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Major Central Bank Institution BIS: Bitcoin Must Depart From Proof-of-Work

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Bitcoin’s (BTC) problems are only solvable by departing from a proof-of-work (PoW) system, according to research published by the Bank for International Settlement (BIS) on Jan. 21. According to the paper, when in the future Bitcoin’s block rewards fall to zero — given that only a limited number of new Bitcoin will ever be created — transaction fees alone will not be able to sustain mining expenses. The argument implies that the Bitcoin network would become so slow that it would be virtually unusable, stating…….

Source: Major Central Bank Institution BIS: Bitcoin Must Depart From Proof-of-Work

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