Bitcoin-able

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27 September 2017
John Dwyer

There are a number of benefits which Bitcoin advocates promulgate when spreading the word on cryptocurrencies in general and Bitcoin in particular.

However, in addition to the high volatility, there are a number of things that one should bear in mind to balance out the mainstream mania which has emerged in recent months.

Firstly, it is centralize-able – one of the key challenges of Bitcoin has been the tendency towards centralizing of the mining function given its high capital costs.

Consequently, Bitcoin is potentially control-able as a 51% attack remains a risk. Here is a link to a news story in 2014 highlighting the risks of centralization and control of the Bitcoin network due to the then largest mining pool called Ghash.io.

https://www.coindesk.com/ghash-io-never-launch-51-attack/

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Insight details

Special Interest
Innovation & Emerging Technology
Location
Asia-Pacific, EMEA, LATAM, North America