Bitcoin Suisse Founder Predicts BTC Will Move To PoS

The Bitcoin Suisse founder of the Swiss crypto broker firm Niklas Nikolajsen, predicts that bitcoin will shift to proof-of-stake once the Ethereum network proves that the algorithm is successful as we are reading in the bitcoin news today.

The current proof of work consensus algorithm which was the pioneering concept that actually pre-existed Bitcoin came to be indissociable from the cryptocurrency which will likely change in the future as the Bitcoin Suisse founder argued. The outtakes from the interview with Nikolajsen were that:

 “[Bitcoin’s move to Proof-of-Stake] is not planned, but the second-largest cryptocurrency, Ether, will move to a Proof-of-Stake concept that demands vastly less electricity, already in a few months. I’m sure, once the technology is proven, that Bitcoin will adapt to it as well. Once it’s proven that Proof-of-Stake works well, it’s a superior system to Proof-of-Work.
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The blockchains that use a PoS system make the nodes engage in validating blocks rather than mining them as in the PoW method. For the proof-of-stake method, the algorithm selects block validators based on the number of tokens that each node stakes in the wallet or it was deposited as collateral in order to compete and to add the next block to the chain. Nikolajsen’s prediction is that Bitcoin will migrate to the PoS system was made in the context of a discussion of the notoriously high levels of electricity that are needed to sustain the mining of the network. He dismissed the claims that Bitcoin consumes huge levels of electricity but emphasized that mining’s energy intensity is not that big of an issue than where the energy is produced and how it is generated. He continued:

 “Which metropolis in the world doesn’t have 100-story-high banking towers, glowing in a million different colors all night, and their financial systems, their computers, server rooms. How much energy does Facebook consume? They have 21 huge data centers worldwide, I’d say probably more than Bitcoin. The banking system for sure consumes a lot more energy.”

The perception for all of the people is that the high consumption rate is a huge issue for Bitcoin and it was critiqued by some of the clean energy proponents who remarked the source of power rather than levels of consumption.