Why Bitcoin will never change - Crypto in Plain English - Episode 205 - by cryptohunt.it
Crypto in Plain English - by cryptohunt.it12 Juli 2022

Why Bitcoin will never change - Crypto in Plain English - Episode 205 - by cryptohunt.it

Why Bitcoin will never change

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Bitcoin has been one of the most influential technologies we've seen in a long time. And despite being the very first cryptocurrency, it has a surprisingly complex set of features as well.

But there are problems too. If you've followed this podcast, you know that we don't like how Bitcoin's "Proof of work" destroys the planet and makes it too slow for everyday transactions.

But every tech product changes, right? Over time, programmers figure out better ways of running things, and so even the most inefficient blockchain can evolve, no?

Unfortunately, Bitcoin is very unlikely to change. Let's find out why it's different from all the other software out there.

It's not that Bitcoin as a technology couldn't evolve in theory. The answer lies in the economics, as always. Bitcoin mining requires special hardware investments that miners have made in hopes of returning a profit. Shaking up the way Bitcoin works - for example by using a less energy-consuming method of mining - would mean they paid money for nothing.

And there you have it: Because a lot of people are way to invested in Bitcoin the way it is, they will very unlikely allow it to change for better.

Unfortunately, we think. Bitcoin has the potential to be much more, but likely never will.

Disclaimer: This podcast references our opinion and is for information purposes only. It is not intended to be investment advice. Do your own research and seek a duly licensed professional for investment advice.

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