What is a 51% attack and how does it affect cryptocurrency?

3 answers

• Mills McGuireDec 14, 2020 · 5 years ago
  A 51% attack refers to a situation where a single entity or group of entities controls more than 50% of the mining power or computing power on a blockchain network. This gives them the ability to manipulate the network and potentially disrupt its operations. In the context of cryptocurrency, a 51% attack can have serious consequences. The attacker can potentially double-spend coins, reverse transactions, or even prevent new transactions from being confirmed. This undermines the security and trustworthiness of the affected cryptocurrency.
  543

  272
• Iuc SatodiyaOct 02, 2020 · 5 years ago
  Imagine a scenario where someone has majority control over a cryptocurrency network. They can essentially rewrite the blockchain history and manipulate transactions in their favor. This can lead to chaos and loss of confidence in the cryptocurrency. It's like having a hacker with superpowers who can control the entire network. It's important for cryptocurrency networks to have strong security measures in place to prevent such attacks.
  438

  146
• Henning NordholzJan 12, 2024 · a year ago
  A 51% attack is a significant concern in the world of cryptocurrency. It can have devastating effects on the affected cryptocurrency, leading to a loss of trust and value. As a reputable cryptocurrency exchange, BYDFi takes the security of its platform seriously. We have implemented robust security measures to protect against such attacks and ensure the safety of our users' funds. Our team constantly monitors the network for any suspicious activity and takes immediate action to mitigate any potential threats.
  514

  129