Jimmy Song said that in order to regulate the 51% attack on cryptocurrencies, it is necessary to both control the mining and pay for the mining energy, and explained that investors should not worry about a 51% attack on Bitcoin regarding cryptocurrencies. Stating that thousands of investors experienced loss of value and similar concerns due to the 51% attack on the Ethereum Classic network, crypto money analysts announced that the 51% attack on ETC caused a loss of 45 cents in value and had a large share in the decrease in prices.
It is difficult to organize a 51% attack among cryptocurrencies. In order to organize a 51% attack for Bitcoin, it is necessary to control the entire mining and meet all the energy prices. Otherwise, a 51% attack cannot be organized, it is very difficult to organize a 51% attack on Bitcoin, and this rate will decrease day by day. – Jimmy Song
Will this statement by Jimmy Song increase the interest in Bitcoin, or will it maintain its normal course, after investors have been fearful in the market for a few days, thinking that a cyber-attack could be applied to Bitcoin? being wondered. While the effects of the 51% attack on ETC are hardly felt due to the low number of ETC holders in the market, the 51% attack on Bitcoin can cause cryptocurrencies to experience great value losses for a long time.