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Bitcoin [BTC] and Ethereum [ETH] spend millions to secure network against 51 percent attacks

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Bitcoin [BTC] and Ethereum [ETH] spend multi-millions to secure network against 51 percent attacks
Source: Pixabay

Bitcoin [BTC] and Ethereum [ETH] are the most secure proof-of-work [PoW] coins, attested Messari, the cryptocurrency research and metrics platform.

On 25 March, Messari published a screener detailing the top PoW coins based on the revenues offered to miners on the basis of new issuances and transaction fees. Bitcoin topped the list, producing the most amount of assets for PoW coins, with Ethereum coming in second. The top-10 also saw major coins like Litecoin [LTC], Bitcoin Cash [BCH] and Monero [XMR].

Based on these new issuances, the top cryptocurrency notched up $7.27 million worth of BTC tokens in a 24-hour period, with the mining fees topping at $113,300. Ethereum, which is moving to a proof-of-stake system later this year, saw new issuances worth $1.82 million, with the mining fees accounting to $57,187.

In terms of kilobytes added to the network in a 24-hour period, the depth of difference between the two coins was not so vast. Bitcoin added 153,444, while Ethereum brought in 120,477. Bitcoin and Ethereum spent 0.0104 percent and 0.0128 percent, respectively, of their market cap on new issuances.

Source: Messari

Taking the third spot was the fourth largest cryptocurrency in the market, Litecoin. Besides the top two, no other coin spent in excess of a million to protect against potential 51 percent attacks, with Litecoin accounting for new issuances of $921.184.

Zcash and Monero, the privacy-centric coins took the fourth and eighth spot, respectively. Zcash notched just under $390,000 new issuances in the time frame, while Monero accounted for just over $110,000. The fees charged by the two coins were $50.05 and $131.95.

The Bitcoin hardfork, Bitcoin Cash fell below Zcash on the chart, with the coin’s new issuances only bringing over $270,000 million with fees standing at $59.54 over a 24-hour period.



Given the over $7 million security rate of Bitcoin, hacking the network becomes all-the-more difficult. Leaving aside the substantial cost of the attack itself, the investment in electricity to circumvent the mining process would cost a significant amount too. Hence, hackers are deterred from breaking the top virtual currency’s network.

Bitcoin might be ranking above Ethereum in terms of new issuances. However, a recent CoinMarketCap metric, the Fundamental Crypto Asset Score or FCAS, put the Ethereum network ahead with a score of 909 compared to Bitcoin’s 885.





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Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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