It has been a couple of months since the crypto market has been in a pickle; it has been absolutely obnoxious in there with all the price cuts and volatility spanking each and every cryptocurrency and the bearish market along with the corrections overstaying their welcome.
A lot is riding on Bitcoin being the primary cryptocurrency of the crypto market with the highest possible market capitalization and whatnot; even a small dip in the price of the asset is enough to send shockwaves among the rest of the crypto assets out there.
But this is not the only thing that is concerning about Bitcoin; the cryptocurrency has never had any serious upgrades or updates implemented in recent years addressing the security concerns and scalability issues of the blockchain.
Vitalik Buterin, the founder of Ether, has serious concerns about the security aspects of the flagship cryptocurrency because it is true that Bitcoin has never had any upgrades or updates done to its security and scalability in the recent few years, and that is something that is a bit concerning, to begin with.
During a recent interview, the founder of Ether voiced his concerns regarding the update factor for Bitcoin.
Bitcoin should Shift to the Proof of Stake Mechanism
He said that efficiency and security for a dedicated asset are always the same things; they point towards the same goals. Even if you are not worrying about security now and giving all of your attention to efficiency the way Bitcoin is running at the moment you are going to regret it in the future.
Because ultimately, the security of your blockchain is going to deteriorate, and the hackers are going to find ways to tap into that, so eventually, you are regaining the security of your blockchain by sacrificing money and efficiency because your network is going to be all distorted and not able to facilitate any kind of transactions whatsoever.
Bitcoin is getting all the security from the fees, and these have not grown all these years long, says Vitalik; neither have there been updates strengthening the security profile of the blockchain. Secondly, talking about ‘Merge,’ he said that proof of work is a thing of the past and doesn’t add to the security aspects of Bitcoin, and it should seriously consider shifting towards proof of stake.
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