May 3, 2024

Can Bitcoin replace the Proof-of-Stake consensus mechanism?

Can Bitcoin replace the Proof-of-Stake consensus mechanism?

One of the largest newspapers in the world, The New York Times, which is known for its critical stance on cryptocurrencies,reports that Bitcoin (BTC) will ultimately follow Ethereum (ETH) by moving to the energy-efficient Proof-of-Stake consensus algorithm.

For all the novelty of the statement, it is far fromtruth, since it is technically impossible for the Bitcoin network to abandon PoW mining. Even after about 120 years after all coins have been mined, miners will still participate in the block confirmation process, receiving rewards for processing transactions.

The article was heavily criticized in the cryptocurrency community, and Human Rights Foundation Executive Director Alex Gladshtein called it "nonsense":

"It's extremely absurd that the New York Times can publish such nonsense... After all, many people believe thatIt would take an intern a few minutesinternet research to understand that no one expects Bitcoin to switch to PoS."

In fact, the NYT article is directed against Coinbase for promoting the technology with "increased" CO2 emissions after its hugely successful debut on the Nasdaq exchange on April 14th.

Obviously, this publication aimed to reduce the degree of euphoria over the publicity of the largest US cryptocurrency exchange.

Where is it more profitable to buy bitcoin? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
  • Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
  • Feedback and support– we analyze user reviews and the quality of technical support.
  • Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform Features– availability of additional features — futures, options, staking, etc.
  • final grade– the average number of points for all indicators determines the place in the ranking.

Can Bitcoin replace the Proof-of-Stake consensus mechanism?

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