#Bitcoin miners could censor and manipulate transactions. Wouldn't it be possible to just buy 51% of the network?
â NO!
Performing a 51% Attack on #BTCÂ seems easy, but in practice it's not possible.
Here is why:
Tremendous amount of Resources needed
â To successfully perform such an attack, you would need to control more than half of the total hashing power.
â This would require a massive investment in mining hardware, electricity, and infrastructure, making the attack financially unfeasible.
â Where do you even get all this hardware with massive shortages?
â Additionally, during such an attack would the network grow even more. Thus, increasing the cost of such an attack more and more.
â It's an uphill battle...
No gains = no incentive
â Even if someone manages to do that, the difficulty adjustment doesn't work in your favor, and you needed to maintain the power over a longer period of time to really make an impact.
â And all those resources would be for nothing, because all those mined #BTCÂ would be worthless at that point.
â So you have 0 gains and therefore 0 incentive to do such an attack.
â The financial gain would be much bigger, if the miners simply play by the rules.
A 51% Attack on #Bitcoin is not only physically impossible, but also would bankrupt the player who performs it.
Proving that #Bitcoin is actually the only sound digital money on the planet!