Bitcoin developer explain how cryptocurrency might be a failure

Bitcoin developer Greg Maxwell
Bitcoin developer Greg Maxwell

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Blockstream co-founder and Bitcoin developer Greg Maxwell explained that it is very unlikely that a 51% attack would end the bitcoin. He thinks changing rules of bitcoin in favor of a more centralized structure is a far greater risk to the system. Another bitcoin developer Cory Fields believes an accidental bug that gets introduced internally to the system could also result in the sudden death of the leading cryptocurrency.

More than a decade ago, Satoshi Nakamoto launched a bitcoin network. Since then, it has come a very long way, but bitcoin developer and Blockstream CTO, Greg Maxwell thinks BTC is still vulnerable and can theoretically fail. However, he does not think a 51% attack would be the reason behind the end of bitcoin. According to Greg, changing the rules of the coin in favor of a more centralized structure could doom the bitcoin.

He wrote that a far bigger risk to bitcoin is that the public using it would not understand and would not protect the decentralization properties that make it valuable over centralized alternatives. He added that the ability demonstrated by the system with fake decentralization to arbitrarily change the rules out from under users is far more concerning than a 51% attack.

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Cory Fields, another bitcoin developer, thinks that it is unlikely a 51% attack would fail the bitcoin experiment. However, According to Fields, an accidental bug that gets introduced in the system can lead to the sudden death of the leading cryptocurrency. According to a Forbes report, Fields has reached out to various developers to work with him on a 10-year project to safeguard bitcoin system from these bugs

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