Hi all
I'm new to Bitcoin and I try to find out more about how it works so please forgive me when my question is too stupid for you and try to explain me like I'm five.
As far as I understand mining is essential for the system to work, because without miners no new block can be added to the blockchain.
On the other hand mining gets more and more expensive so that only big miners with cheap electricity can afford it. That makes the bitcoin-system in my opinion extremely exposed to 51% attacks.
Since if only the big miners work on the blockchain they can manipulate the blockchain when the just big enough.
Am I right with my concern or did I made a mistake?
Please help me to understand it better, thx.
Blockchain can't be manipulated. The spreading of the nodes around the world is securing the blockchain system. It makes there are no high trustability nodes. I'm new to Bitcoin and I try to find out more about how it works so please forgive me when my question is too stupid for you and try to explain me like I'm five.
As far as I understand mining is essential for the system to work, because without miners no new block can be added to the blockchain.
On the other hand mining gets more and more expensive so that only big miners with cheap electricity can afford it. That makes the bitcoin-system in my opinion extremely exposed to 51% attacks.
Since if only the big miners work on the blockchain they can manipulate the blockchain when the just big enough.
Am I right with my concern or did I made a mistake?
Please help me to understand it better, thx.
If attacker controls more than 50% of the network's computing power then it is possible to modify or exclude transactions.
In that case transactions can be reversed, double spending is possible. Attacker could prevent other miners from mining blocks or gaining confirmations.
