A526AEDD

After a Quadrillion Attempts, You Would Have Only a 0.68% Chance to Have Cracked it...

It's that long and random for a reason. 

Another way to look at this - you could have 1 million computers, each trying a different password every second, and it still could take up to 30,000 YEARS.

So, What Can We Conclude From All This?

First, I think it's safe to say if Bitcoin was to be the target of a hacker, only those with the highest skill levels stand a (small) chance. 

But those people know they would need to dedicate their life to the task - they also know that if they did, they'd still have less than a 1% chance of success.

So if you were in their shoes - would you risk most likely wasting your life by targeting Bitcoin?  Or would you simply continue to go for the countless other places large amounts of funds are stored, on systems you can actually get into?

The combination of time, costs, and odds would lead any reasonably intelligent person to conclude: it just isn't worth it. 

Satoshi once described hacking Bitcoin as new take on the 'gamblers ruin' scenario - where essentially, someone attempting to 'win' at hacking bitcoin is more likely to go broke first.

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com
Silicon Valley Newsroom

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Studying Bitcoin Always Lead to Investing in it: Skybridge Capital CEO

Scaramucci pointed out that those who do their homework by studying cryptocurrency are always fascinated by its potential and invest in it. (Read More)

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Bitcoin Faces Fifth Consecutive Rejection At $72,000, Is Another Correction Coming?

Ahead of its monthly close, Bitcoin (BTC) has seen another unsuccessful attempt to reclaim the $72,000 resistance as a support level. Despite the drop, some analysts consider the cryptocurrency is still in a strong position for an upcoming breakout, setting the next levels to watch. Related Reading: Analyst Says Its Time To Be Bullish On Ethereum As ETH Retests $2,700 BTCs Sweet 16 Party Turns Spooky Bitcoin, the largest cryptocurrency by market capitalization, recorded an impressive rally in Uptober, surging around 13% in the last 30 days. BTCs price has jumped from the $58,900 monthly low to near its all-time high (ATH) price of $73,737, reaching the $73,300 mark on Wednesday. Following the green September close, the flagship crypto is set to have its best monthly close since March, potentially registering around 13$ to 14% in monthly returns despite its most recent price action. On its whitepapers 16th birthday, Bitcoin recorded a spooky 2% drop, driving the rest of the market to a red Halloween party. BTCs price fell below the $71,000 mark, reaching an intraday low of $70,600. Meanwhile, the second largest cryptocurrency by market capitalization, Ethereum (ETH), pulled back around 5.1%, losing the $2,600 support zone. Crypto analyst Ali Martinez pointed out that todays drop is the fifth consecutive rejection BTC faces at $72,000. Since its ATH, Bitcoin has been rejected from this resistance level five times, dropping between 8.2% and 18% the four previous times. Analyst Altcoin Sherpa suggested that BTC could see a 4% to 5% dip if the largest cryptocurrency doesnt hold the $70,000 support zone. Nonetheless, Sherpa considers that the cryptocurrency should see some sort of bounce from the $70,800-$71,400 area in the short term. BTC is expected to have an extremely volatile week ahead of the US presidential elections. Bitfinex analysts predicted that Bitcoin volatility will peak between November 6 and November 8, as speculation and anticipation about the election outcome affect the cryptocurrencys performance. Is Bitcoin Gearing Up For End-Of-Year Breakout? Cryptoinsightuk weighed in on Bitcoins performance, noting that BTC is still at ATH by Open Interest (OI). The crypto investor considers that the Daily Relative Strength Index (RSI) could potentially cross bearish today. He also highlighted that $69,600 should work as a key support level for Bitcoin bulls but warned that losing the $66,500 range could be messy as BTCs open interest would flush. Meanwhile, Crypto Kaleo posted a more bullish outlook for BTCs price action. The analyst highlighted that the flagship crypto didnt break above its ATH when it retested the $20,000 mark in 2020. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Instead, Bitcoin initially pulled back nearly 20% during Thanksgiving, moving from $19,400 to $16,100. Moreover, BTCs price accumulated within that range for 30 days before breakout, seeing the next leg up in late December 2020. The analyst pointed out the breakout happened 219 days after May 2020s Halving. As Bitcoin is currently 194 days post-halving, the analyst considers that a little bit of a pullback here isnt any reason for concern. As of this writing, Bitcoin has held the $70,000 support level, currently trading at $70,522. Featured Image from Unsplash.com, Chart from TradingView.com

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Ex-President Donald Trump wishes Bitcoin whitepaper a happy 16th anniversary

Trump wished a happy birthday to the anniversary of Bitcoin’s whitepaper and called on ending “Kamala’s war on crypto” Since Bitcoin’s initial days, its price has risen to over $72,000 and is accepted as legal tender in El Salvador Trump’s post comes less than a week before the US election results are in Former US […]

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