Proof Of Work Is The Only Viable Form Of Consensus

PoW>PoS without a doubt, hands down and Bitcoin shines because of this while all others pale in comparison.


Blockchain is not a new development, and financial payment rails can be developed which are much faster than any platform that uses a blockchain. Blockchains distribute total information about transactions to thousands of computers globally, thus making it slower than simply distributing balances from a centralized system. The only reason Bitcoin makes use of a blockchain is because it needs to be truly decentralized. And with the help of proof-of-work, it is provably decentralized, however, since the decentralization of proof-of-stake chains cannot be ensured, using proof-of-stake altcoins essentially places your trust in a centralized platform which could have malicious intents and thus making it irrelevant to use a proof-of-stake system, when more efficient centralized systems such as PayPal, Cash App or other digital payments platforms exist.

If you are comfortable with the risk that your funds can be stopped, censored or confiscated from you at any time for any reason — or more pertinently, that the platform can be revealed to be fraudulent or insolvent — then make use of centralized systems such as the legacy financial system or digital payments applications. However, using proof-of-stake cryptocurrencies, which are most often centralized Ponzi schemes that enrich its founders, is wasteful as they are pointless and simply take up storage space that could be used for more important data storage for the future.

I will stick to Bitcoin which is secure, immutable, unseizable and decentralized with no single point of failure. Bitcoin is money with a finite issuance, so the value of a bitcoin cannot be stolen through the unnecessary inflation of the supply — as has happened to every fiat currency and to most altcoins.

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Master Asked on December 7, 2022 in Cryptocurrency.
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