Have you ever wondered why most altcoins turned to PoS, while only a few good-old coins are still using classical PoW consensus? As much as people want to make money by "staking" their holdings, most cryptocurrencies are becoming less-decentralized over time. There's strong criticism on Bitcoin's high level of "energy consumption" compared to other cryptocurrencies being traded on the market today. Some say the cause of PoW being a rarity these days is because they aren't "carbon-neutral". Others say that PoW is "outdated", compared to coins using PoS which are faster and cheaper to use for day-to-day transactions.
If the number of PoS coins continues to grow, then Bitcoin will be the only decentralized cryptocurrency in the world. Should I be worried? What are your thoughts about this? Your input will be greatly appreciated. Thank you.
I don't think that decentralization is much of an issue with PoS and people purport it to be.
In order to scale, you will have to inevitably give up some things and unfortunately decentralization is usually the first to go.
Each chain will simply serve a different purpose. For most PoW chains, their purpose is to be a currency/store of value. Whereas for PoS chains they are generally trying to be fast in transaction making and smart contracts, etc. Given the current market phase/focus it's not surprising.
