Can the blockchain be broken?
I’m not what I would call and expert in this field, but I have a growing interest in blockchain and cryptocurrency technologies.
I often wonder can the blockchain that underpins the operation of Bitcoin be broken and if so what would it take? I don’t have the answer to this, but here are my thoughts and questions on it.
If miners were to stop mining for whatever reason, would this be the end of Bitcoin and the underlying block chain? I might be naive when it comes to this technology, but my understanding is we will always need miners.
I guess so long as we have a fair reward for miners and its cost effective to mine, mining should continue.
Could we ever experience a miner’s strike, where mining stops to protest? The UK suffered from this many years ago with physical mining.
Food for thought I guess.
This post was produced with the intention of opening a debate on the subject to enable me and others to learn more.
If you like please subscribe, resteem and upvote.
Thanks for reading.
Bitcoin has no centralized team of miners who have been employed to do the work, people have been volunteering for it so far. People over the globe compete to update the ledger and bitcoin isn't dependent on a specific bunch of people to keep the blockchain running as was the case for physical mining that you mentioned. Besides the blockchain is worth 40 billion dollars today which have been pooled in from people over the globe. People across the globe will have to bear a loss if the blockchain takes a halt. So in my opinion all the measures will be taken in order for the blockchain to carry on smoothly since its a task of storing billions of dollars worth assets.
I hope I could answer your question to some extent.
Thank you for taking the time to reply. I guess there is safety in numbers and these numbers being $$$$$$