What are the potential risks and impacts of a 51% attack on the Bitcoin network?

1 answers

• Jan 15, 2022 · 3 years ago
  A 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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