Cryptocurrency Q&A
What is the 51% rule in crypto?
What is the 51% rule in crypto?
DiamondStorm
Thu Jan 23 2025
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6
answers
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The 51% rule in crypto refers to a potential attack scenario where a malicious actor gains control of over 50% of the network's hashing power. With this majority, they can theoretically rewrite the blockchain, allowing for double-spending of coins or the reversal of transactions. This attack is mostly a concern for cryptocurrencies using the Proof-of-Work consensus mechanism, like Bitcoin.
6 answers
ZenHarmonious
Sat Jan 25 2025
By acquiring such a significant portion of the hashrate, the attacker would be able to rewrite the transaction history of the blockchain.
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Enrico
Sat Jan 25 2025
A potential threat in the world of cryptocurrency is the double-spending risk posed by a "51% attack".
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SakuraWhisper
Sat Jan 25 2025
This attack involves an attacker gaining control over more than half of the hashrate of a particular cryptocurrency network.
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CryptoPioneer
Fri Jan 24 2025
In such a scenario, the attacker could theoretically spend the same coins more than once, leading to significant financial losses for other users.
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Margherita
Fri Jan 24 2025
The feasibility of a 51% attack depends on various factors, including the overall hashrate of the network and the resources available to the attacker.
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