Concerns As Bitcoin is Attacked By Bug
The issue was kept secret until the code was upgraded.
Bitcoin Core Developers Immediately Fix Dangerous Software Bug
A number of flaws have emerged on the bitcoin side with potential of causing inflation in the crypto world. Experts are raising questions whether some hackers are being sponsored by governments to exploit bitcoin code through bugs.
On Thursday, Bitcoin Core engineers announced that they had come across software vulnerabilities within bitcoin. They stated that the issue had been fixed. This announcement might lead to suspicion from the mainstream sector. The issue might be responsible for the creation of new illegal bitcoins. As a result, the cryptocurrency sector would have witnessed an inflation rate due to increased bogus bitcoins. Most importantly, the mainstream sector would have raised questions over the system dubbed trustworthy.
Many wondered why the discovery was kept a secret but open sources developers had an answer. They stated that the issue was discovered in version 0.14 and making it public without fixing would have attracted scammers. They didn’t want a situation where scammers would take advantage of the technical shortcoming to engage in double spend transactions. Key to note is that version 0.15 has been updated and free from bugs.
lso confirmed the bug stating that developers had fixed it immediately upon discovery. The latest version also reduces the chances of having an inflation since it lowers or completely removes a window for DoS attack. Such an attack had the capability to alter the entire network.
Members of the open source have come out to speak about the flaw. They have chosen to remain anonymous. They claim that once the bug was discovered, developers were immediately made aware. They noted that implications are serious. The matter was reported to bitcoin core developers alongside those working on projects meant to back other digital currencies like ABC.
Why Bitcoin Needs To Remain Trustworthy
At the moment, bitcoin has a market cap of $225 million while the overall market share stands at 51%. Investors consider bitcoin as the online gold since it requires high power and electricity to mine. Over the years, bitcoin has a market reputation of near perfect and this status must be upheld to spearhead mainstream cryptocurrency adoption. An illegal entry of bitcoins into the market can be destructive towards achieving cryptos ultimate goal.
Bitcoins is the last resort for individuals who no longer trust the central bank in their respective countries over currency devaluation. Bitcoin also offers solace for individuals where authorities are mismanaging the economic system. Any penetration of the bitcoin system would lead to a loss of faith in cryptos. However, over the weekend, bitcoin’s value improved standing at $6,700.