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Half of the Bitcoin transactions end up as a fail

by on30 April 2013 1727 times
Bitcoin

Scientists at Southern Methodist University in Dallas and those from Carnegie Mellon University conducted a study on Bitcoin transactions and came up with devastating results. According to their data, 45% of these transactions end up as a fail, often taking with them the money from the users, and those who survive the transaction are also those who have the most traffic, and are most exposed to attack.

Data was given at the basis of monitoring 40 digital exchanges on the Internet that offer changing Bitcoin for real currency and vice versa. Of these 40, 18 have failed, of which 13 stopped working without any warning or explanation. Another four stock exchanges were the victims of serious attacks, but have recovered and resumed with the operations.

The largest of the stock exchange is "famous" Mt. Gox with 40,000 transactions per day, while the average for all the other is more than 20 times smaller - only about 1,700 transactions a day. According to the study, the median survival of Bitcoin stockmarkets is 381 days, and around a third off them shuts down their operations during the first year.

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Last modified on 30 April 2013
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