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Sample Essay on S Short Written Assignment: Attack on Bitcoin

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Sample Essay on S Short Written Assignment: Attack on Bitcoin

The bitcoin digital currency has become one of the most popular trading currencies in internet commerce due to its perceived security, as well as the decentralized nature of generating units of currency and verifying the transfer of funds. Bitcoin depends on many individuals contributing computing power which is pooled to form immense computing capability that runs the bitcoin system. However, despite the innate security of the system, bitcoin recently suffered from a distributed denial of service (DDoS) attack that severely disrupted online trading on the system.

The DDoS attack targets the transaction malleability, which allows individuals to rename transaction messages on the system to wreck havoc in the trading system. The attack interferes with the transaction verification system, making the system to block the confirmation that transactions have gone through. The attack allowed traders to pretend that a withdrawal had failed, and hence received the currency for a second time. The attack was possible due to some deficiencies in the code that is used to encrypt transactions in the trading system.

The attack led to a crisis of confidence in the bitcoin trading system, causing the value of the coin to fall precipitously in a short time, as well as a suspension in trading in bitcoins on a number of exchanges dealing in the currency. The halt in bitcoin trading was injurious to the reputation of the exchange system, further damaging the credibility of the coin as an alternative form of exchange in electronic commerce.

The attack on bitcoin has made me skeptical about the safety of trading on a platform with little or no regulation in the way it conducts business. Investors using bitcoin are at the risk of losing their investment without compensation because there is no independent regulator for the system. Therefore, there needs to be a way in which the system can be regulated and made more accountable to protect investors from losing their money.

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Sample Essay on S Short Written Assignment: Attack on Bitcoin

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