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.
Posted Using LeoFinance Beta