During the Hackjam of the 30th of November 2021 we had an informative conversation about bitcoin. Thanks for Irivan for his resumé of the talk he shared on our IRC channel on libera.chat. Here is a copy:
- The weakest and the only way to break the Bitcoin is 51% attack. It has to be maintained by 51% of good miners. If bad miners reached at 51%, that will be a risk to lose money.
- It solved issue of printing money crazily by Government e.g. Vietnam
- It could replace the currency that we hold if everyone (most of the population) is using bitcoin. It won’t be any issue for buying product in common way.
- It technically can be calculated by human power (pen and paper) which is just need longer time and need to make assumptions of everyone won’t make mistake on calculation. In other words, that relies on computing power and electricity.
- It solved issue of when people used fake cash. That’s nothing improved when using e-payment like credit card or Octopus.
- No way to monitor when will 51 attack happening. There is assumption of very difficult to make it.