Is a 51% attack possible on the bitcoin network?

[BrolySSJ]

With coins and network experiencing the 51% attack there are some concerns surrounding the fact that this could also happen to bitcoin in the future. Rest assured, it is said that this is theoretically not possible to happen to bitcoin, which is a good assurance. Apparently if one looks at the bitcoin network there is not enough mining capacity to spare that will allow for such an attack.

So in that case it seems that bitcoin remains safe from this attack. However, whilst analysts say that this is theoretically not possible, the fact remains that sometimes attacks defy theory. Do you think that it is a stretch to label this as impossible?

 

[ahmedo24]

Provided bitcoin is digital in nature it is prone to attack, I once read an article online where bugs were sent to the blockchain network to increase the maximum number of bitcoin that could be mine from 21 million to a bigger value though this was fixed almost immediately

 

[Suba]

51% attacks on the Bitcoin network are very unlikely, and it is impossible for individuals to do so because they are very expensive. It takes at least the 5 largest mining pools to carry out the 51% attack. In order to prevent 51% attacks, in July 2019 a Mining Conference was held on the Stratum V2 Protocol to prevent hijacking of computing power and has been cryptographically signed by all mining pools.

 

[Ralphjoe]

I don't think the 51 attack will be able to penetrate any Bitcoin mining process due to the algorithm of its mining and it decentralization of its blockchain. The blockchain technology that Bitcoin uses is the safest in the world.

 

[Erik4150]

There is nothing to worry about. The analyst are just basing their worries on theories, there's no tangible reason to think that the attacks would start affecting bitcoin any time soon. Bitcoin is the safest cryptocurrency I know.

 

[alberello75]

Dear friend, the risk is limited but it exists. For example, last May, there was a theft of 40 million Dollars, subform of Bitcoin, by hackers using techniques such as viruses and phishing.

 

[Kelly5]

With coins and network experiencing the 51% attack there are some concerns surrounding the fact that this could also happen to bitcoin in the future. Rest assured, it is said that this is theoretically not possible to happen to bitcoin, which is a good assurance. Apparently if one looks at the bitcoin network there is not enough mining capacity to spare that will allow for such an attack.

So in that case it seems that bitcoin remains safe from this attack. However, whilst analysts say that this is theoretically not possible, the fact remains that sometimes attacks defy theory. Do you think that it is a stretch to label this as impossible?

No person can attack a Bitcoin network. It is people's bitcoin accounts that are been hacked because of negligence on bitcoin owner. For the Bitcoin network to be hacked, it has to be a joint network hack approval by the entire mining network which is impossible to achieve.

 

[Bilal0087]

I think the risk of scamming with Bitcoin is not so much easy, as its the world's most expensive, trusted and reliable cryptocurrency. Furthermore its decentralized digital cryptocurrency and the chances of attack on btc is very low.

 

[Goodday]

No, l don't think bitcoin can suffer an attack to such a greater percentage of 51%. We know the crypto currency community is decentralized and it's prone to danger alright but with bitcoin being the father of all crypto, security is very tight and it will be difficult for such thing to happen.

 

[moonlight]

Because of its mining algorithm and its decentralization of its blockchain, I don't think the 51 attack would be able to penetrate any Bitcoin mining method. The blockchain technology that is used by Bitcoin is the world's safest.

 

[Lagazine]

With coins and network experiencing the 51% attack there are some concerns surrounding the fact that this could also happen to bitcoin in the future. Rest assured, it is said that this is theoretically not possible to happen to bitcoin, which is a good assurance. Apparently if one looks at the bitcoin network there is not enough mining capacity to spare that will allow for such an attack.

So in that case it seems that bitcoin remains safe from this attack. However, whilst analysts say that this is theoretically not possible, the fact remains that sometimes attacks defy theory. Do you think that it is a stretch to label this as impossible?

I doubt if bitcoin is liable to any price attack in future because they've paid the price already. Bitcoin was introduced, just like every other crypto coin and do t see it crashing back to zero in the nearest future. Bitcoin will forever continue to lead while other coins follow. As regards to its falling, bitcoin will surely rise and fall like every other money.

 

[Nurudeen]

51% attack on Bitcoin is not very likely at the moment even for other altcoin because majority of all these crypto currency exchange Business are now using two factor authentication and other strong network to secure their platform from any form of threat. So to me Bitcoin can't be attacked at all

Post automatically merged: Jan 22, 2021

51% attack on Bitcoin is not very likely at the moment even for other altcoin because majority of all these crypto currency exchange Business are now using two factor authentication and other strong network to secure their platform from any form of threat. So to me Bitcoin can't be attacked at all

 

[Trojan8]

I really don't see that happening unless the attack is on people with huge reserves. It would take a lot of technological manpower to pull such an attack on Bitcoin. If it has happened to other coins, it is because they don't have the kind of security like bitcoin.

 

[hani20980]

I don't think such attack is possible in bitcoin network for many reasons like the high security of bitcoin
blockchain and the high cost of this attack but 51% attack is possible for other altcoins

 

[Lyrrex]

Provided bitcoin is digital in nature it is prone to attack, I once read an article online where bugs were sent to the blockchain network to increase the maximum number of bitcoin that could be mine from 21 million to a bigger value though this was fixed almost immediately

 

[Ridorz]

I can not 7% assure that Bitcoin can be 51% attacks because Bitcoin and even others aitcoin managements are using a strong security and two factor authentication to protect their platform in which to prevent a attacks. And I believe that they are always be at alert for any attempt of attacks.

 

[Riniyke]

51% attack on bitcoin is unlikely to happen because of the algorithm of its mining and the network is strong and also the high security in which bitcoin use, so I doubt it will affect/attack bitcoins

 

[Dowenship]

All those analyst analyzing things they themselves doubt! Anything can happen in the nearest future, where the analyst able to detect that bitcoin will reach $40k at beginning of the year...I'm not sure they did they were even proved wrong

 

[Iamsodex]

I doubt if this can happen because, aside the security put in place in the block chain network, the increasing difficulty in mining is one huge influence to determine this. The team behind most coins are always having this in mind also so they clearly would want to avert such attack by implementing measures to curb such.

 

[Akinwale701]

With coins and network experiencing the 51% attack there are some concerns surrounding the fact that this could also happen to bitcoin in the future. Rest assured, it is said that this is theoretically not possible to happen to bitcoin, which is a good assurance. Apparently if one looks at the bitcoin network there is not enough mining capacity to spare that will allow for such an attack.

So in that case it seems that bitcoin remains safe from this attack. However, whilst analysts say that this is theoretically not possible, the fact remains that sometimes attacks defy theory. Do you think that it is a stretch to label this as impossible?

I do not think so. I'm not saying bitcoin network is impregnable, don't get me wrong but the network of bitcoin and other Cryptocurrency is very strong that it can't be easily or even possibly attacked let alone of losing 51% of its content to hackers.