Almost $3.6 billion about to get solidified on Ethereum network, which could have been enough to attack Bitcoin
For context, a 51% attack occurs when a single entity gains control of more than half of a blockchain network's mining power or hash rate. This control could potentially enable the attacker to manipulate transactions and double-spend coins, undermining the trust and reliability of the network. Bitcoin, as a proof-of-work blockchain, is technically vulnerable to such an attack.
Yet, transitioning this theoretical possibility into reality would not be as straightforward as it sounds. Purchasing a significant volume of Bitcoin to gain majority control would likely incite a colossal surge inprice due to heightened demand. This sharp price escalation would require even more resources, complicating the feasibility of the attack.
Furthermore, the fundamental goal of blockchain technology is to ensure transparency, security and trust. A 51% attack contradicts these principles, leading to catastrophic consequences for the network's reputation, and thereby, its value.
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