Bitcoin Forum

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  ???

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.

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/bitcoin-will-follow-ethereum-and-move-to-proof-of-stake-says-bitcoin-suisse-founder (https://cointelegraph.com/news/bitcoin-will-follow-ethereum-and-move-to-proof-of-stake-says-bitcoin-suisse-founder)

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.

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.

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.

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.

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.

OK, now it's just speculation. I thought you said that some 'experts' say it's a done deal. I must have misunderstood something.

BTW, don't be so sure! ;)

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.

Legal mining companies and people are paying for the electricity energy their miners are consuming, the power supply is not for free, even many people working in electricity company are even happy because the more the miners, the more the electricity usage, while the more the money that will be generating. You can not compare electricity generated in a village to the ones generated in a well developed city, the more light generated in advanced country like China, the more people will be employed in electricity companies. PoW really helped.

In addition, as for centralization, ethereum 2.0 PoS will be more centralized than using PoW as anybody not having 32 ETH will not be included in the mining aspect. And this may still later results to PoS mining pools.

Large institutions can say what they want, they have no control over the Bitcoin protocol. There are many other things that are worse for the environment than Bitcoin mining.

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.

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.

Finney is right. Ethereum hasn't migrated yet completely, there's a series of delay for its migration which makes a lot of people start to lose patience due to it.

Bitcoin migrating to POS is just a dream, it's at its best being a POW which makes its network more secure than any other cryptocurrencies. I have seen some suggestions and ideas of Bitcoin to POS before but it's just being forgotten or the idea and debate would just be gone suddenly.

If ETH is pursuing that direction does not mean the King will also do such. Bitcoin is the one that have brought revolution and setting the pace for others and I don't see any need to move from PoW to PoS. Bitcoin is scarce, getting it should also follow the same direction.

In this crypto ecosystem, people just like to speculate  without having any evidence backing their speculation. Personally, I don't really see Bitcoin changing its proof of work algorithm to proof of stake. The only possible thing I see happening is a modification of the proof of work algorithm that might help in terms of the energy used by processors and graphic cards in solving a transaction made on the blockchain network.

Ethereum can make a transition from POW to POS since it is centralized and being owned by Vitalik
That doesn't the case in Bitcoin since we know that it is decentralized. Migrating is almost impossible to happen. It will not happen.

Also take note that ETH doesn't have any results yet since the transition didn't happen yet but for sure it will happen but either way, Bitcoin's migration from POW to POS coin will not happen. One thing more is that it is just a rumor and rumors are either true or false but in this case, this is purely false because it will not happen.

There's a chance, because I've had this in mind. Why would Satoshi Nakamoto leave a million Bitcoin in his wallet and just store that in place? Maybe he is considering that the community in the future would try to make Bitcoin in POS and by leaving at least a million Bitcoin, any attack on Bitcoin would make it nearly impossible to do.

POS doesn't exactly work like that. Having a good portion of the total coins doesn't mean that he can block any attacks on Bitcoin. In fact, if that is possible, then it would mean that he potentially has the power to enact or block changes on Bitcoin which is exactly what Bitcoin doesn't want.

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POW is working well for Bitcoin and a transition from POW to POS would never happen for Bitcoin. If it does happen, it would only be forked and a new alt-coin would be formed. Majority of the community would likely oppose a change to POS, as will the miners.

This. With the sheer amount of money sitting in mining alone, the community would instantly oppose any discussion related to a shift in coin distribution.

Yeah, that's what I thought! I remember that Ethereum was supposed to switch to PoS, but they've been postponing the decision. I was surprised to hear from the op that it happened, and from what I've seen it hasn't happened yet. As for bitcoin, I don't think it's likely that the consensus would ever be reached to make it PoS. Mining has centralisation issues, but it's not like PoS will make it better. And I don't see how miners would be convinced to lose everything they have.

Until now, Ethereum is still a rumor and it has not yet been seen to realize the algorithm change project from PoW to PoS.

So far, only issues that have surfaced and are directly consumed by the mainstream media have contributed to making the news even bigger

I like Ethereum's new concept if it really happens, another option is to run the two algorithms in a hybrid manner

Why just join PoW and PoS instead changing from PoW to PoS

add Masternode or try implement new system
i think when you add PoS the bitcoin exchange will rich

Do you have a source of this rumors, this is the first time I read something like this, if there is a switch it is not Bitcoin it is a a coin that just claimed to be Bitcoin or another fork of Bitcoin, there's a big distraction if this happen.
We are ok with Bitcoin right now I think you are just creating misinformation or FUDS because there will be no such thing.

In that case, please cite sources for such claims.  Who are these so-called "experts" you're referring to, claiming Bitcoin might copy Ethereum?  Sounds like fake news to me.  The internet definitely doesn't need yet more click-bait under the false guise of "journalism".  I'd have thought a journalist might interview qualified people to get the facts and quote them directly, rather than just repeating vague, unsubstantiated rumours.

I'm sure what you said will never happen. Bitcoins have value when they are created using miners. Cannot switch from POW to POS. The bitcoin mining community will never agree to let that happen.

This is a classic case of "don't believe everything that you read", to me this seems nothing more but fake news trying to be pushed by those that are trying to make it seem as if the movement of ethereum to change from PoW to PoS is the correct proposition and they are trying to make it seem as if bitcoin is going to make same move.

This will require a hard fork and the support of the community, the miners are never going to accept this I can tell you that, the community is not going to like it either, and there is not any sign that the developers will want to do this as well, so as you can see no one of those that could influence the decision want bitcoin to switch to PoS.

That's great. I'm not trying to find reasons for your post nor am I judging you.

All that I'm saying is we really don't need PoS because it's in no way superior to PoW. PoS is just a way to shut up people who say crypto is bad for the environment.
ADA was designed with PoS in mind so it's not the greatest coin to compare. ETH is better because it will change it's reward distribution years after its creation.

No.  It will mean miners have a warehouse-load of expensive hardware that can't be used to mine Bitcoin at all.  They wouldn't be miners if they can't mine. 

What it would actually mean is massive profits for all the shady exchanges and webwallets that people naively use to store their funds.  They would be granted a level of control over the network that would cause anyone who understands the risks to leave Bitcoin and never come back.

That's why Bitcoin is never switching to PoS.

Best Bitcoin should continue with proof of POW work.
Bitcoin is free and always has been, a lot of miners are currently mining bitcoin. They will not agree with the bitcoin from POW to POS.
I am watching ETH convert step by step to POS. It's not that good, POW is more decentralized and secure.