One of the terms frequently heard in the
cryptocurrency world is the 51% attack. So, what is this attack and how does it
happen? In this article, we will explain what the 51% attack means and how it
affects the security of cryptocurrencies. The 51% attack is when a group of
miners who hold the majority on a cryptocurrency's blockchain attempt to
manipulate transactions on the network. Blockchain technology needs miners to
verify and record transactions. Miners compete with each other to confirm
transactions, and in return they receive cryptocurrency rewards. In the
process, they follow the longest blockchain of the network and this chain is
also the most reliable. However, if a group of miners controls more than half
of the network, then they can change the blockchain as they wish. For example,
they can cancel previous transactions, block rewards from other miners, or
spend the same cryptocurrency multiple times. In this way, the reliability and
value of the cryptocurrency can be severely damaged. It takes a lot of
processing power and resources to make a 51% attack. Therefore, this attack is
very difficult or impossible for major and popular cryptocurrencies. However,
for small and little-known cryptocurrencies, this attack can be carried out
more easily. Therefore, when investing in cryptocurrencies, it is necessary to
pay attention to factors such as the security and decentralization of the
blockchain. The 51% attack is one of the biggest threats to the cryptocurrency
world. To prevent this attack, cryptocurrencies can take different measures.
For example, they can adjust the mining difficulty, use different consensus
mechanisms, or increase the decentralization of the network. Cryptocurrency
users can also protect themselves by choosing trusted exchanges and wallets or
waiting for their transactions to be verified.