Skip to content

“If 50% of the miners shut down their machines, Bitcoin would still have the 2018 hashrate,” says Antonopoulos.

May 2, 2020

Bitcoin expert Andreas Antonopoulos recently spoke in an interview about the prospects for the digital asset market after halving Bitcoin. According to him The event does not affect network security.

Antonopoulos is one of the world’s leading bitcoin experts. He is the author of the well-known book “The Internet of Money” on digital assets.

In a conversation with Be In Crypto, he discussed what he would expect from Bitcoin in the coming years and how a halving should affect the network.

“If 50% of the miners shut down their machines, Bitcoin would still have the 2018 hashrate,” says Antonopoulos.“If 50% of the miners shut down their machines, Bitcoin would still have the 2018 hashrate,” says Antonopoulos.

Bitcoin will go through its third halving in ten days. The event takes place every four years and halves the block generation reward for miners and consequently reduces the market entry of new bitcoins.

Many analysts believe this It’s a crucial moment in the asset market cycle, and if history repeats itself, Bitcoin prices can go up a long way.

Despite optimism, some members of the crypto community believe that reducing the miners’ reward can compromise the security of the Bitcoin network, as many of these participants will be forced to shutdown their machines.

Antonopoulos disagrees:

“”If 50% of the mining capacity goes offline tomorrow morning, we will be back to the 2018 level in hash terms“”

According to him, if the computing power for the Bitcoin network were halved, there would still be one completely healthy security level. The network is therefore not at risk after halving.

Antonopoulos also spoke about the idea that Bitcoin will replace national currencies.

This will not happen to the experts. He said that instead of substitution, the traditional system and the world of cryptocurrencies will coexist:

“”The era of a monopolistic currency system in which you were born and in which you can only use one currency … This idea died on January 3, 2009 with the introduction of Bitcoin. Now we’re talking about a world of choice“”

Antonopoulos believes that currencies are now like the Internet: you can choose which network you want to use according to your needs.

The Bitcoin “Guru” also spoke about the economic policies of central banks in the face of the economic crisis caused by the corona virus. For him, the government does the opposite of what it claims:

“”This is essentially a transfer of the future of the lower middle class, robbing them of paying the richest multinationals. And it’s gross. My position was not a salvation“”

Regarding the challenges the cryptocurrency industry faces in gaining greater acceptance, Antonopoulos said that cryptocurrency wallets need to improve their interfaces as they connect the beginner to the Bitcoin network.

He said it won’t be an easy task since Users of these wallets generally expect a free service, which makes it difficult for companies developing this type of software to generate income.

Receive Breaking News !

Enable Notifications    Ok No thanks