Bitcoin game theory and incentive system can prevent malicious attacks on the Bitcoin network system. When having 51% of the computing power, can obtain high profits by performing the mining of the bitcoin system normally. The introduction of game theory enables the network to operate correctly and directs the behavior of participants to the desired result. By using incentive mechanisms, bitcoin successfully coordinated the interests of untrusted actors in a distributed network.
Let’s have a look at the attack Bitcoin might encounter from the angle of game theory. If an evil group tends to attack Bitcoin network or temper with its date, the only way to realize that is collecting 51% hashing power, implying large amount of money is needed for the purchase of lots of mining device and sufficient electricity is required for the running of those devices. The cost is tremendously expensive.
If there is a malicious unit or a certain individual who is not hindered by profit or cost and decides to attack the Bitcoin network. It is possible to destroy it simply, but don’t assume that no one ignores your attack.
Bitcoin miners and nodes distributed around the world will quickly reach a consensus in the event of an absolute crisis, and Bitcoin procedures and protocol settings will quickly respond to timely revisions and adjust the attack. In addition to the high cost, there is a global consensus, so I think this kind of behavior that harms others and disadvantages oneself cannot be realized.
Yes, game theory has many application scenarios in the Bitcoin network. It is the knowledge of game theory that balances the different stakeholders in the Bitcoin network. Let participants from different backgrounds work together for a unified goal without trusting each other.