51% attacks, What does it mean?

51% attacks is a term used in the cryptocurrencies field. It is key to understand it in order to fully understand this world

Definition of 51% attacks

A "51% attack" refers to a possible attack on a blockchain by a group of miners, who hold more than 50% of the hash rate. In such a situation the "miners" can deliberately not confirm transactions or to issue transactions twice (double-spend).

51% attacks is related to

MiningHash rate

See more: Cryptonyms glossary