Ethereum Classic (ETC) has started the year as the first crypto to be hit with a 51% attack. This follows a series of similar attacks on other POW cryptos. The most notable one was the attack on Verge (XVG) that led to a massive decline in its price. Verge never really recovered from that attack considering that it happened in the heat of the bear market. With the risk of such attacks always hanging like a dark cloud over crypto, it is only natural to wonder, which are the safest cryptos to put money in, and stay safe from such attacks? Well, one way to protect oneself from such an attack would be to go for POS coins. However, these coins do have their own vulnerabilities too. As such, strong POW coins hold the most promise. Two coins that have the least chance of being attacked are Bitcoin (BTC) and Monero (XMR)
Bitcoin (BTC) is the safest cryptocurrency in the market. No entity or combination of entities would raise the hash power needed to do a 51% attack on Bitcoin (BTC). Essentially this makes Bitcoin (BTC) the safest cryptocurrency to hold as a safeguard against the risk a double spend attack. This also gives it the potential to gain a higher level of adoption and outperform the rest of the market.
In essence, not only is Bitcoin safe from a 51% attack, it also has the potential to grow in dominance and eat into the market share of most altcoins. For instance, once the Lightning Network gains in scale, Bitcoin (BTC) could kill most altcoins that use transaction speeds and costs as their key selling point. Such possibilities make it one of the safest cryptos to hold in a portfolio.
Monero (XMR) is another POW coin that has a low risk of a 51% attack. That’s because Monero is ASIC resistant. It also constantly updates the network to ensure that it remains ASIC resistant, hence eliminating any chance of a single entity of group of ASIC miners collaborating to attack the network. To attack Monero (XMR), the malicious entity would have to acquire or rent enough GPU power to control 51% of the Monero network, and that is not an easy feat to pull off. There just isn’t that much GPU power for hire out there. Besides, it would be so vast that it would be easily noticed, and thwarted.
In essence, these two cryptos offer lots of promise for investors looking for security from malicious attacks. Others that are relatively safe from such attacks include Litecoin (LTC), Ethereum (ETH) and Cardano with its Ouroboros POS algorithm.
Interestingly, these are also the cryptos that hold the most promise in terms of real market adoption. Bitcoin being the largest cryptocurrency has been gaining in adoption, especially at the institutional level. Monero (XMR) too has been gaining adoption, and stands a good chance for even more growth due to its privacy capabilities, and the fact that it is fungible.