What are the potential risks and impacts of a 51% attack on the Bitcoin network?
lion araseNov 21, 2024 · a year ago1 answers
Can you explain the potential risks and impacts of a 51% attack on the Bitcoin network in detail?
1 answers
- Oleksander SimkinJun 13, 2022 · 4 years agoA 51% attack on the Bitcoin network is a rare but possible scenario. If a single entity or group controls the majority of the network's mining power, they can potentially rewrite transaction history and double-spend coins. This would undermine the trust and security of Bitcoin. However, it's worth noting that the Bitcoin network has built-in defenses against 51% attacks, and the likelihood of a successful attack decreases as the network grows and becomes more decentralized.
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