Bitcoin and Its Future: Quantum Computers and Miner Reward Model

Professor of Economics Lawrence White from George Mason University recently sparked considerable interest with his statements regarding Bitcoin's security and potential threats from quantum computers. It's important to note that White expressed doubts that quantum computers could pose a significant threat to Bitcoin's security.

According to Professor White, attacks using quantum computers will not be able to undermine the security of the cryptocurrency itself. Instead, he focused on a different issue, namely the potential change in the reward model for miners in the future. White noted that while some people may worry about potential miner conspiracies aimed at attacking Bitcoin, it would not be in their interest to do so. According to him, Bitcoin has already proven its resilience to hacking attempts.

However, White raises a critical question concerning Bitcoin's future. Given the limited supply of Bitcoin (21 million coins), in a hundred years, miners will no longer create new coins through the mining process. Instead, their primary source of income will come from transaction fees.

The professor has doubts that this will be sufficient to attract the necessary number of miners required to ensure the security of the entire system. This creates serious concerns about the sustainability and future of this cryptocurrency. Bitcoin has always been at the forefront of cryptographic and technological advancements, but this issue may require serious discussion and solutions.

Professor White also expressed doubts about whether Bitcoin can truly become a global currency that competes with traditional money. He pointed out the minimal likelihood of this scenario and suggested that other cryptocurrencies with different designs or stablecoins might achieve such a status.

These remarks provoke thoughts about the future of cryptocurrencies in the world of finance. It's important to remember that there are many different opinions on this matter, and even leading economists have different perspectives.

It's worth noting that Professor White's opinion is not the only one on this matter. Jack Mallers, the CEO of the payment service Strike, claims that Bitcoin is the most efficient payment system. American economist Eugene Fama also recognizes the value of Bitcoin as a means of payment.

Vitalik Buterin, the co-founder of Ethereum, presented a method to protect user accounts from the threats posed by quantum computers. He considers it important to enhance user security in the rapidly evolving field of quantum computing.