Economics professor warns of the main threat to Bitcoin

In the long run, the security of Bitcoin is threatened not by quantum computing, but by a change in the miners’ reward model. This was stated by Lawrence White, a professor of economics at George Mason University.

After the mining of the last Bitcoin, which is expected to occur around 2140, the main source of miners’ income will be transaction fees.

“People are concerned that they will not be able to attract a sufficient number of miners to secure the system,” warned White.

At present, Bitcoin is protected against hacking, because attacking its network with quantum computers is not in miners’ interests.

White regards Bitcoin as unlikely to be used as a means of payment. However, according to him, other cryptocurrencies that “provide more stable purchasing power” could take on that role.

Earlier, in January 2022, researchers estimated the power of a quantum computer to crack Bitcoin.