Can Bitcoin Go Proof of Stake?
Ethereum Merge is about to happen in 3 days. As the big day approaches, Considering the scope of the event, it is a historical time for cryptocurrencies as one of the most popular Proof of Work coins switched to the Proof of Stake consensus model.
Though both Ethereum and Bitcoin are kept separate from the other altcoins even in the eyes of policymakers, these coins have unique sides that make themselves different from each other.
Do you think Bitcoin can switch its model to Proof of Stake?
Who wants PoS Bitcoin?
Actually, not veteran crypto enthusiasts and institutional investors. Mostly, there are some niche groups of people that go for it. According to Cointelegraph, environmentalists and people who prefer PoS over PoW want Bitcoin to merge itself as Ethereum does.
Bitcoin (BTC), the original cryptocurrency that started it all and even today continues to drive the market sentiments, has faced numerous challenges along the way. The latest challenge seems to be around its mining consensus, proof-of-work (PoW) and its consequent impact on the environment.
Bitcoin is heavily criticized as a non-eco friendly digital asset that consumes energy to create internet money. As you can guess, there the harder the blocks found, the more energy is likely to be consumed by miners.
Though it may look a bit scary and hard-consumer, there is a positive side of mining operations, too.
57% of the energy used for crypto mining comes from renewable sources (hydro, wind, solar, nuclear, geothermal and carbon generation with carbon offsets. Rolandberger
More than half of Bitcoin mined is obtained via renewable energy ♻️ As this fact went viral, the environmentalist approach, which one one of the most popular one, lost its initial influence.
Okay but Why Not?
Security & Satoshi! (But honestly, also miners!)
Proof-of-Stake coins eliminate democracy and move the power to the ‘richest in the room’. Bitcoin is democratic, where a newcomer and a seasoned veteran have the same voice and the same power.” -Currency
There is a critical point emphasized by O'Brien: Bitcoin means Opportunity Equality! On PoS Staking, unfortunately, the working mechanism makes it even harder for common crypto enthusiast to have his/her voice.
Unless you have enough hardware with crazy hash rates to attack Bitcoin and you have enough millions of dollars for 51% attack, Bitcoin's security is devastating.
Finally, miners have a voice in the Bitcoin ecosystem. It would not be logical for miner companies to sell off their harwares and embrace any idea of Proof of Stake version of Bitcoin.
nce proof-of-work mining on Ethereum will end. That might put even more public pressure on Bitcoin's big energy use, Decrypt
Even with Ethereum merge, thousands of people will immigrate to Bitcoin ecosystem after they mil Ethereum network!
One way or another, Bitcoin is still a perfect fit for today's crypto ecosystem. It is beyond a chain that works for projects; it is for a solid financial system in the world!
Bitcoin is already great:
- with increasing network difficulty (via Proof of Work)
- time and money requires to attack the chain
- the vision that is against the corrupted financial system
- increasing percentage of green/renewable energy use.
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Many people can migrate to eth if they want to, but something im sure it won't happen is someone taking the first place from bitcoin.
Eth is innovating and their fees are probably going to be cheaper, yeah. But it always going to be an altcoin, second place, etc.
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I would not have any problem if ETH, though too hard, was able to outperform BTC.
PoS Bitcoin in future may shock all of us, though 😌
I am in favor of PoS for Bitcoin. I am a proud supporter of PoS since 2018. PoS is the new norm. DPoS is the norm of the future.
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I would go for PoW Bitcoin forever as it is still the digital gold in my eyes. For the rest of crypto, we need DPoS adoption 😎
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It can but satoshi wouldn't like it so they won't do it. xD
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Besides Satoshi, miners may kill off us 😅
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Can BTC switch to POS: yes.
Should BTC switch to POS: no.
Will BTC switch to POS: never.
POW mining and the consumption of energy is not something to be avoided.
It is a feature not a bug.
There's no reason to get rid of it and every reason to keep it.
The environmental impact nonsense is blatant political propaganda.
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Even if all other cryptocurrencies switch to PoS, I do not want Bitcoin to be in the hands of top stakers. Imagining the mining of Bitcoin like digging gold under the ground make me convinced about adopting Bitcoin as a reserve currency of the new world.
A PoS Bitcoin would be another Ethereum Killer killer at most. More than half of the mining operations are done via renewable energy. No need to play with fire on the side of Bitcoin, just keep it as pure and primitive (!) as possible ✌🏼
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It's such an interesting debate because it's all totally pointless game-theory that's never going to actually happen. Funny how people make such a fuss over it. Looking at how conservative Bitcoin is as a network, it is literally impossible to make the change... all that would happen is that another fork of Bitcoin gets created that has exponentially less consensus than the original network... just like all the other forks of bitcoin.
The fact that bitcoin's security has not been perceptibly breached is precisely because it uses POW. It is inevitable that with POS there is some centralization The way of mining, as you mention is to use renewable sources, better optimization of mining equipment, and maybe some change in the hash algorithm. To solve the rest of bitcoin's needs there is yRSK Lighting. Greeting.
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Proof of stake migrates the trust from real-world expenditure and free market actors to centralised control, oracles and validators, it continues to centralise over time and because it has no tether to real world expenses with the burning of energy, it now becomes a system that only references itself and thus fails as a method measuring value
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