Quote from: contact12345 on November 12, 2018, 07:18:36 AM

Quote from: Pursuer on November 12, 2018, 07:10:16 AM

Quote from: contact12345 on November 12, 2018, 07:03:21 AM

lot of other and better versions of consensus algorithms

you first have to prove that there exists a consensus algorithm that is actually better than PoW then discuss why bitcoin is not choosing that "better" algorithm.
so the real question here is "why do you think other consensus algorithms are better than PoW?"

I have been doing research on why Bitcoin is better than other cryptos and I came across many other algorithms for consensus that seems to be a bit better than PoW theoretically! The most important of them seems to be PoS.
PoS:
It gives power and voting rights based on Stake system.
It has no mining rewards which removes the ongoing war for mining the block earlier than any other miner.
It has lesser energy consumption for its functioning.

that is the problem with your question which happens to be a very common one these day! you always assume something is better because you only sought out minimal information about that alternative. but if you actually go deeper and look at both pros and cons of that alternative (in this case the consensus algorithm) you can see that it is not "better"!

but of course if the only factor that you look at is the energy consumption then PoS obviously comes out on top! but is it just about energy consumption?