According to a research that was published by the Bank for International Settlement (BIS) which we are covering in our bitcoin news today, the problems of the major cryptocurrency can be solved only by leaving the proof-of-work system.
The arguments suggest that after bitcoin’s block rewards drop to zero because of the limited number of BTC, the network will become painfully slow and it will make the currency unusable:
“Simple calculations suggest that once block rewards are zero, it could take months before a Bitcoin payment is final, unless new technologies are deployed to speed up payment finality.”
However, in the study there is little praise for the Lightning Network as well, claiming that it could help but the real remedy for improving the network would be by saying goodbye to the proof-of-work method. Leaving the protocol would likely require a sort of coordination and possible institutionalization.
The conclusion is basically that ‘’in the digital age too, good money is likely to remain a social construct rather than a purely technological one.’’
The Bank for Institutional Settlement is basically a group of 60 central banks which account almost 95 percent of the global GDP.
BIS issued another report a few weeks ago where it was explained that nearly seventy percent of the central banks in the world are researching the option for a central bank digital currency and how to issue it. The major financial institution found a solid correlation last September between the crypto prices and the news about regulation that swamped the news platforms worldwide.
Bitcoin Goes Over $3,750 As Total Market Cap Rises To $126 Billion
Japanese e-Commerce Giant Rakuten With A New App That Will Probably Support Crypto Payments
Top Cryptos Are Reporting Minor Losses, Bitcoin Getting Close To $3,630
Top Cryptocurrencies See Green, Ending Week With A Positive Action
Join us on Facebook
- Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
- CFTC Commissioner Believes In Creating A Self-Regulatory Crypto Structure
- Guangdong Province In China To Use Blockchain-Based Tax Payment Platform
- Mining Giant Bitmain Launches New Generation ASIC Mining Chip
- Bitcoin Goes Over $3,750 As Total Market Cap Rises To $126 Billion
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
JPMorgan Chase Will Launch Its Own Cryptocurrency ‘’JPM Coin’’
Altcoin News3 days ago
Bloomberg Editor: JPMorgan’s Cryptocurrency Will ‘Obliterate’ Ripple
Bitcoin News1 day ago
Bitcoin Is Closer To A First Positive Month Since July 2018
Regulation3 days ago
New Blockchain Framework Bill Passed Into Law In Luxembourg
Altcoin News2 days ago
Norwegian Anarcho-Capitalist City Adopts Crypto As Official Medium Of Exchange
Altcoin News1 day ago
ETH-Based Maker (MKR) Outperforms In February With 37% Gains
Altcoin News4 days ago
New XRP Ledger Version 1.2.0 Introduced By Ripple
Bitcoin News3 days ago
Is It About Time Millennials Invest All-In On Bitcoin: Investor Talk