CoinShares’ official noted that political leaders globally are working to put pressure & ban on Proof-of-work based cryptocurrencies, which include Bitcoin.
Bitcoin completed 13+ years of life cycle and still, it is moving toward the immortal future. Huge decentralized support, through bitcoin mining operations, makes the Bitcoin network under the control of the population but at the same time network is resulting in huge environmental issues because of Proof-of-work Consensus, which is traditional technology in the crypto industry.
Speaking at the Crypto Bahamas conference, Meltem Demirors, the chief strategy officer at crypto asset management company CoinShares, said that all the government agencies are working quietly to impose restrictions & Ban like provisions on Bitcoin with the concept of restrictions on Proof-of-work based cryptocurrencies.
She also asserted that restrictions with the policies on crypto via Proof-of-work Consensus-based digital assets ban may be a better option for them to degrade the interest and adoption of Bitcoin, in favor of traditional assets. She also said that it will further crush the whole crypto market.
“What we’re seeing around the world, which is concerning to me, is using the attack on proof-of-work, and in particular, bitcoin’s energy usage, as a way to implement a de facto ban on bitcoin without saying it<…> Without Bitcoin and Bitcoin as a liquidity sink and Bitcoin as like the ultimate source of liquidity, none of this exists. So I think it’s incredibly short-sighted.”
Besides these hidden allegations against the Bitcoin critics and haters, the CoinShares Officer said that the Bitcoin community is strong and it will not be easy for them to introduce real restrictions on Bitcoin.
The CEO of Lightning Labs, Elizabeth Stark, said that efforts by the government agencies against Bitcoin are because of the decentralized nature of Bitcoin.
Proof-of-work vs Proof-of-stake
In the present time, the majority of the blockchain networks operate on Proof-of-stake Consensus and this is the biggest reason for Proof-of-work Consensus to face criticism.
Second biggest Cryptocurrency Ethereum is working to shift its operations from Proof-of-work to Proof-of-stake Consensus.
Now, some crypto industry proponents are against Proof-of-work Consensus. This year, Ripple co-founder and Solana co-founder separately suggested shifting Bitcoin to Proof-of-stake Consensus.
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