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Antonopoulos on the halving: even if the miners shut down, the network is still in safe hands

Antonopoulos on the halving: even if the miners shut down, the network is still in safe hands
  • Recently speaking in his podcast, Andreas Antonopoulos gave his opinion that Miners could be subsidised.
  • However, many critics of bitcoin made the argument that transaction fees on their own won’t be able to provide the security on the network.

Recently speaking in his podcast, one well-known bitcoin advocate, Andreas Antonopoulos gave his opinion that if the total amount of transaction fees increase on the bitcoin network, Miners could be subsidised and that the amount of fees and the value will be worth the security of the network. He further says: 

“We’ll have to wait and see if we’ll see more transactions in the same block space because of capacity increas, or due to the introduction of more SegWit transactions, or the introduction of new technologies like Schnorr/taproot, or if we’ll see a bigger block size perhaps in Bitcoin in order to accommodate more transactions per block? We don’t know yet.”

However, many critics of crypto and bitcoin have made the argument for a while now that the transaction fees on their own won’t be able to provide the need for security on the network. The consensus algorithm that bitcoin works on was initially designed to ensure high security. Over the years that proof of work is preferred by many as it provides better security and also reduces the amount of energy that is used. This is one of the key reasons that ETH is making the shift to proof of stake it’s ETH 2.0 version.

On top of this, there are many concerns floating about in the industry about miners capitulating after the halving in less than a week's time. If the probability rate ends up being low, many miners will shut down their operations which could have a significant impact on the security of the bitcoin network. At least, this is what many people speculate, but no one knows what will happen for sure. Antonopoulos gave his thoughts on the matter saying that if they even stop mining, bitcoin would still be a network with strong security. Even if half of the miners stopped operating, according to him the whole network will still stay very secure.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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