Topic: CANADA BANK CONCLUDES THAT BITCOIN IS PROTECTED AGAINST ATTACKS OF 51% (Read 153 times)
August 28, 2018, 04:01:50 AM
Well I think this is really a good news based on this people are more secured and the protections is near 51% which is really good to know also many investors will increase based on this information because people want their security.
August 29, 2018, 06:13:25 PM
A study developed by Bank of Canada staff determined that Bitcoin is sufficiently protected against 51% attacks or double spending. The 19-page document highlights that the Work Test (PoW) and the incentives of the network are considered as its main strengths.
The report, called as "[Suspicious link removed]patibility incentive", which has been written by Jonathan Chiu and Thorsten Koeppl, highlights the benefits offered by the protocol that uses Bitcoin, whose objective is to choose who mines the next block in a random and safe way through the Work Test that protects the network. The study suggests that the current system is even better than other proposed systems.
On the work of the miners and the processing capacity of the equipment used in mining, the report explains the following:
The bank also takes a tour of the confirmation of transactions as an additional step that makes it difficult for anyone to alter the history of receiving and sending cryptocurrencies, or trying to complete a double expense.
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It's a pity that the market reacts very sluggishly or does not react at all to even such positive news! I think that the cryptocurrencies will achieve worldwide recognition in a few years in such small steps and will firmly enter our life! I am happy every time reading such news! Thank you!
August 22, 2018, 07:21:28 AM
Btc is too dependent from the other element of crypto market like alt coins, icos, etc. It has to be saved because Btc is our foundation for the bright future and everything in crypto depends on the Btc as well, we have to protect this fact for so much time and for the future.
August 16, 2018, 02:26:17 AM
World's changes in crrypto are always interesting for me and according to this news we have quite confusing situation because I don't trust it at all.
August 08, 2018, 05:34:44 AM
Canada really showed something that was not so common before. I really hope that this article is really reliable and should be trusted. I am sure that this will change the world of cryptocurrency a little
this updates will actually have an effect in the world of cryptocurrency, since it is said that many canadians are starting to convert their money to crypto and this might be the trigger for the market to recover even a little. August 08, 2018, 05:26:58 AM
The news is just wonderful, and most importantly it will help to discourage doubts among beginners!
August 08, 2018, 05:22:22 AM
Canada really showed something that was not so common before. I really hope that this article is really reliable and should be trusted. I am sure that this will change the world of cryptocurrency a little
August 08, 2018, 02:17:26 AM
This is great news, which in addition to all this can seriously raise the rate of cryptocurrencies. I hope that this will happen. Other than that, the data is really incredibly cool
July 30, 2018, 08:53:58 PM
Security and complexity of the blockchain has been two of the reasons why people prefer Bitcoin over fiat currency or actual money. Almost all the news related to BTC getting stolen are either cases of scamming or users falling for phishing sites. Bitcoin still has one of the most secured infrastructure out there.
July 30, 2018, 12:03:47 PM
Your article is helpful. 58% of Canadians hold ownership of Bitcoin. The Canadian Bank thinks it is free of cost and profitable. Here the external attack prevention system is very strong.
July 30, 2018, 11:48:51 AM
From my point of view it’s a good news. I think this percentage will higher soon. Already bitcoin develop many sectors. So I think it will be more protectable. Here the main strength is pow and the incentives
July 30, 2018, 11:20:10 AM
Scam is a threat of cryptomarket.Bitcoin is one of the top listed currency in crypto market. If this news is true people are get more interested to invest in btc.
July 30, 2018, 10:27:30 AM
i wish this news is true. People are afraid to invest in cryto market because of scamed. BTC are trying to minimize this. If they can do it investors will more involve to participate in BTC.
July 30, 2018, 10:12:31 AM
The study has developed by Canadian Bank on the basis of PoW and they are saying about dubble spending but we all know that cryptocurrency is naturally decentralized. I guess They suggested investors to guard the system through validating currency transaction.
July 30, 2018, 09:57:51 AM
In the 19 page document, There is no statement that Bank of Canada is affiliated with this report. Hence, This is a report of a group people studying in Stamford. The report states many positive things about Bitcoin. and about Buenos.io the site is not well reviewed. I suggest to study more before you proceed with this project.
July 30, 2018, 08:35:50 AM
That’s good to hear that bitcoin is protected against 51% attack. I hope in future this percentage will be increasing. Then many newbie will be interested about bitcoin.
July 29, 2018, 08:55:27 AM
Yes I really like this article. I also heard about this study that it also focuses on the proof of work protocol that would determine the possibilities of double spending occurring.
July 28, 2018, 07:08:31 PM
It should be safe from attacks of 51%. If it wasn't secured, it wouldn’t be on the top position for a very long time.
July 28, 2018, 04:39:33 PM
Upon researching, the bank of Canada came to the conclusion that Bitcoin is fully protected against the 51% attack. They mentioned the reason behind this is the large network size of Bitcoin and proof of work protocol. Bitcoin is too expensive to attack due to its higher energy consumption.
July 28, 2018, 02:22:33 PM
Very useful information.
I think that in the near future there will be many businesses and organizations that accept payment by BTC to promote the development of the Cryptocurrency world further.
I think that in the near future there will be many businesses and organizations that accept payment by BTC to promote the development of the Cryptocurrency world further.
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