Is Bitcoin under attack?
Some users claim that what’s currently happening to the number one cryptocurrency is an attack. As covered by CCN, Bitcoin Cash has been surging in value, so much so it is up to $1,257.57 per token, up from little over $620 last week. BCH’s surge seems to be inorganic, as a large part of the market is currently concentrated in South Korea. According to CoinMarketCap Bitcoin Cash’s trading value on South Korean exchange Bithumb surpassed $2 billion, 36% of the total volume. If we add other South Korean exchanges, Coinone and Korbit, the volume near 50%.
It seems plausible Bitcoin Cash’s ecosystem has been attracting bitcoiners frustrated with the cryptocurrency’s current situation, as according to Blockchain Bitcoin’s fees recently climbed to a new all-time high, while Bitcoin Cash’s fees are still low.
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The recent increase in the number of unconfirmed transactions may be justified with a surge in the cryptocurrency’s trading volume, partly triggered by its recent price surge, and subsequent decline following the SegWit2x cancellation.However, some believe the number of unconfirmed transactions is increasing due to a surge in fake transactions, and that fear, uncertainty, and doubt (FUD) are currently being spread by actors trying to push altcoins. Redditors on the r/bitcoin subreddit claim that bitcoin is currently under attack, and things might look scary for newcomers. He wrote:
“Spam transactions galore; fud on every crypto Reddit; hash power temporarily drained off to B cash. Honestly, we’ve seen every one of these before. Nothing is different. Each time this happens, newbies panic and buy some altcoin(s) and then they are left holding the bag when the value flows back to bitcoin and a new wave of users comes in, driving the price up to new highs and becoming the targets of the next alt pump. It’s a cycle that keeps repeating.”