The US Federal Reserve System (FRS) reported a technical failure that disrupted a number of services for several hours. Members of the cryptocurrency community seized the opportunity and pointed out the merits of the bitcoin blockchain.
According to the Fed’s website , the “operational error” affected the electronic transfer system, as well as several services from the central bank and government agencies. At the time of writing, the services are operating normally.
The cryptocurrency community was quick to point out the resilience of the bitcoin network to hacks and shutdowns.
I always thought #Bitcoin will end the Fed but they actually seem to be doing just fine on that by themselves
– Ben Kaufman (@_benkaufman) February 24, 2021
“I always thought bitcoin would put an end to the Fed, but it looks like they can handle it themselves,” a Twitter user wrote.
Community members also noted that the blockchain of the first cryptocurrency has been running 99.9861% smoothly since its inception. During this time, there were only two incidents in 2010 and 2013, due to which the network did not function in total for 14 hours and 47 minutes.
The #Bitcoin network has been functional for
of the time since its inception on Jan 3 2009 02:54:25 GMT https://t.co/tIokgghvxu
– Alejandro De La Torre (@bitentrepreneur) February 24, 2021
The founder of Castle Island Ventures Nick Carter recalled the words of the head of the US Treasury Janet Yellen. She previously called the first cryptocurrency ineffective for transactions.
Janet this seems inefficient .. thoughts? https://t.co/0jGtkLBF9a
– nic carter (@nic__carter) February 24, 2021
The community also pointed to Yellen’s words and the failure in the Fed’s system.
A short, inefficient story: pic.twitter.com/559zrDbw54
– Documenting Bitcoin (@DocumentingBTC) February 24, 2021
We will remind, the head of the Federal Reserve Bank of St. Louis James Bullard said that bitcoin can compete with gold, not the US dollar.