By Ifaenyi Egede (Nigeria)
Big-time tech entrepreneur, author, and a digital asset analyst, Andreas Antonopoulos, has given his opinion on the events that could happen, which would spell doom for leading cryptocurrency, Bitcoin, in the coming years. The list of events he mentioned that will happen is not so much.
Bitcoin will overcome a 51% attack.
The first of the events that the tech entrepreneur talked about was a potential 51% attack, which is usually the biggest threat faced in the crypto world by any asset. This attack implies that a certain amount of people would buy the asset in such a way that 51% of the asset will belong to them, hence eliminating the asset’s decentralization.
“Such attacks are very expensive to pull off, require enormous coordination, deliver very little in benefit, and can be relatively easily thwarted. So for such an enormous cost, such little reward and such enormous risk, we haven’t seen 51% attacks, and I don’t think we will see 51% attacks,” Antonopoulos stated. He further stated that Bitcoin would survive a 51% attack if it eventually happens to say malefactors would be able to do nothing.
Also read:He stressed that they would not be able to carry out malicious transactions, launder money, or steal funds because the network is decentralized and doesn’t allow miners to validate transactions.
Can Bitcoin survive a disaster
Antonopoulos also stressed that if a disaster were to happen, take, for instance, a power failure, miners and financial houses would bear the brunt of the collapse. “Bitcoin would be one of the first things to come back,” in the event of a massive electric failure or a natural disaster that damaged infrastructures such as the Internet or the electric grid,” he said.
He also stressed that as a result of the self-funding feature that the network has, it would repair itself in no time to allow miners and financial houses to recover from such disasters. “Similarly, while concerted attacks against mining equipment—such as viruses or worms—could prove troublesome, they are “survivable” and would result in quick fixes'” the CEO further added.
Would Bitcoin survive a politically motivated attack?
Antonopoulos stated that political attacks on the Bitcoin network are the most severe things that could happen to the network. He said if the world government were to change tax policies on cryptocurrencies, it would harm the digital asset market a lot. “I do think that such attacks could alienate a big chunk of the middle class and speculative investors, who will not take the risk to oppose governments to use Bitcoin,” he further explained.
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