Many people do not research the technical aspects of the older cryptocurrency. Some people think they don’t need this information for anything, others find it too complicated. In some situations, however, it is worth activating curiosity so as not to be carried by a deformation wave …
Huge FUD and confusion
Bitcoin session closed yesterday with a loss of 13.29%. The negative emotions among the cryptocurrency community grew with the emergence of two contrasting transactions in one block. It’s just the panic that has consumed consumers and the media who don’t understand what’s really happening. As a result, the so-called snowball effect, which was definitely wrong here.
What really happened in the Bitcoin network? Well, its blockchain will work as it should. When two contrasting transactions were found in block 666 833, a good block was recognized and a bad block rejected.
There was nothing fancy about it, apparently a consumer wanted to send his $ 21 faster while increasing the transaction fee. The mainstream media, with no idea what had happened, started spreading scandalous stories …
Andreas Antonopoulos is fighting against deformation
This completely normal situation turned extreme, and many newcomers panicked. A well-known evangelist from Bitcoin got into the act, going into the fight against windmills.
While the truth won’t win as much as rumors do, nevertheless Andreas Antonopoulos took action by posting a series of tweets. He also hosted a live broadcast to explain what actually happened on the blockchain of the oldest cryptocurrency.
The man, among others, mentioned the 3-Confirmation Rule, which provides reasonable evidence that BTC transactions will continue to be irrevocable. Continuing, he mentioned that a reorganization with 1 block occurs naturally on a fortnight on average, a reorganization with 2 blocks can occur approximately once a year, and a reorganization with 3 blocks has not yet taken place.
A harsh criticism of the unreliability of media
The expert mentioned that some ignorant journalists took advantage of this situation at the worst moment for Bitcoin, when a strong price weakened on its chart. He added that panic has sown among new community members who do not yet understand how this cryptocurrency works and do not know its technical aspects.