The protocol is constantly under attack from all sides. Whether it is the bitcoin maximalist or minimalists, there is always a source. The Best Bitcoin Wallet is helping to fight against spam attacks by adopting anti-spam measures. Bitcoin is a decentralized cryptocurrency that has been through ups and downs, and needs to constantly evolve to defend itself.
The Best Bitcoin Wallet Anti-Spam Defenses
The first danger to BTC is how people can spend large amounts of money in order to boggle down the network speed. In this case, undesirable high load is created on the blockchain and mining servers from individuals or groups unleashing a huge amount of unnecessary money transfers. Quite frankly, these transactions are anything but useful. They are carried out one by one, and as inefficiently as possible so that bytes of data are as large as possible. Legitimate users would be using the sendmany function implemented in the JSON-RPC protocol, but attackers would simply use sendfrom over and over again.
Another reason is that websites and service providers may be putting unnecessary load on the network. The truth is, not all data needs to be handled by the network. There’s a lot of processing that should be done on the central servers of a website itself rather than the public ledger. When people load the network with too much redundant data, the network also begins to slow down and the number of unconfirmed transactions at any one point will rise.
What happens when bitcoin unconfirmed transactions rises is a huge increase in the fees paid by regular users. Right now, the fees can range anywhere from 10 cents to 30 cents on average for a single payment. This is massive compared to the prices of long ago, when fees were extremely cheap. Another reason why fees are so high is because of lower block rewards. Miners are getting paid less and less since proof of work scales towards this way. There will only be 21 million BTC ever created, and most of them already exist. As a result, the incentive for miners to mine goes down. The price has also been through rough periods of volatility, which has discouraged miners from participating int he coin creation process. Finally, massive competition from ASIC companies have rendered the regular user useless in terms of mining capability. It’s next to impossible to find a block by yourself, regardless of your processing power from a desktop server.
Preventing Bitcoin Spam
There’s only one way to stop spam on Bitcoin’s network. Increasing fees leads to higher punishment for attackers, but also less incentive for normal users to use Bitcoin. The truth is, Bitcoin needs to scale better. The current number of blocks per second needs to be increased, as does the block size. Without increasing and addressing the current scalability issues, BTC will not be able to move forward into the territory of great adoption. Most users are waiting far too long for their money to move from one address to another.
Recently, news sources have pointed out that rich people can in fact slow down the network with only $5000 every day. To most people, that may seem like a lot. But major companies competing against the cryptocurrency will find that their profits far exceed that, and will be willing to spend such a minor amount to inhibit their competitor’s growth. This is definitely where newer digital currencies like Ethereum step in. In the future, we’ll see a wide range of decentralized digital currencies that all compete against each other, and prevent major corporations from controlling any single entity on the best bitcoin wallet network. As a result, these attacks are easily mitigated as users can transfer from one chain to another with ease.
Finally, the software implementations of Bitcoin wallet software already have built-in functions to compress many transactions into one. This prevents a large number of transactions building up at once from a single client, and helps solve the crisis that the best bitcoin wallet is facing today. It prevents accidental major transactions as a contributor to the network lag that occurs weekly in the Bitcoin community. On the mining level, it is also essential for these users to do the greater good for the cryptocurrency community. Since miners process transactions, it is up to them which blocks will contain which transactions. This means that well-known anti-bitcoin corporations can be filtered out by the miners themselves! If you have any suggests to stop Bitcoin from lagging, comment below.