Bitcoin Gold’s website crashed after it suffered a major cyber attack on its launch, proving that the new cryptocurrency can’t catch a break.
Bitcoin Gold is the result of another hard fork of the main bitcoin network, planned to make it easier for regular people to mine the online currency. We had Bitcoin Cash back in August, a scheme that proved users aren’t likely to be trustful in new projects. Although it had a good start, hitting an all-time high of $914.45, bitcoin cash stands just above $330.
Attack from the very first moment
As soon as it went live, the website came under a sustained distributed denial of service (DDoS) cyber attack. It involved a network of compromised computers, also known as a “botnet”, which flood the website’s servers with page view requests, blocking legitimate traffic access. Bitcoin Gold issued a statement saying their website was under a sustained attack of more than 10 million hits per minute.
In theory, everyone who owns bitcoin receives an equivalent amount in Bitcoin Gold, but many users will most likely have problems going through such a process because many major cryptocurrency exchanges have announced that they don’t want to take part at this new project. At least now yet, not until Bitcoin Gold handles its security issues.
Is Bitcoin Gold an actual game changer?
Currently, only those with dozens of powerful computers and graphics processing units (GPUs) are able to profitably mine bitcoin, but Bitcoin Gold should change this aspect, helping the currency go globally. However, people are skeptics, and that translates into poor trading for the new crypto, at around $150 on Wednesday.
Despite the attack on Tuesday, Bitcoin Gold’s website was back online the next day, And this isn’t the first offensive on a new cryptocurrency. CoinDash got its website hacked over the summer and $7m worth of cryptocurrency transferred into anonymous digital wallets and stolen.