Why is a 51 Percent Attack Dangerous?

[Suba]

In blockchain networks that implement a PoW (Proof of Work) consensus mechanism, where new coins must be mined, miners can come from all over the world. This makes the PoW consensus system vulnerable to a 51% attack.
This means that if an individual or group controls more than 50% of the hashrate, they can delete transactions on the blockchain, double spend, and censor transactions. This is similar to an accountant in a company manipulating financial statements. Therefore, if a 51% attack occurs, users' crypto, even if stored in a hard wallet, can be lost because they actually store it on the blockchain or ledger.

In a PoW blockchain system, distributed control and hashrate control, or decentralization, are crucial. The more individuals or parties involved, the more difficult it is to achieve majority control, or more than 51%.

 

[kit_hung]

You have raised a very sensitive issue regarding the security of blockchain networks. The PoW system is unique, but it also has risks like a 51% attack. This is like giving one person the power to destroy a company’s financial records—very dangerous!

The solution lies in the distribution of power—decentralization. As more miners are around the world, so does security. Also, the crypto community continues to develop better ways to prevent such attacks. Keep learning, being vigilant, and sharing knowledge. Your presence in crypto is part of a big change!