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Bitcoin’s biggest problem is still the threat of a 51% attack, according to Dr Dirk Haubrich, head of consumer protection and financial innovation at the European Banking Authority (EBA).
He said his main concern about the widespread adoption of bitcoin is the risk of a 51% attack, where a single entity contributes the majority of the network’s mining hashrate and, thus, gains full control of the network and can manipulate the blockchain.
Haubrich made these comments on Friday at an event titled Controlling Cryptocurrencies at the University of Birmingham in the UK.
He said his main concern about the widespread adoption of bitcoin is the risk of a 51% attack, where a single entity contributes the majority of the network’s mining hashrate and, thus, gains full control of the network and can manipulate the blockchain.
Haubrich made these comments on Friday at an event titled Controlling Cryptocurrencies at the University of Birmingham in the UK.
Full story: http://www.coindesk.com/eba-51-attack-remains-bitcoins-biggest-problem/