In theory, a 51% attack allows an attacker to perform the following actions:

– Transaction Veto. The attacker can reject or cancel certain transactions that they deem undesirable. It can cause a loss of trust in the network and reduce its integrity.

– Double Spending. An attacker can conduct double spending, meaning he can spend the same bitcoins twice. He can cancel transactions that have already been made and use the same bitcoins for new payments.

However, the 51% Attack requires significant computing power to implement successfully, making it complex and expensive. Despite the possibility of a 51% Attack, it is unlikely in the case of Bitcoin, something on the level of a myth, if you will.

Perhaps mining will change hands, and one owner will gain control of 51% of the hash rate. But in this case, he is unlikely to jeopardize his business, as not only the network’s credibility would collapse but also all of his profits. It is all the more important to consider that this has happened many times in history if it makes sense. Just look at the distribution of miners across all the world’s mining companies (Figure 13). It would be enough for the two top players to collude and launch a 51% Attack, but they don’t, and for good reason.

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