Hi guys.
Plz don't kill me for asking.
I see a lot of hype around alt-coins.
When asked, many will point out POS as a plus vs bitcoin.
I was wondering:
1. Can Bitcoin change to POS if wanted to by the community?
2. Is POS really an advantage (if it is - is it an advantage because it saves energy, or because it diffuses power)?
Thank you!
1. My guess is that enough people and developers wanted to, they could. However, mining has become such a big business for so many people and companies that wouldn't make sense. Also, you require major changes to bitcoin which wouldn't be worth it.
2. Yes, there is an advantage (slight) because no power is wasted on mining machines, which are solving problems for no tangible reason. POS means you can use your coins to "stake" and earn more, and the more you have the easier it is.
It was meant to stop there being such large differences in the amount of currency people had (too few have too many btc), but it's not that effective.