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Market News

Crypto Space Praises DeFi as Alternative amid Worldwide IT outage

Written By:
Iyiola Adrian

Last updated: July 20, 2024 1:02 PM
Published 2024-07-20
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Crypto Space Reacts to CrowdStrike IT Outage as Blockchains Stay Unaffected

As a major IT outage disrupted businesses, the IT sector, and essential services around the world on July 19, the crypto community had a field day on social media advocating the advantages of blockchain technology as the crypto space remained unaffected by the outage.

The IT outage, which was caused due to CloudStrike software malfunction, led to the abrupt disruption of services related to Microsoft, the IT industry, businesses, airlines, trains, stock exchanges, banks, and even 911 emergency services in the U.S., U.K., Australia, Europe and India.

However, blockchain networks like Bitcoin and Ethereum continued to function smoothly, which was largely due to their decentralized nature of functioning.

The crypto community took no time in praising this unique aspect of the DeFi ecosystem and the reliability of decentralized systems, on X and other social media handles.

Jeff Garzik, a former Bitcoin Core and Linux kernel developer, noted on X, “Global IT outage: Linux, Bitcoin, and Ethereum unaffected.” Other prominent figures in the crypto space shared similar sentiments.

Global IT outage:
Linux, Bitcoin and Ethereum unaffected. 🤔

— Jeff Garzik (@jgarzik) July 19, 2024

Jameson Lopp, co-founder of Bitcoin wallet service Casa, highlighted the significance of Bitcoin’s update approach. He noted that Bitcoin avoids automatic updates, which helps prevent widespread problems that could impact the whole network at once.

U.S. Senator Cynthia Lummis, known for her pro-crypto stance, also weighed in, rhetorically asking which currency remained unaffected by the cyber outages and answering with “Bitcoin.”

Do you know what form of currency hasn’t been affected by widespread cyber outages? Bitcoin.

Vires in Numeris

— Senator Cynthia Lummis (@SenLummis) July 19, 2024

The incident led to discussions about the role of different operating systems in keeping networks stable. Some pointed out that blockchain networks often work across multiple operating systems, which helps make them more robust.

Additionally, the outage sparked a debate about Bitcoin’s early development. While some recalled Bitcoin founder Satoshi Nakamoto’s initial hesitation to develop a Linux client, Bitcoin Core developer Peter Todd stressed the importance of Linux support in growing Bitcoin’s user base.

Also Read: Outraged over IT Outage? Switch to Decentralization

Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.

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Iyiola - Crypto Journalist at The Crypto Times
By Iyiola Adrian
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Iyiola is an experienced crypto writer specializing in simplifying complex blockchain and cryptocurrency topics for a broad audience. With expertise in ICOs, DeFi, NFTs, and regulatory updates, he offers valuable insights to help readers make informed decisions.

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