Technology entrepreneur, writer and Bitcoin advocate Andreas Antonopoulos shared his views on what factors or global events could seriously threaten the existence of Bitcoin in 2020 and beyond on the Youtube channel.

"Bitcoin survives 51% attack"

Antonopoulos first said that the 51% attack that appears to be the biggest threat to Bitcoin is not as terrible as stated. Stating that an attempt by a group of malicious people to control 51 percent (or more) of Bitcoin hash rates to break the network is too expensive and ineffective, Antonopoulos said, “This kind of attack requires a very expensive initiative and very serious coordination. . In addition, the profit to be obtained as a result of the attack is not much and these attempts can be prevented relatively easily. As a result, such a huge cost and after work, its reward will be very small. "No such risk has been taken by anyone so far, and I don't think we'll see any 51 percent attacks," he said.

Antonopoulos stated that Bitcoin will get rid of it in case of 51 percent attack and those who attempt this initiative do not have much to do at the moment. We owe this to the decentralized structure of Bitcoin. Because it is not only miners, but also nodes, exchanges, and buyers and sellers. ”

A major power outage…

Speaking of disaster scenarios for Bitcoin, Antonopoulos said that a major power outage would seriously damage Bitcoin, but banks and the tools of the current financial system would be affected much worse than this disaster.

Successful entrepreneur commented, "Bitcoin is the leading vehicle that comes back after a giant power outage or a natural disaster that could cause serious damage to the internet or electricity networks."

Bitcoin is not an internet-connected tool to work. As an example, the satellite network of Blockstream ensures that transactions are made only with a TV satellite and a smart device. “Only one communication tool is required for Bitcoin,” said Antonopoulos. It could even be a short radio wave or a phone line. ” The famous Bitcoin advocate also stated that even if a mining equipment is attacked in coordination with viruses, this will definitely cause problems, but corrections can be made quickly.

The only thing he worries about is state attacks

"Where can the greatest danger come from if we eliminate hackers and natural disasters?" Antonopoulos answered the question "States …".

As stated above, the only attack that worries Antonopoulos is a government or an attack that can be made from the states to cryptocurrencies.

He noted that successful entrepreneurial states could use the tax issue to attract cryptocurrencies underground. Antonopoulos said:

“I think that such attacks will keep middle-class people and speculators who cannot afford states from using Bitcoin”

Claiming that more than half of the people in the world live in totalitarian, authoritarian and dictatorial regimes, Antonopoulos said that it may be costly to obey the rules in these countries. However, considering the rules and conditions in these places, he commented that violating the Bitcoin usage / non-use law is one of the lightest crimes that can be committed.


editor

Manuel has three years of editorial experience, specializing in language translation editing. He has got immense experience in writing about technology, business and finance. His stories have been published and circulated around the globe by various media outlets.

Leave a Reply

Your email address will not be published. Required fields are marked *