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WHY CAN'T BITCOIN BE STAKED? WILL BITCOIN SWITCH TO POS?

By Katie Rees Published 2 days ago
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Bitcoin is the world's biggest cryptocurrency, but why can't you stake it to
earn passive income?



Whether you're big into crypto or have no interest in it, you've probably heard
of Bitcoin, the first cryptocurrency ever developed and most valuable by far.
And while you can make big bucks by selling Bitcoin, you cannot stake it like
many other altcoins out there. But why exactly is this, and will Bitcoin ever be
available for staking?




HOW DOES BITCOIN WORK?



To understand why Bitcoin cannot be staked, let's discuss how it works. As with
any cryptocurrency, Bitcoin operates on a blockchain. A blockchain is a kind of
distributed ledger that consists of blocks, each of which contains multiple
transactions that have recently taken place using a specific cryptocurrency.

In order to make cryptocurrencies as safe and transparent as they are, consensus
mechanisms are needed. These come in many different forms, but the most popular
is proof of work and proof of stake. Bitcoin uses the former, which was
developed and adopted before proof of stake became popular. But what exactly is
proof of work?

Related: Bitcoin vs. Altcoins vs. Stablecoins: What's the Difference?

Proof of work (PoW) involves miners solving complex mathematical problems to
process transaction blocks broadcast to the decentralized network. The miner
must expend effort and time to do this, and on the Bitcoin network, a new block
is usually broadcast every ten or so minutes.

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Essentially, a miner has to guess the right line of code to "win" the block,
earning a Bitcoin block reward in the process. By solving these mathematical
problems and proving that computing power is being used by doing so, miners help
to secure the blockchain, prevent malicious attacks, and process transactions.
In addition, the PoW consensus mechanism also prevents "double-spending" from
taking place. This involves users spending their cryptocurrency twice, which
could be used to scam other Bitcoin users.

So, now we know how Bitcoin works, let's get into why it cannot be staked.




WHY CAN'T BITCOIN BE STAKED?



While proof of work is certainly a useful consensus mechanism, it has its flaws.
Most notably, proof of work is very energy-intensive, making it a bit of an
environmental enemy. This is why Bitcoin is so often criticized for being an
electricity guzzler.



This problem has led to the development of a more energy-efficient consensus
mechanism: proof of stake (PoS). In short, this mechanism involves validators
verifying and creating new blocks on a blockchain within a decentralized
network. Validators must stake a certain amount of their own crypto as
collateral and get paid rewards in return for their work. This is what makes
crypto staking possible.

Any kind of cryptocurrency that can be staked, like Polkadot, Solana, or
Cardano, operates using the proof of stake or delegated proof of stake
mechanisms. Delegated proof of stake is similar to the former but involves
voting for validators. Even Ethereum, which currently uses PoW, is moving to PoS
with its Ethereum 2.0 upgrade.



With many different cryptos now adopting proof of stake and staking itself
becoming so popular, many wonder whether Bitcoin will ever move on from proof of
work.




WILL BITCOIN ADOPT PROOF OF STAKE?



Nothing is ever 100 percent certain in cryptocurrency, but it's highly unlikely
that Bitcoin will switch to proof of stake.

Bitcoin was the first cryptocurrency to use proof of work, and it's this
mechanism, in particular, that is integral to the blockchain's miners.
Introducing a new mechanism would mean every miner would have to adapt to a new
way of securing the network and would earn fewer Bitcoin overall.

Related: Top Cryptocurrency Terms Explained: Every Crypto Definition You Need



Because of this, a shift to proof of stake may get a bit messy, and could
severely disrupt the Bitcoin network. On top of this, many loyal Bitcoin owners
and miners alike see proof of work as the more secure of the two, as it allows
funds to be transferred and stored trustlessly and makes Bitcoin pretty much
immutable.




BITCOIN COULD SWITCH TO POS—BUT IT WON'T

While many cryptocurrencies are moving on to more energy-efficient pastures,
Bitcoin will stay put with its trusty proof of work mechanism. But, in spite of
this, there are hundreds of great altcoins out there that can be staked, so
you'll still be spoiled for choice in that regard! So, for now, and the
foreseeable future, Bitcoin will remain un-stakeable.




Is Bitcoin Completely Revolutionizing Nonprofits?

Donating with Bitcoin is completely changing the way nonprofit do business.

Read Next
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Related Topics
 * Technology Explained
 * Bitcoin
 * Ethereum
 * Blockchain
 * Cryptocurrency

About The Author
Katie Rees (167 Articles Published)


Katie is a Staff Writer at MUO with experience in content writing in travel and
mental health. She as a specific interest in Samsung, and so has chosen to focus
on Android in her position at MUO. She has written pieces for IMNOTABARISTA,
Tourmeric and Vocal in the past, including one of her favourite pieces on
remaining positive and strong through trying times, which can be found at the
link above. Outside of her working life, Katie loves growing plants, cooking,
and practicing yoga.

More From Katie Rees


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