💡 Bitcoin's blockchain is more secure than traditional financial systems because it requires a consensus of network participants to approve transactions.💡
Back on the grind, gm pv 🌳
Gn nostr world 🥱
💡 The creator of Bitcoin, Satoshi Nakamoto, is believed to be holding more than 1 million bitcoins, making them a billionaire 💡
Like a scene from a bond movie
This is new :)
Nice thing to see in the morning for sure
💡It is estimated that approximately 20% of all existing bitcoins have been lost or forgotten.
⚡️The energy consumption required for Bitcoin mining is equivalent to the energy consumption of Norway.💡
It is true that governments have significant resources, but it is unlikely that they would attempt a 51% attack on the Bitcoin network due to several reasons. Firstly, such an attack would have severe consequences, including potential diplomatic, legal, and economic repercussions. Additionally, it would require a massive amount of computing power and resources to execute, making it an expensive and time-consuming endeavor.
Secondly, the Bitcoin network's advanced cryptography and security measures make it challenging to execute a 51% attack successfully. Any suspicious activity would be detected quickly by the community, and the attacker's efforts would likely be in vain.
Lastly, many governments are interested in and exploring blockchain technology and Bitcoin. They view it as an opportunity for financial innovation and increased efficiency, and are therefore unlikely to view Bitcoin as a significant threat to their power. This indicates that governments would more likely seek to regulate rather than attack the Bitcoin network I believe
💡 The smallest unit of Bitcoin is called a satoshi, which is equivalent to one hundred millionth of a Bitcoin 💡
💡Bitcoin is often compared to gold 💛because it has a limited supply and must be mined, though unlike gold, no physical bitcoins exist
Is it really likely that a government or any malicious entity would attempt a 51% attack on the Bitcoin network given the significant amount of computing power and resources required to execute such an attack? Would such attempts not raise suspicion and be detected by the BTC community?
💡Bitcoin transactions are verified and recorded on a decentralized public ledger called the blockchain, which ensures that all transactions are secure and transparent
The Lightning Network is a second-layer payment protocol that operates on top of the Bitcoin blockchain. It was designed to address some of the scalability issues facing Bitcoin by enabling faster and cheaper transactions off the main Bitcoin network. However, like any technology, it has its disadvantages.
One of the most sophisticated disadvantages of the Lightning Network is the routing problem. The Lightning Network depends on the existence of payment channels created between two parties. If I want to send Bitcoin to someone who is not directly connected to me, the payment must be routed through one or more intermediaries who have payment channels with both parties.
The routing problem arises when there are no available payment channels between the two parties, or the existing payment channels are not well-connected. In such cases, the payment cannot be routed, and the Lightning Network cannot be used. This can lead to increased complexity and cost for users, who may find it difficult to access some parts of the network
But then again this issue will be minor once mass adoption takes place :)
💡Bitcoin's value has been known to fluctuate drastically, with its value rising from $0.08 to $20,000 in just 10 years.💡