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:
đŽConfirm fake transactions while ignoring legitimate ones
đŽSpend the same cryptocurrency twice, undermining trust in the network
đŽBlock 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:
đĄThe enormous costs of equipment and electricity make the attack economically unfeasible
đĄThe network can quickly respond to abnormal behavior, isolating the attacker
đĄCommunity consensus and security protocols are constantly being strengthened, reducing the risk of attacks
đĄThe 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 realityâŠ