The price of Bitcoin has once again risen sharply in the first few weeks of the year and once again generated a lot of enthusiasm among investors. This means that more people will consider investing in cryptocurrency in the long term. We would like to point out 3 reasons why Bitcoin may be unbeatable today.
Can you still attack the Bitcoin network?
When people invest in Bitcoin, they often wonder how secure the cryptocurrency investment is. Sentiment is often turned against Bitcoin, and some experts see the Bitcoin network in danger. But in fact, the Bitcoin network can hardly be attacked at all. What are the reasons for this?
Reason 1: Bitcoin’s hashrate has increased significantly
Bitcoin is based on A proof-of-work consensus mechanism. This means that miners use their physical strength to secure the network. This also means that as mining power increases, hedging gets better and better. This has been the case with Bitcoin for years.
Because the hashrate of Bitcoin mining has been increasing almost continuously for years. There are always hesitations. But the long-term trend is upward. With the current, huge hashrate, an attack against the network is extremely unlikely.
Reason 2: Extremely high network control threshold
In recent years, 50% attack has been philosophized repeatedly. So it is possible for an instance to control 50% of the network and launch an attack on the Bitcoin network.
A few years ago, the Hash.io mining pool already had over 50% of the total mining power. However, he could not centrally control the network. Basically, a large mining pool has no way to change the network. For a change, the entire network must agree.
Reason 3: Bitcoin is too decentralized
In the early years of Bitcoin, the blockchain was already designed in a decentralized manner. But the number of registers or nodes was not so large that the network could be described as impenetrable.
This will no longer be the case in 2023. The network is organized in such a decentralized way and is so widespread due to global mining that even huge countries like China or the US will hardly have a chance to control the network in any way.
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