Bitcoin 51% attack is unrealistic, new study concludes

posted 5 months ago
A Bitcoin 51% attack would be futile for attackers as it would require “significant expenditure” and “little financial returns,” according to a new study, which concluded that Bitcoin is secure. An electrical engineering professor at the Indian Institute of Technology in Bombay has published a new research paper titled "The Security of the Bitcoin Protocol".

The study, sponsored by Singapore based Zebpay, evaluated the vulnerability of the Bitcoin network to a 51% attack & examined the security framework of the Bitcoin network under 3 main points of inquiry:
*Stealing Bitcoin
*Tampering with confirmed and unconfirmed transactions
*The ease of disrupting the normal operations of the network protocol

Notably, the study did say a large “hostile nation-state” could theoretically succeed in a 51% attack. Zebpay CEO Ajeet Khurana said “This paper underlines the security of this revolutionary protocol at a time of wider cryptocurrency adoption. Zebpay... enabled this in-depth research that is a source of empowerment and education for the entire ecosystem including blockchain developers, governments, think tanks, academics, regulators, law enforcement, researchers, students and finance professionals."
Tags: bitcoin, blockchain, news