{"id":36998,"date":"2021-02-25T10:11:01","date_gmt":"2021-02-25T08:11:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36998"},"modified":"2025-08-29T09:15:28","modified_gmt":"2025-08-29T06:15:28","slug":"fed-system-outage-highlights-bitcoin-network-resilience","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/fed-system-outage-highlights-bitcoin-network-resilience\/","title":{"rendered":"Fed system outage highlights Bitcoin network resilience"},"content":{"rendered":"<p>The United States Federal Reserve System (the Fed) reported a technical outage that disrupted the operation of a number of services for several hours. Participants in the cryptocurrency community seized the moment to point to the advantages of the Bitcoin blockchain.<\/p>\n<p><!--more--><\/p>\n<p>According to <a href=\"https:\/\/www.frbservices.org\/app\/status\/serviceStatus.do\" target=\"_blank\" rel=\"nofollow noopener\">the Fed&#8217;s website<\/a>, an &#8220;operational error&#8221; affected the wire transfer system as well as several services of the central bank and government agencies. At the time of writing, the services were operating normally.<\/p>\n<p>In the cryptocurrency community, there was a rush to point to Bitcoin&#8217;s resilience to hacks and outages.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">I always thought <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> will end the Fed but they actually seem to be doing just fine on that by themselves<\/p>\n<p>\u2014 Ben Kaufman (@_benkaufman) <a href=\"https:\/\/twitter.com\/_benkaufman\/status\/1364660421521797127?ref_src=twsrc%5Etfw\">February 24, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p>\u201cI always thought Bitcoin would end the Fed, but it seems they\u2019re handling it themselves,\u201d wrote a Twitter user.<\/p>\n<\/blockquote>\n<p>Participants noted that the Bitcoin network has been operating uninterrupted for 99.9861% of the time since its inception. In that period there were only two incidents in 2010 and 2013, during which the network did not function for a total of 14 hours 47 minutes.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> network has been functional for<\/p>\n<p>99.9861132335 %<\/p>\n<p>of the time since its inception on Jan 3 2009 02:54:25 GMT<a href=\"https:\/\/t.co\/tIokgghvxu\">https:\/\/t.co\/tIokgghvxu<\/a><\/p>\n<p>\u2014 Alejandro De La Torre (@bitentrepreneur) <a href=\"https:\/\/twitter.com\/bitentrepreneur\/status\/1364654296743235593?ref_src=twsrc%5Etfw\">February 24, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/p>\n<p>Castle Island Ventures founder Nick Carter recalled comments by US Treasury Secretary Janet Yellen, who previously described the first cryptocurrency <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-treasury-secretary-janet-yellen-calls-bitcoin-a-speculative-asset\">inefficient<\/a> for transactions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Janet this seems inefficient.. thoughts? <a href=\"https:\/\/t.co\/0jGtkLBF9a\">https:\/\/t.co\/0jGtkLBF9a<\/a><\/p>\n<p>\u2014 nic carter (@nic__carter) <a href=\"https:\/\/twitter.com\/nic__carter\/status\/1364645741940064263?ref_src=twsrc%5Etfw\">February 24, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/p>\n<p>The community also drew attention to Yellen\u2019s remarks and the Fed outage.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">A short, inefficient story: <a href=\"https:\/\/t.co\/559zrDbw54\">pic.twitter.com\/559zrDbw54<\/a><\/p>\n<p>\u2014 Documenting Bitcoin \ud83d\udcc4 (@DocumentingBTC) <a href=\"https:\/\/twitter.com\/DocumentingBTC\/status\/1364643456107368453?ref_src=twsrc%5Etfw\">February 24, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/p>\n<p>As noted, James Bullard, president of the Federal Reserve Bank of St. Louis, said that <a href=\"https:\/\/u1f987.com\/en\/news\/in-the-feds-view-bitcoin-is-a-competitor-to-gold-not-the-dollar\">Bitcoin can compete<\/a> with gold, not the US dollar.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/www.facebook.com\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US Federal Reserve System (the Fed) reported a technical outage that disrupted several services for hours. The cryptocurrency community seized the moment to highlight Bitcoin\u2019s resilience.<\/p>\n","protected":false},"author":1,"featured_media":36999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1301,1249,26],"class_list":["post-36998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-vulnerabilities","tag-federal-reserve-system","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=36998"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36998\/revisions"}],"predecessor-version":[{"id":37000,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/36998\/revisions\/37000"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/36999"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=36998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=36998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=36998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}