Theory Of Dusting Attack; How It Can Affect Bitcoin?

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Crypto World At Your Finger Tips!
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Theory Of Dusting Attack How It Can Affect
Bitcoin?
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To measure the success of Bitcoin, one can rely
on to know about Bitcoin millionaire stories
which also includes Akshay Haldipur, an Indian
Bitcoin millionaire, who will share the
experience of becoming richer by investing in
Bitcoin. This dominating cryptocurrency was
developed on 3rd January 2009 by Satoshi
Nakamoto.
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• Even though there are some doubts regarding its
  real founder, but most of us are familiar with
  this name only. So lets not indulge in digging
  research to find its real founder.
• Now since Bitcoin is a digital technology, so it
  does carry a risk of becoming vulnerable to
  hackers and scammers, who with their clever
  tactics cheat crypto users by cracking the
  privacy and send little coins to their personal
  wallets. This practice is known as dusting
  attack.

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Meaning Of Dust In Cryptocurrency

• Before hopping on to our main subject on dusting
  attack, let us have a brief understanding of the
  dust in the context of cryptocurrency. In terms
  of cryptocurrencies, the word dust signifies a
  very small amount of tokens or coins. This amount
  is so tiny that it does not come under the notice
  of users. Let us take Bitcoin as an example to
  explain clearly.
• Suppose if the little unit of this currency is 1
  satoshi, then it indicates dust, which means the
  number of satoshis. Another meaning which defines
  dust is the little amounts of coins that get
  stuck on accounts of users when the
  implementation of trading orders is done. Even
  though dust balances cannot be traded, still,
  converting them to BNB is done possibly by the
  Binance users.

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• In the case of Bitcoin, dust cannot be officially
  defined, as the execution of every software might
  seem to have a contrasting approach. Dust in
  terms of Bitcoin Core can be explained as an
  output of a transaction, which is lesser in
  comparison to that transaction fees.
• This is called dust limit. If you go by
  technicality, then the calculation of the dust
  limit is based on inputs and outputs size. They
  generally determine 546 satoshis for constant
  transactions of Bitcoin, and 294 satoshis for
  related transactions of SegWit.
• This makes us understand about the daily
  transaction, whether equivalent or much little
  than the 546 satoshis will fall under spam and is
  certainly not going to be accepted by
  authenticated nodes.

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Dusting Attack On Bitcoin

• The reason for the occurrence of dusting attack
  is when users dont pay much heed to smaller
  quantity appearing in the wallets. This brings
  opportunity for the scammers to take undue
  advantage by dusting majority of addresses and
  sending some satoshis to their wallets. After
  this task, the next step they use as a dusting
  attack is to include a number of analysis of many
  addresses to point out the ones belonging to a
  similar wallet.
• The main objective of these scammers is to
  cleverly attach the wallets and addresses that
  are being dusted to their own firms. And if they
  are lucky enough to track down the knowledge,
  then it gives them the power to pit against their
  prey through attacks by cyber or by phishing.

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• Initially, Bitcoin became the first target of
  dusting attack. But now this threat is also
  affecting other cryptocurrencies that are
  operating top on the blockchain which can be
  traced. It all happened in the year 2018 when
  there was an announcement by the developers of
  the Samourai Wallet of Bitcoin, about the threat
  of dusting attack on their users. The developers
  even warned them about this possible attack, and
  how they must defend themselves from it. The team
  of Samourai Wallet even initiated an alert
  reading Do Not Spend. It was regarding help
  for the users to know about funds that seem to be
  misleading.
• Bitcoin is no matter a cryptocurrency that made
  many people including the highest bitcoin holder
  in India and others from different countries. But
  since it is a digital currency, then it needs to
  be protected from security threats like hacking
  and spams.

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Conclusion So this was all about dusting attack.
Though it is not so easy to hack or disrupt
Bitcoin blockchain, wallets often fall under the
risk of such threats, which becomes a concerning
matter. While creating an account, personal
information is not being shared by the users. In
that case, it becomes difficult for users to
prove any theft committed by hackers by accessing
their coins for personal gains. Sources https//
www.cryptoknowmics.com/news/list-of-famous-bitcoin
-investors
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