Bitcoin has been found with a hidden bug
After the release of the Bitcoin core wallet software, version 0.16.3 on September the 18th 2018, there have been some issues concerning the new version. This update is one that was critical to the Bitcoin Core network, as this will eliminate a double spend bug problem that was laying dormant and hidden in the Bitcoin code. This bug can potential crash all the Bitcoin core wallet if left unresolved.
The Bitcoin Core wallet software is essential to the Network as there are more than 94% of Bitcoin full nodes that run on it, This makes an upgrade to the core system very import as it may cause impactful circumstances.
The bug in the Bitcoin Core wallet is apparently able to introduce the possibility of a double spend with the same input twice in a transaction. If the bug was set in a transaction everyone using the Bitcoin Core Client that received this transaction would have crashed their wallets. The bug was hidden enough that it could not be exploited by anyone, only if a miner had found a block containing the bug. The miner would then have to spend the amount of Bitcoins through a double spend while surrendering the 12.5 Bitcoin mining rewards that comes out of a block solution every 10 minutes. At current prices, a block is worth approximately $80,000 after a block has been solved and stamped on the Blockchain. This can lead to bad actors willing to destroy or forgo the network to lose this amount of money to crash about 90% of the Bitcoin Full nodes.
The network is resilient to attacks of this nature
However, versions of the Bitcoin core full nodes that would have not been affected were the ones running the latest versions. Mainly earlier than version 0.14.0. This can also be a full node software that turns out to be different from Bitcoin.
Currently, there are an estimated 1,250 Bitcoin nodes that have already upgraded to the new Bitcoin Core software version 0.16.3, These kinds of bugs can remain a problem until it becomes critical. There are about 10,000 Bitcoin full nodes on the network, which means that if the bug was exploited and taken advantage of, it could have dropped the full nodes countdown dramatically to less than 50%.
Bugs can pop up at any time in a code, and can become a larger issue if left unresolved by the computer programmers and software developers. The critical bitcoin bug has never been exploited and was found in time to fix the bug in order to stop any malicious actives on the Bitcoin Core Network. This release update has brought some controversy to it as some think that this shows the weakness of the Bitcoin Core software, However, this is more of a display of vigilance and quick response from the Bitcoin Core team to release updates that fix bugs on time.
what do you think about this update and does your wallet already have the newest version? Feel free to leave a comment down below.
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