Can You Earn on 51% Attacks? | Blockchain Central

The video explains 51% attacks on blockchains, focusing on how they work, their challenges, and misconceptions. It covers the concept of double spending, the role of confirmations, and the differences between proof of work and proof of stake currencies. The video concludes with a disclaimer about the content not being financial advice.

What is the primary reason miners accept the longest chain as the truth in a blockchain?

• It has the most recent transactions.

• It is the oldest chain.

• It is the most secure.

• It has the most computing power.

What is the main goal of a 51% attack?

• To shorten the blockchain.

• To create new cryptocurrencies.

• To double spend coins.

• To increase transaction fees.

Why is a 51% attack on the Bitcoin network considered impractical?

• The Bitcoin network has immense processing power.

• It is impossible to alter any block.

• It requires more than 100% of the hashing power.

• Bitcoin transactions are irreversible.

How do confirmations enhance the security of blockchain transactions?

• By reducing transaction fees.

• By making transactions faster.

• By making 51% attacks more costly over time.

• By increasing the number of miners.

What is a significant challenge of conducting a 51% attack on proof of stake currencies?

• The need to buy 51% of the currency.

• The requirement for high transaction fees.

• The necessity to alter the entire blockchain.

• The difficulty in creating new blocks.