What is a 51% attack? What is dual spending?

[Crypto123 0]

9 hours ago, Audery01 said:

I think the most important thing about 51% of attacks is what the entity will not do with a new blockchain. It is only true that this can happen and the Bitcoin network will collapse.That's it.Thanks to all.  

No, my dear, the Bitcoin network will not collapse with an attack of 51%, all that will happen is that the attackers will control the network for some time and steal millions of dollars through double spending, then after that the attack ends and the network returns to work normally.

[Crypto123 0]

6 minutes ago, Er.brainstorm said:

The answer was you can be attacked or hacked by someone by leaking your information like in some social media application if someone else is interested in your discussion with you can about something else to do with the money.

No my dear, this is something completely different, an attack of 51% means controlling more than half of the mining force on the network, transactions need to be confirmed by half of the network in order to be complete and when the attackers control 51% of the power of the network this means that they can confirm any transaction Most of the time this is called double spending.

[tienda 8776]

Thank you for sharing such information is very important and it is helpful for many members here, and the good things that there are many members who add some knowledge through their participation here on your topic.

[Ali_hmwi 966]

Thanks for this helpful informations you got a heart.

And i hope the Bloch chain in our great coins have a good security for us.

[Hanan951 841]

Thanks for sharing this informations with us good artical need a blue heart as we know .

[Crypto123 0]

19 minutes ago, Mdparvez said:

Its really a new information for me before recital this put up I didn't be aware of something about the 51% take on and the in two pay out attack.
 

Perhaps you mean double spending. In any case, there is no need to thank. This is the duty of everyone here in the forum to publish new and useful information so that everyone can benefit from this information. We should try to improve ourselves and improve this forum.

[Crypto123 0]

On 3/11/2020 at 7:50 PM, Wa998sh said:

The attackers prevent transactions from gaining conformation that allows them to halt payments to the users. Dual spending or double-spending is a potential flaw in a digital cash scheme in which the same digital token can be spent more than once.

This is true, double spending is to spend the same transaction twice, and this is because of the 51% attack, which allows attackers to confirm transactions more than once. And in doing so they steal millions of dollars through dual spending.

[Crypto123 0]

9 hours ago, SlavaKPSS said:

An attack of 51% is an attack on the blockchain, so hackers attack the blockchain very often, but they fail and do not do this to crack BTC or other coins from the blockchain, and they have good security.

I think Bitcoin network security is the strongest and was not previously attacked 51%, but some other currencies like ETC, BTG, DGB and other currencies have been attacked and millions of dollars have been stolen.

[Dark_Sky 8489]

On 12/21/2019 at 6:05 PM, Crypto123 said:

The 51% attack:
It is an attack on a blockchain designated by a group or organization of miners to try to control more than 50% of the hash rate or the computing power of the network.

Dual spending:
A type of attack on the bitcoin network. so that it can be defined as the spend of Bitcoin several times
 This would be by sending a certain value to two wallets at the same time, the first is the victim's wallet and the second is the hacker wallet, and this attack needs a large hash force from mining

What is the risk of attack 51%:
If this attack occurs, attackers will prevent new transactions from obtaining assurances, they can stop payments or transactions between most users.
They will also can reverse completed transactions and this means that they can do double spend.
By controlling most of the computing power on the network, they can interfere with the process of registering new blocks. Then prevent the other miners from completing the blocks, which in theory They take over mining new bitcoin blocks and earn all the rewards.

Thank you for this information. Hope that kind of illegal activity will not happen especially to those who put an effort to mine coins properly cause that's not fair. 

[jacker 1095]

Useful article, I don't know anything about this, but honestly I'm quite worried, I'm afraid this will affect bitcoin even the crisis, I am worried about this.

[Abiaan 1209]

i wonder is this still happening or not ? , i have never knew about this things because i have never been on mining platform before

[Whited35 15285]

These both terms are related to the hacking attempts from the scammers. Once your crypto wallet gets hack scammers will be able to steal your crypto holdings from the wallet. These terms are thus introduced by the crypto enthusiasts. 

[Crypto123 0]

1 hour ago, Rosaline149 said:

51% attack means the attack to the crypto networks to drop down the hashrate to 50% and the dual spending is that case of the Bitcoin wallet, the two transactions goes at the same time due to the attack from the hackers. These both terms should be noted to be safe. 

It is true that this is an attack of 51%. The most serious problem in this attack is the problem of double spending. If the attackers were able to carry out their attack, they would be able to spend the transaction twice. This attack actually happened on several coins and millions of dollars were stolen.

[Honny143 13612]

I think 51% attacks do by hackers they want to collapse with crypto currency through hacking, but unfortunately bitcoin block chain technology have more security, so they can't success in this process, because once they success so many bitcoin minors loss their huge money, because bitcoin mining need lot of money so its very dangerous to crypto.

[Crypto123 0]

On 3/17/2020 at 8:38 AM, Honny143 said:

I think 51% attacks do by hackers they want to collapse with crypto currency through hacking, but unfortunately bitcoin block chain technology have more security, so they can't success in this process, because once they success so many bitcoin minors loss their huge money, because bitcoin mining need lot of money so its very dangerous to crypto.

They may not succeed with Bitcoin because it is very difficult and very good coding and it needs tremendous capabilities to hack it but they really succeeded in attacking other currencies like ETC and XVG and others and they stole millions of dollars with this attack.

[Crypto123 0]

1 hour ago, nur008 said:

The number of attacks aimed at cryptocurrency users, we must be more careful in guarding our crypto accounts. One way is that you can change your crypto account password regularly. 51% attacks and double spending are the real form of the attacks and we must be aware of them.

To benefit from password protection or other types of protection, because a 51% attack is carried out on networks and not on user accounts, therefore protection here must be on the network through strong encryption and increased network strength, not passwords.

[Laboni 755]

I agree with you that you need to protect the network rather than protect the password. In many cases, the password is attacked by the network. That's why users who use crypto frequently have to check their network and password.

[Crypto123 0]

5 hours ago, Laboni said:

I agree with you that you need to protect the network rather than protect the password. In many cases, the password is attacked by the network. That's why users who use crypto frequently have to check their network and password.

Well thank you, I think the Bitcoin network is protected by a very strong encryption and its protection and strength increases with the number of mining machines, but there are other networks that are less protected than the Bitcoin network and have been attacked by an attack 51% before.

[Crypto123 0]

56 minutes ago, kabanidze said:

I think that when one or a group of people has a capacity of 51% of the total network, it will be bad enough, they can actually control most of the network. This is very similar to total cryptocurrency control, 51% attack should be avoided

Yes, this is very bad for the network and for cryptocurrencies in general. Of course, it is difficult for one person to reach the power of 51% of the network alone, and most likely this is groups or companies until you are able to own this percentage.

[Crypto123 0]

5 hours ago, Chonchol3 said:

No one is immune from such attacks. scores of are mistaken, markedly folks who single commence cryptocurrency. But you requirement be chary with manually and your investments.
 

True, you mean that there is no blockchain network immune to these attacks because a 51% attack occurs on the blockchain and not on people, there are some powerful networks like bitcoin blockchain but of course they are not fully protected.

[Crypto123 0]

On 3/29/2020 at 5:17 AM, xassfarabi52 said:

This year cryptocurrency prices have been half so there was a problem with currency exchange in crypto since the beginning of this year, some prices were very low but now prices are not increasing day by day and this is why

Not the reason, my dear, and prices have nothing to do with an attack of 15%. An attack of 51% is an attack by some groups who have significant mining power so that they control the network and can implement the double agreement and steal millions of dollars.

[magd 5231]

But what's the point of damaging the best cryptocurrency portfolio around the world? I think Blockchain should reconsider the actions of the miners who think seriously about the money of clients who put their money in the blockchain wallet.

[pablomarwan 3082]

And here comes the role of the blockchain in addressing such things as piracy, which could lead to damage and sabotage of the Bitcoin network if this matter continues to multiply. They are adapting information security.
but this will not suffice them to deal with such operations

[Captain Karim 0]

We hope that an attack of 51% will not occur, otherwise it would be devastating to the Bitcoin network and all cryptocurrencies, and the industry will end.

[Crypto123 0]

2 hours ago, Captain Karim said:

We hope that an attack of 51% will not occur, otherwise it would be devastating to the Bitcoin network and all cryptocurrencies, and the industry will end.

I don't think so. The fear of an attack of 51% in this way is exaggerated. Yes, it could happen and has already happened on networks other than Bitcoin, but it is not destroyed, meaning everything there is. Attackers steal millions of dollars and then the network returns to normal.