Absolutely not the best. just the best adoption rate due to being first. Also because buying any other crypto usually involves step 1: buy bitcoin and step 2: trade for whatevercoin.
Comment on I will...
FiniteBanjo@feddit.online 2 days agoYeah, it being built upon a decentralized multiple transaction-ledger means that no singular nation’s treasury has control over its value. It’s also actually great for law enforcement because removing a transaction from the history is incredibly difficult, places that offer “private” transactions just create thousands of fake transactions to hide the real one inside, but the evidence still exists.
One of the largest BTC owners on earth is the USA’s FBI who have confiscated tons of the stuff used in illegal activity.
boboliosisjones@feddit.nu 2 days ago
Allero@lemmy.today 2 days ago
On Ethereum using less: this is due to a different consensus mechanism involved, one that is more eco-friendly, but less distributed and inherently (mathematically) less secure.
Generally, it should be fine on the scale of Ethereum, but Bitcoin has it safer, at the cost of plenty of power and e-waste.
Knock_Knock_Lemmy_In@lemmy.world 2 days ago
Allero@lemmy.today 2 days ago
That same 51% attack can occur on Proof-of-Stake, except you could immediately rewrite anything and also rob legitimate nodes of their stake, for all I understand.
Momentary 51% of Proof-of-Work merely makes it possible to extremely slowly rewrite the neighboring blocks. As most Bitcoin transactions require many “confirmations” (blocks coming after the one with the transaction), the attack realistically needs a very big scale, rely on serious level of luck and, through the open ledger, it will be extremely easy to detect.
Knock_Knock_Lemmy_In@lemmy.world 1 day ago
You can’t really rewrite old blocks with PoS, and your attack gets weaker over time as your invalid blocks are proven to be false.
vitalik.eth.limo/general/2020/11/06/pos2020.html