Is Bitcoin at Risk? The Alarm over Security and Property Rights
James O’Beirne, a developer of Bitcoin Core, issued a grave warning about the future of the leading cryptocurrency in the world. During an appearance on the podcast *Supply Shock*, O’Beirne expressed deep concerns about the erosion of Bitcoin's security budget, emphasizing how this phenomenon could undermine the fundamental property rights that the network has always guaranteed.
According to O’Beirne, the issue is urgent and requires immediate attention. The gradual decline in revenue allocated to the security of the network could indeed lead those managing Bitcoin to make drastic decisions, altering some of its foundational principles.
The Security Budget: A Pillar in Danger
During the interview, O’Beirne explained that Bitcoin's security budget is primarily based on rewards for miners and on-chain transaction fees. However, as time goes by and the next halving events approach — events that halve the reward for mined blocks — the risk of insufficient funds to maintain the network's security becomes increasingly real.
O’Beirne emphasized that the decrease in rewards, combined with low fees and stagnant prices, could create an extremely difficult situation for miners. In this context, pressures could arise to introduce radical changes to the Bitcoin protocol, thus compromising its original nature
“`html Controversial Changes: Tail Emissions and Changes to Supply “`
Among the possible solutions discussed, O’Beirne mentioned the introduction of so-called tail emissions — continuous issuance of new coins even after reaching the maximum limit of 21 million bitcoins — and the modification of the cryptocurrency's issuance program.
According to the developer, both options would represent a direct threat to rights
