It is, but why is a 51% attack neccesary? And why is it so difficult? And who validates it?
Discussion
Nodes validate the blocks.. no nodes, no validators. So more nodes, more secure. 51% attack would be extremely hard because the nodes running bitcoin won’t choose to abandon it for some hard fork (b cash), as we see that even soft forks are crazy contentious. true bitcoiners understand the importance of time and the longest chain that has the most proof of work.
Did I mention my deep grasp of #Bitcoin is more on the philosophical side. 😂😂😂😂😂. I feel like I’m failing this test horribly
Nah you kicked ass
Cheers!
Tell me tell me!!! I want to know more
In short, longest pow means more energy put into creating history. We assume that you dont want to waste this energy, especially when you are also competing against others for the same goal.
So to be the longest chain, it needs to grow faster then any other chain. This means that it requires more computation then any other chain and therefore always a majority. Which is 51 percent.
The difficulty is basically finding a random value via complex mathematic formulas that starts with a given number of zeroes before any other symbol appears. Because a random value wont always give a value that starts with zeroes, it gets more difficult to find one if more zeroes are required. This is the difficulty of a block. If it cannot be verified to have this difficulty the block including reward wont be accepted.
And in an economy, you want your transaction or reward to be accepted because otherwise it has no value.
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