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A study developed by Bank of Canada staff determined that Bitcoin is sufficiently protected against 51% attacks or double spending. The 19-page document highlights that the Work Test (PoW) and the incentives of the network are considered as its main strengths.

The report, called as "[Suspicious link removed]patibility incentive", which has been written by Jonathan Chiu and Thorsten Koeppl, highlights the benefits offered by the protocol that uses Bitcoin, whose objective is to choose who mines the next block in a random and safe way through the Work Test that protects the network. The study suggests that the current system is even better than other proposed systems.

On the work of the miners and the processing capacity of the equipment used in mining, the report explains the following:

The bank also takes a tour of the confirmation of transactions as an additional step that makes it difficult for anyone to alter the history of receiving and sending cryptocurrencies, or trying to complete a double expense.

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This thing is decided because of this market has risk of scams also this market has some fraud that is the main reason they are thinking about this but they disclose that is this market is now more secured to invest so number of investors will be increase.

Based on the latest survey from the central bank of canada and there is more than 58% of canadians are converting their money to the bitcion right now. 51% looks not possible in my opinion but that will not cloe all of possibilities for 51% attack to be happened for bitcoin. Bitcoin gold has become the best example about how 51% works today.

Now we all can be much more assured on the part and consideration, that how secure and high measures of regulations is maintained for BTC, even confirmed by the BANK of Canada. Taking confirmation of the levels of transactions happening on this platform, shows full responsibility along with reliability for the market. This article will surely, provide a trust for newbies who were previously a bit reluctant and confused about whether to join or not.

What? About 58% canadian people are going to invest into cryptocurrencies? That must be a joke or? Where did you read this article.
Thank you for the link ;).

Very useful information.
I think that in the near future there will be many businesses and organizations that accept payment by BTC to promote the development of the Cryptocurrency world further.

Upon researching, the bank of Canada came to the conclusion that Bitcoin is fully protected against the 51% attack. They mentioned the reason behind this is the large network size of Bitcoin and proof of work protocol. Bitcoin is too expensive to attack due to its higher energy consumption.

It should be safe from attacks of 51%. If it wasn't secured, it wouldn’t be on the top position for a very long time.

Yes I really like this article. I also heard about this study that it also focuses on the proof of work protocol that would determine the possibilities of double spending occurring.

That’s good to hear that bitcoin is protected against 51% attack. I hope in future this percentage will be increasing. Then many newbie will be interested about bitcoin.

In the 19 page document, There is no statement that Bank of Canada is affiliated with this report. Hence, This is a report of a group people studying in Stamford. The report states many positive things about Bitcoin. and about Buenos.io the site is not well reviewed. I suggest to study more before you proceed with this project.

The study has developed by Canadian Bank on the basis of PoW and they are saying about dubble spending but we all know that cryptocurrency is naturally decentralized. I guess They suggested investors to guard the system through validating currency transaction.

i wish this news is true. People are afraid to invest in cryto market because of scamed. BTC are trying to minimize this. If they can do it investors will more involve to participate in BTC.

Scam is  a threat of cryptomarket.Bitcoin is one of the top listed currency in crypto  market. If this news is true people are get more interested to invest  in btc.

From my point of view it’s a good news. I think this percentage will higher soon. Already bitcoin develop many sectors. So I think it will be more protectable. Here the main strength is pow and the incentives

Your article is helpful. 58% of Canadians hold ownership of Bitcoin. The Canadian Bank thinks it is free of cost and profitable. Here the external attack prevention system is very strong.

Security and complexity of the blockchain has been two of the reasons why people prefer Bitcoin over fiat currency or actual money. Almost all the news related to BTC getting stolen are either cases of scamming or users falling for phishing sites. Bitcoin still has one of the most secured infrastructure out there.

This is great news, which in addition to all this can seriously raise the rate of cryptocurrencies. I hope that this will happen. Other than that, the data is really incredibly cool

Canada really showed something that was not so common before. I really hope that this article is really reliable and should be trusted. I am sure that this will change the world of cryptocurrency a little

The news is just wonderful, and most importantly it will help to discourage doubts among beginners!

this updates will actually have an effect in the world of cryptocurrency, since it is said that many canadians are starting to convert their money to crypto and this might be the trigger for the market to recover even a little.

World's changes in crrypto are always interesting for me and according to this news we have quite confusing situation because I don't trust it at all.

Btc is too dependent from the other element of crypto market like alt coins, icos, etc. It has to be saved because Btc is our foundation for the bright future and everything in crypto depends on the Btc as well, we have to protect this fact for so much time and for the future.

It's a pity that the market reacts very sluggishly or does not react at all to even such positive news! I think that the cryptocurrencies will achieve worldwide recognition in a few years in such small steps and will firmly enter our life! I am happy every time reading such news! Thank you!