Cryptocurrency Editor's Picks

Bitcoin SV loses value after a series of attacks

Bitcoin SV loses value after a series of attacks

The concept of cryptocurrencies is highly extensive as it covers several different branches and ideas as well. Similarly, apart from mainstream cryptos like Bitcoin, Ethereum, and Ripple, there are multiple forks of these cryptos.

One such fork is of Bitcoin Cash that goes by the name of Bitcoin SV. It has a gathered a credible reputation in the crypto community, and has attracted potential investors from all across the world. However, the coin has had a fair share of criticism and controversies over the years.

The leaders and founders of Bitcoin SV have claimed that it is the authentic version of Bitcoin, driven from the actual white paper of Satoshi Nakamoto. However, the claim has not been accepted in the crypto realm.

A 51% attack and continuous de-listing of BSV

In a recent development, Bitcoin SV suffered a massive attack of around 51%. Previously, Bitcoin SV was exposed to a series of attacks over the course of last month. These attacks were organized by an anonymous party, and had a serious dent on the coin’s reputation.

The latest attack on Bitcoin SV was identified after reports of serious hashing power on the coin’s system. This meant that the attackers were probably succeeding in their attempts. Reports have shown that more than 12 blocks were reorganized and about three versions of blockchain also mined across different mining facilities. Roughly, the attacks went on for about 12 hours, and they were able to reorganize about 14 blocks.

Moreover, the recent attacks have exposed the vulnerability of the project. Such attacks dwell upon weaker blockchains which are not safe for the users. Therefore, after these attacks, the miners ae rapidly losing interest in the project. A 51% hash rate controlling attack carries immense significance as a number figure as well. Other renowned projects to suffer from such attacks are ETC, BTC Cash, and Verge.

Many cryptocurrency exchanges suspended transactions in Bitcoin SV in June. This was mainly done because of the repeated attacks on the project. Moreover, the prices of BSV have also reacted to this news. Since the third of August, Bitcoin SV has downgraded for more than 8%. In addition to this, it also crashed through a key support level that has forced experts to believe that a further downtrend shall be expected from the coin. Currently, BSV is valued at around $138.50. Furthermore, the trading volume is also constantly decreasing for the coin, and thus a comeback does not look on the cards for the coin.

Related posts

Ethereum retests $3,000 after almost three months

Afroz Ahmad

HIVE Blockchain Announces Deal To Buy New Intel ASIC Chips

Afroz Ahmad

Mercuryo Cryptotographic announced cooperation with two exchanges: CoinBase and CEX