Bitcoin escapes CrowdStrike outage unscathed - further proof decentralization is vital
- Tri Huynh Thien
- Jul 22, 2024
- 2 min read
By Trey Huynh July 22 2024
On July 18th, one of the biggest computer outages happened worldwide as CrowdSrike, a leading cybersecurity firm, sent a warning about a defect in a recent system update. Tens of millions of users across industries and platforms were greeted with the dreaded blue screen of death. For several hours, their devices remained offline.
CrowdStrike, a company known for its Falcon Sensor, a platform that uses cloud-delivered technologies to prevent malware and other types of cyber attacks, has since issued a statement addressing the disruption.
The situation has since mostly been resolved, and Microsoft is keeping a close eye on the aftermath, taking “mitigating measures,” according to reports. Major establishments, including banks, offices, broadcasters and even airports, have been impacted by the outage.
Bitcoin was one of the few exceptions
Rather unsurprisingly, Bitcoin has remained unaffected by the ordeal. Due to its decentralized nature, Bitcoin has no single point of failure and was able to continue operating normally. CrowdStrike has also mentioned that MacOS and Linux users were not disrupted by this outage, and most Bitcoin miners prefer Linux frameworks.
The crypto industry as a whole was mainly untouched by the incident, with many coins seeing a price hike over the same week. Bitcoin itself is sitting at just over $67,000 at the time of this writing.
We are aware of a scenario in which customers experience issues with their machines causing a bug check (blue screen) due to a recent CrowdStrike update. We recommend customers to follow guidance provided by CrowdStrike.
The importance of decentralization
The CrowdStrike outage may have been resolved, but it’s become a lasting reminder of the inherent vulnerabilities in centralized systems. Admittedly, this has been an isolated incident, but it shouldn’t encourage over-reliance on a single provider, especially when it comes to your financial livelihood.
That’s not to say you should put all your investment into decentralized platforms, but it’s always a good idea to keep your options open. According to reports, the disruption has affected mainly corporations and other businesses this time, but considering the growing complexities of technology, it might not be the last.
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