On May 8th, 2023, ForkMonitor, a website that tracks and analyzes the Bitcoin network, reported a chain fork with a length of 2 that occurred at block height 788686. According to the site, 13 transactions involving nearly 10 BTC were double spent in the longest chain.
BitMEX, one of the world’s leading cryptocurrency derivatives exchanges, noted that chain splits of this nature on the Bitcoin network are quite rare. The last one may have occurred in November 2020. However, given the recent increase in stale blocks, the occurrence of a chain fork was not unexpected.
ForkMonitor reported that multiple blocks were produced at height 788686. The heaviest chain survives as new blocks are mined, and the other blocks become stale. Some explorers may forget the stale blocks.
As per Bitcoin’s Block Timestamp Protection Rules, the timestamp reported in a block is not necessarily accurate. There can be a slight delay between when nodes first detect a block and when the system processes it.
If a transaction occurs in one branch and a conflicting transaction occurs in the other, it could indicate an RBF fee increase or a double-spend attempt. In this instance, 13 transactions involving 9.85805149 BTC were double-spent on the longest chain.
Additionally, one transaction involving 0.00336058 BTC was fee bumped on the longest chain. The presence of an RBF flag was not considered, and for each output, ForkMonitor checked if less than 0.0001 BTC changed it.
Nevertheless, this occurrence of a chain fork on the Bitcoin network highlights the importance of monitoring the network’s stability and security. As the cryptocurrency market continues to grow, it is essential to remain vigilant to ensure the continued growth and success of the industry.
Bitcoin Chain Fork Sparks Discussions
The recent news of a chain fork on the Bitcoin network has led to discussions among the BTC community about transaction confirmations and network congestion.
Some community members expressed surprise at the fact that Bitcoin could be double-spent. One individual commented, “I didn’t know BTC could be double-spent. Interesting.” Others pointed to the Satoshi paper, which recommends waiting for six confirmations before considering a transaction final with high probability.
Given that the double-spent transactions involved nearly 10 BTC, several community members suggested that the transactions should have waited for the recommended six confirmations.
In addition to discussing transaction confirmations, the BTC community also raised concerns about network congestion. One community member questioned whether BTC would be forked to reduce BRC-20 congestion.
It remains to be seen how the Bitcoin network will address these concerns and improve its stability and security moving forward.
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