Can Crypto Be Hacked?
In theory, yes, it can be. The hacking of any given network is known as a 51% Attack. Let's understand what that means.
What is a 51% Attack?
A "51% Attack" is a vulnerability in PoW blockchains that allows a criminal to control the process of verifying transactions and creating new blocks.
Simply put, the criminal captures 51% of the network's power. This is quite enough to control the entire blockchain.
What Can Be Done With 51% of Network Power?
With such an advantage, the attacker can:
🔴Confirm fake transactions while ignoring legitimate ones
🔴Spend the same cryptocurrency twice, undermining trust in the network
🔴Block other users' transactions, leaving them unconfirmed
Why Will This Never Happen?
Despite the theoretical possibility of such an attack, in practice, its implementation is extremely unlikely because:
🟡The enormous costs of equipment and electricity make the attack economically unfeasible
🟡The network can quickly respond to abnormal behavior, isolating the attacker
🟡Community consensus and security protocols are constantly being strengthened, reducing the risk of attacks
🟡The interest of miners lies in maintaining the stability and security of the network, as their income directly depends on trust in it.
Fear of a 51% Attack is unnecessary, as it is a very complex, unprofitable strategy that will only lead to a waste of time and resources. But who knows, maybe soon it will become a reality…
