[Economics professor points out Bitcoin’s future security threats]
Lawrence White, an economics professor at George Mason University, said in an interview that there may be security issues in the future of Bitcoin (BTC).
In an interview with David Lin on October 22, White focused on Bitcoin’s long-term viability and changes in miner rewards. While there is concern about the threat of quantum computing to cryptocurrencies, White believes that Bitcoin has proven to be non-hackable.
He said: "Bitcoin has been proven to be hack-proof so far, but as the reward model changes, it may be challenged."
When all Bitcoins are mined, miners’ rewards will be provided entirely by transaction fees. He noted that this could create security problems for the next century.
White warned: “In the next 100 years, when no new Bitcoins are generated and only transaction fees support miners, the security of the system may be compromised.”
Currently, miners primarily benefit from new Bitcoins, with transaction fees as a secondary reward. But as Bitcoin production decreases, transaction fees will become crucial.
Although these problems may seem lofty, the Bitcoin community is constantly working to improve its security.
Regarding Bitcoin’s currency status, White believes that other cryptocurrencies, such as stablecoins, may have greater potential to become widely accepted currencies.
White also added: "I think it is unlikely that Bitcoin will become the world's currency, but there are other cryptocurrencies or stablecoins that may fill this role."
