Best Bitcoin should continue with proof of POW work.
Bitcoin is free and always has been, a lot of miners are currently mining bitcoin. They will not agree with the bitcoin from POW to POS.
I am watching ETH convert step by step to POS. It's not that good, POW is more decentralized and secure.
Topic: Bitcoin ready to migrate from PoW to PoS? (Read 315 times)
It will mean more profits for miners.
No. It will mean miners have a warehouse-load of expensive hardware that can't be used to mine Bitcoin at all. They wouldn't be miners if they can't mine.
What it would actually mean is massive profits for all the shady exchanges and webwallets that people naively use to store their funds. They would be granted a level of control over the network that would cause anyone who understands the risks to leave Bitcoin and never come back.
That's why Bitcoin is never switching to PoS.
There's no reason to do it. PoS is less secure.
The only advantages of using it would be power consumption but that's pushed by the green enthusiasts who don't understand that the power used to mine Bitcoin would be produced and sold anyway. If we stopped mining all around the world the power plants would not start to shut down because of no demand.
With PoS Bitcoin would lose an important feature and with it a lot of value.
The only advantages of using it would be power consumption but that's pushed by the green enthusiasts who don't understand that the power used to mine Bitcoin would be produced and sold anyway. If we stopped mining all around the world the power plants would not start to shut down because of no demand.
With PoS Bitcoin would lose an important feature and with it a lot of value.
If in fact I do not assure anything, I just wanted to know some points of view, I am a journalist and a big fan of cryptography that is why I present this publication to know the point of view of all, or at least of a majority with more experience than me . I still think we have to see how ETH and ADA are doing. Although assuming that they succeed does not mean that BTC will do it but it is a possibility.
That's great. I'm not trying to find reasons for your post nor am I judging you.
All that I'm saying is we really don't need PoS because it's in no way superior to PoW. PoS is just a way to shut up people who say crypto is bad for the environment.
ADA was designed with PoS in mind so it's not the greatest coin to compare. ETH is better because it will change it's reward distribution years after its creation.
According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.
What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
I doubt that will happen. Exactly what 'experts' say this is happening? how about pointing out some articles What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
It is not official yet, but large institutions have been affirming it through the news, I think you are very eceptive and at some point the PoW protocol will be obsolete and will go against many environmental laws.
https://cointelegraph.com/news/bitcoin-will-follow-ethereum-and-move-to-proof-of-stake-says-bitcoin-suisse-founder
This will require a hard fork and the support of the community, the miners are never going to accept this I can tell you that, the community is not going to like it either, and there is not any sign that the developers will want to do this as well, so as you can see no one of those that could influence the decision want bitcoin to switch to PoS.
I'm sure what you said will never happen. Bitcoins have value when they are created using miners. Cannot switch from POW to POS. The bitcoin mining community will never agree to let that happen.
I am a journalist and a big fan of cryptography that is why I present this publication to know the point of view of all, or at least of a majority with more experience than me.
In that case, please cite sources for such claims. Who are these so-called "experts" you're referring to, claiming Bitcoin might copy Ethereum? Sounds like fake news to me. The internet definitely doesn't need yet more click-bait under the false guise of "journalism". I'd have thought a journalist might interview qualified people to get the facts and quote them directly, rather than just repeating vague, unsubstantiated rumours.
According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.
What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
Do you have a source of this rumors, this is the first time I read something like this, if there is a switch it is not Bitcoin it is a a coin that just claimed to be Bitcoin or another fork of Bitcoin, there's a big distraction if this happen.
We are ok with Bitcoin right now I think you are just creating misinformation or FUDS because there will be no such thing.
Why just join PoW and PoS instead changing from PoW to PoS
add Masternode or try implement new system
i think when you add PoS the bitcoin exchange will rich
add Masternode or try implement new system
i think when you add PoS the bitcoin exchange will rich
Until now, Ethereum is still a rumor and it has not yet been seen to realize the algorithm change project from PoW to PoS.
So far, only issues that have surfaced and are directly consumed by the mainstream media have contributed to making the news even bigger
I like Ethereum's new concept if it really happens, another option is to run the two algorithms in a hybrid manner
So far, only issues that have surfaced and are directly consumed by the mainstream media have contributed to making the news even bigger
I like Ethereum's new concept if it really happens, another option is to run the two algorithms in a hybrid manner
According to various rumors, Bitcoin is closely following Ethereum's results.
What rumors? ETH hasn't moved to PoS yet. Proof of stake has not been proven to be more secure or decentralized than PoW, so there is no reason for Bitcoin to switch.
There's a chance, because I've had this in mind. Why would Satoshi Nakamoto leave a million Bitcoin in his wallet and just store that in place? Maybe he is considering that the community in the future would try to make Bitcoin in POS and by leaving at least a million Bitcoin, any attack on Bitcoin would make it nearly impossible to do.
POS doesn't exactly work like that. Having a good portion of the total coins doesn't mean that he can block any attacks on Bitcoin. In fact, if that is possible, then it would mean that he potentially has the power to enact or block changes on Bitcoin which is exactly what Bitcoin doesn't want.POW is working well for Bitcoin and a transition from POW to POS would never happen for Bitcoin. If it does happen, it would only be forked and a new alt-coin would be formed. Majority of the community would likely oppose a change to POS, as will the miners.
This. With the sheer amount of money sitting in mining alone, the community would instantly oppose any discussion related to a shift in coin distribution.
There's a chance, because I've had this in mind. Why would Satoshi Nakamoto leave a million Bitcoin in his wallet and just store that in place? Maybe he is considering that the community in the future would try to make Bitcoin in POS and by leaving at least a million Bitcoin, any attack on Bitcoin would make it nearly impossible to do.
POS doesn't exactly work like that. Having a good portion of the total coins doesn't mean that he can block any attacks on Bitcoin. In fact, if that is possible, then it would mean that he potentially has the power to enact or block changes on Bitcoin which is exactly what Bitcoin doesn't want.POW is working well for Bitcoin and a transition from POW to POS would never happen for Bitcoin. If it does happen, it would only be forked and a new alt-coin would be formed. Majority of the community would likely oppose a change to POS, as will the miners.
There's a chance, because I've had this in mind. Why would Satoshi Nakamoto leave a million Bitcoin in his wallet and just store that in place? Maybe he is considering that the community in the future would try to make Bitcoin in POS and by leaving at least a million Bitcoin, any attack on Bitcoin would make it nearly impossible to do.
Ethereum can make a transition from POW to POS since it is centralized and being owned by Vitalik
That doesn't the case in Bitcoin since we know that it is decentralized. Migrating is almost impossible to happen. It will not happen.
Also take note that ETH doesn't have any results yet since the transition didn't happen yet but for sure it will happen but either way, Bitcoin's migration from POW to POS coin will not happen. One thing more is that it is just a rumor and rumors are either true or false but in this case, this is purely false because it will not happen.
That doesn't the case in Bitcoin since we know that it is decentralized. Migrating is almost impossible to happen. It will not happen.
Also take note that ETH doesn't have any results yet since the transition didn't happen yet but for sure it will happen but either way, Bitcoin's migration from POW to POS coin will not happen. One thing more is that it is just a rumor and rumors are either true or false but in this case, this is purely false because it will not happen.
According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.
What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
In this crypto ecosystem, people just like to speculate without having any evidence backing their speculation. Personally, I don't really see Bitcoin changing its proof of work algorithm to proof of stake. The only possible thing I see happening is a modification of the proof of work algorithm that might help in terms of the energy used by processors and graphic cards in solving a transaction made on the blockchain network.
If ETH is pursuing that direction does not mean the King will also do such. Bitcoin is the one that have brought revolution and setting the pace for others and I don't see any need to move from PoW to PoS. Bitcoin is scarce, getting it should also follow the same direction.
Finney is right. Ethereum hasn't migrated yet completely, there's a series of delay for its migration which makes a lot of people start to lose patience due to it.
Bitcoin migrating to POS is just a dream, it's at its best being a POW which makes its network more secure than any other cryptocurrencies. I have seen some suggestions and ideas of Bitcoin to POS before but it's just being forgotten or the idea and debate would just be gone suddenly.
Bitcoin migrating to POS is just a dream, it's at its best being a POW which makes its network more secure than any other cryptocurrencies. I have seen some suggestions and ideas of Bitcoin to POS before but it's just being forgotten or the idea and debate would just be gone suddenly.
These rumors are bullshit. I strongly advice you to stop reading whatever the sites you read this crap from, you'll only get scammed there.
Bitcoin community had never seriously entertained the idea of switching to PoS, and Bitcoin developers never discussed it either. You probably don't understand that Bitcoin is not Ethereum, it doesn't have any "benevolent dictator" that can change the protocol as they please. You need the agreement of the whole community to do a hard fork.
Bitcoin community had never seriously entertained the idea of switching to PoS, and Bitcoin developers never discussed it either. You probably don't understand that Bitcoin is not Ethereum, it doesn't have any "benevolent dictator" that can change the protocol as they please. You need the agreement of the whole community to do a hard fork.
I don't doubt that some people would like to perpetuate the myth that BTC was looking to follow suit, as convincing people to believe such a fairytale might help assuage the doubts the denizens of the ETH chain probably have that switching to POS is going to be a massive farce leading to a split even bigger than the ETH/ETC spectacle.
Pretty sure BTC is going to be eating all the popcorn and watching with amusement from a safe distance, not preparing to wander off the cliff after them.
Pretty sure BTC is going to be eating all the popcorn and watching with amusement from a safe distance, not preparing to wander off the cliff after them.
According to various rumors, Bitcoin is closely following Ethereum's results. And this is because the second largest cryptocurrency after bitcoin a couple of months ago migrated its mining algorithm to PoS, several experts say that Bitcoin will also do so in the very short future. And this is basically due to the fact that because bitcoin is becoming more and more popular, the algorithm used by Bitcoin PoW generates many expenses for its extraction, ranging from large electrical expenses to high cost in mining equipment.
What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
I doubt that will happen. Exactly what 'experts' say this is happening? how about pointing out some articles What do you think, algorithm migration is a solution for the high consumption of the PoW algorithm or not?
It is not official yet, but large institutions have been affirming it through the news, I think you are very eceptive and at some point the PoW protocol will be obsolete and will go against many environmental laws.
https://cointelegraph.com/news/bitcoin-will-follow-ethereum-and-move-to-proof-of-stake-says-bitcoin-suisse-founder
Large institutions can say what they want, they have no control over the Bitcoin protocol. There are many other things that are worse for the environment than Bitcoin mining.
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