Bitcoin transaction fees and unconfirmed transactions caused worry among Crypto Twitter users that a Denial of Service (DoS) “attack” was targeting the network. However, the BTC community dismissed the concerns despite reports of node issues and a surge in network traffic.
Certain analysts and commentators in the Bitcoin community have been prompt in reassuring their followers and alleviating these apprehensions.
According to BitInfoCharts, the average Bitcoin transaction cost is presently $19.20, or 0.00068 BTC. Meanwhile, according to Mempool Space, the backlog of transactions was at 459,341 at the time of writing.
The escalated demand on the network has resulted in the total fees per block momentarily surpassing the block subsidy reward of 6.25 BTC on May 7th.
Bitcoin Maximalists Address Concerns
Members of the BTC community, including BTC maximalists, utilized social media to ease concerns about an attack. They underscored that the augmented network traffic was merely due to routine usage and transaction volume and not the consequence of a vicious DDoS attack.
Industry analysts noted that the block subsidy reward of 6.25 BTC was surpassed by total fees per block, which reached 6.76 BTC and 6.7 BTC for block 788695, marking the first time since 2017 that this has occurred. Nevertheless, BTC maximalists and other members of the BTC community employed social media to calm worries of a possible attack, highlighting that the heightened network traffic was due to ordinary usage and transaction volume and not the consequence of a harmful DDoS attack.
According to the Mempool Space Explorer, activity has slowed slightly, and fees have returned below the block reward. The next block will likely be completed, resulting in fees of 4.51 BTC.
The increase in Ordinals inscriptions has been related to the surge in activity and block space need. According to analytics firm Glassnode, Taproot was used in 75% of Bitcoin on-chain transactions on May 7, setting a new record.
Bitcoin Attack Rumors On Social Media
DDoS attacks on the Bitcoin network began circulating on social media channels like Twitter and Reddit. Some users experienced node difficulties and sluggish transaction processing times. This raised concerns that the network was under assault and may be hacked.
However, Bitcoin community members promptly addressed these worries, emphasizing the network’s robustness and security. They also stated that the recent increase in use and transaction volume indicated expanding BTC popularity and use cases.
Bitcoin analysts quickly pointed out that it was due to demand, not a planned attack. “0xfoobar” announced to his 130,000 followers
Bitcoin mempool finally gets some usage, and the maxis are framing it as a DoS attack on the network. They have not considered even the most basic scenarios, like ‘Bitcoin becomes popular and people are willing to pay to use it
Binance, the world’s largest cryptocurrency exchange, suspended Bitcoin transactions once more on May 8, citing “the large volume of pending transactions.” Binance has stopped BTC transactions for the second time in the last 12 hours.
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