Recently, a bitcoin bug kept the network developers busy, working around the clock to fix the issue. Shutting down a part of the blockchain, Bitcoin Core dev teams kept the problem hidden from the public. One of the major implications was a possibility to duplicate the network and produce coins above the set market limit.
Potentially Crippling Bitcoin Bug Revealed
Recently, the developers faced a bitcoin bug that could put a part of the network out of function. Even more worrying was the fact that a potential hacker could create additional bitcoins above the market cap.
Thus, to keep the market in control and not spread panic, the development teams kept the bitcoin bug under wraps. Additionally, the team urged all miners to upgrade their mining software up to the latest patch release to keep the supply stable. With over half of the mining farms updated, the plan worked, patching up the bug and keeping the market flow stable.
According to Pieter Wuille’s (one of Bitcoin’s core developers) explanation, the possibility that ‘fake’ bitcoins will appear at this point is low. The complexity of the code and constant surveillance of the industry would flag these coins if they existed. Thus, apart from general alarm, no great damage has occurred.
Development of Bitcoin Needed for Market’s Trust
After the bitcoin bug incident, it is evident that the development members need to sit down and bring improvements to Bitcoin’s security system. With such vulnerability, highly skilled cybercriminals could not only build wealth for themselves, but damage cryptos’ reputation as well. Due to how popular Bitcoin is, if the investors pull out of its zone, other coins would suffer heavily too.
With the catastrophe avoided, the market is looking for solutions for other cryptocurrencies as well. Many other coins/tokens do not have the dev support that Bitcoin enjoys, leaving them quite vulnerable to such attacks. More importantly, the reputation would go sour for the digital coins that already face criticism from the market’s participants.
Currently, cryptocurrencies are still a small market, moved by the industry trends for the most part. The bitcoin bug and issues that could bring down the leader would definitely start the ripple effect on all others. The implications are huge at this point, and thanks to the bug, development talks are imminent.