Bitcoin ready to migrate from PoW to PoS?

[Rex]

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?

 

[Ahmir]

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

 

[Ivan]

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.

 

[Maxwell]

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

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/bitc...to-proof-of-stake-says-bitcoin-suisse-founder

 

[Ashton]

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?

Of course all developers try to follow any innovations on their field. But i wouldn't go and draw such conclusions that Bitcoin would drastically change the consensus algorithm. I wouldn't say that high electrical expenses are a bad thing either.

 

[Calvin]

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.

ETH has already implemented the Stake code to its 2.0 blockchain, it is still using a hybrid algorithm but ETH along with other altcoins are looking for an algorithm to replace PoW that is not a secret.

 

[Cole]

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.

First, as FinneysTrueVision commented, ethereum 2.0 implemetation can not even be this year as I have read on news. Precautions are being taking to make it secure and safe. It is still under testing.

Secondly, I will prefer proof of work (POW), It provides employment.
1. Many people are employed in companies that produces miners
2. Many people are also employed by mining farms for work purposes

If all cryptocurrencies start using POS, many jobs will loss.

POS is not what bitcoin needs, it only needs what can make transactions faster with lower fee, but not in the way job will loss as I explained above.

As per job creation, POS is completely out of sense and should be completely discouraged.

 

[Giovanni]

According to various rumors, Bitcoin is closely following Ethereum's results.

Dude, you are mistaken! If even there are such rumors (which I doubt) then they are false. Your reference quotes a man from almost a year ago (maybe he has changed his mind in the meantime...) who has nothing to do with bitcoin core development. Who are the experts you mention? I did not find that in the article.

I suggest you clean up your act and sort out your sources.

 

[Jair]

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.

First, as FinneysTrueVision commented, ethereum 2.0 implemetation can not even be this year as I have read on news. Precautions are being taking to make it secure and safe. It is still under testing.

Secondly, I will prefer proof of work (POW), It provides employment.
1. Many people are employed in companies that produces miners
2. Many people are also employed by mining farms for work purposes

If all cryptocurrencies start using POS, many jobs will loss.

POS is not what bitcoin needs, it only needs what can make transactions faster with lower fee, but not in the way job will loss as I explained above.

As per job creation, POS is completely out of sense and should be completely discouraged.

If obviously the loss of jobs are collateral damage but there are more and more energy restrictions, according to calculations bitcoin will have its last mining block in the year 2140, something late, don't you think? For now this is just speculation but I am more than sure I will not get to six years using PoW.

 

[Kingston]

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.

 

[Stone]

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.

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.

 

[Juan]

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.

 

[Jesus]

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.