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What is a 51% attack?

BrolySSJ

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This is a common attack that I have seen on the news over the last year and there are many coins that have suffered from this as well. For those of you that are unaware, this is an attack whereby the network of the coin is compromised and the hacker – be it a single person or an organization – is now in control of most of the hash rate, which leads the network to be unstable and unsafe as well.

As is well known, hash rate is used in mining and with the hacker controlling the mining, they are able to disrupt activities on the network as well. Generally when this happens, the users are asked not to transact during that time as it could be lost. Have you ever come across a 51% attack?
 

Ralphjoe

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I haven't come across the 51% attack before because I am not a Cryptocurrency miner. This situation you painted about the hacking is so scary😲, I can't even begin to imagine the kind of pains and frustrations a miner will go through when experiencing such an attack.
 

Mrallison

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I haven't experienced it as i haven't also been long in the crypto currency world and i pray i never experience such cause from the look of it, it can said to be part of the downside to crypto currency that i wasn't informed about
 

Adetayo100

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A 51% attack refers to an attack on a blockchain—most commonly bitcoins, for which such an attack is still hypothetical—by a group of miners controlling more than 50% of the network's mining hash rate or computing power.
 

Abibatabosede

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I haven't heard or come across any thing like 51% attack before but I believe I will keep on learning in the course of seeking knowledge in the world of crypto currency on a daily basis expecially in this platform.
 

Dowenship

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This is a common attack that I have seen on the news over the last year and there are many coins that have suffered from this as well. For those of you that are unaware, this is an attack whereby the network of the coin is compromised and the hacker – be it a single person or an organization – is now in control of most of the hash rate, which leads the network to be unstable and unsafe as well.

As is well known, hash rate is used in mining and with the hacker controlling the mining, they are able to disrupt activities on the network as well. Generally when this happens, the users are asked not to transact during that time as it could be lost. Have you ever come across a 51% attack?
I'v heard of hash rate which is used in mining and if the hacker can control the mining by disrupting the activities on the network then the network wont run down just like that because they will return it back to it position...
 

Akinwale701

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Thank you for enlightening me about this. As much as I think I know about cryptocurrency, I haven't come across an explanation about 51% attack that is very easy like this. Thanks brother.
This is a common attack that I have seen on the news over the last year and there are many coins that have suffered from this as well. For those of you that are unaware, this is an attack whereby the network of the coin is compromised and the hacker – be it a single person or an organization – is now in control of most of the hash rate, which leads the network to be unstable and unsafe as well.

As is well known, hash rate is used in mining and with the hacker controlling the mining, they are able to disrupt activities on the network as well. Generally when this happens, the users are asked not to transact during that time as it could be lost. Have you ever come across a 51% attack?
 

BrolySSJ

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Thank you for enlightening me about this. As much as I think I know about cryptocurrency, I haven't come across an explanation about 51% attack that is very easy like this. Thanks brother.
Not a problem I am glad that the explanation that I have provided here can be of assistance to you. I think that these are very important Concepts when it comes to a cryptocurrency and different coins as a whole because we need to know which exchanges and which coins to invest in especially if you are new to the industry.
 

Nurudeen

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I have not heard of this attack before, but I think all crypto currency exchange platform should at least do their best by ensuring that they integrate proper security system into their PLATFORm to protect people money
 

BrolySSJ

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I have not heard of this attack before, but I think all crypto currency exchange platform should at least do their best by ensuring that they integrate proper security system into their PLATFORm to protect people money
It is very important for any cryptocurrency exchange to ensure that they have a security system because that will determine how many potential users are actually considering investing their cryptocurrency within that exchange platform. It gives them a sense of confidence when using a cryptocurrency platform.
 
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