(BTC) Bitcoin News TodayBlockchain

Analyst Lists Threats That Bitcoin Might Witness in 2020

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:  Bitcoin Dips Below $69,000, Pushing Liquidations Above $300 Million

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.

📰 Also read:  Bitcoin Adoption in El Salvador: Everything You Need to Know

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Bitcoin Adoption in El Salvador: Everything You Need to Know

Ifaenyi Egede (Nigeria)

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content