WHY BITCOIN IS DOOMED TO FAIL
We all know about the fork coming up this August, and most people still don't really know what's going to happen. Bitcoin could continue operating like normal, or pit could split into two new currencies. It's important to remember that the price of Bitcoin is most likely to drop directly before the fork. I predict that most people will attempt to avoid the issues and mystery of what will happen by converting their Bitcoin before the event. But then again, who knows? This is a short term issue of Bitcoin that will most likely be quickly addressed by the community. So, to be honest, the fork is nothing to worry about. Their are, however, many long term issues of bitcoin that are unfixable by the community and could crash the economy or make the currency otherwise useless. Many of these issues can apply to the majority of cryptocurrencys as a whole. Here are three of the major issues with Bitcoin:
- BITCOIN WILL INEVITABLY BECOME CENTRALIZED-
The main and ultimate issue with Bitcoin is the exponentially increasing size of the Bitcoin ledger which holds data surrounding all existing Bitcoin addresses and past and present transactions. With Bitcoins increased adoption more wallet addresses are stored on the ledger and more transactions are going on. In just one year, the size of the ledger nearly doubled from 70,000 to 11,000 megabytes. This kind of data can no longer be stored on conventional computers. Because most nodes (computers which store the ledger) will no longer be able to handle the size of the ledger, they will disappear. This means that the Bitcoin ledger will eventually be only be held by a few individuals who have the power to change the ledger at their whim. This problem is barely addressable because it would involve either shortening the ledger, or changing its file type, or etc. This would need outstanding community and node support and even so could lead to a hard fork. Luckily, this problem has not yet reached its apex.
- THE LACK OF A FUNCTIONAL ECONOMY-
This problem is most addressable by the community because it involves the betterment of the Bitcoin economy. At the moment, the value of the Bitcoin is coming from individuals mining it and converting it into different currencies. This, however, is not where the value should be coming from. The value should come from adoption into a real economy. And, lets be honest here, no employer is ever gonna pay their employees in Bitcoin. It is only with increasing use in real stores, whether online or irl, that Bitcoin will truly establish it as a currency and not only an investment asset.
- THE RISE OF QUANTUM COMPUTING-
Most people have heard of the so called "quantum revolution" which involves the use of computers capable of harnessing the power of cubits (bits which are both 1 and 0 at the same time). The computers can make lightning fast calculations which most bit based computers can only dream of. This means an end to traditional styles of encryption, something Bitcoin relies on extensively. Luckily, quantum computers are a long ways from commercial use. When they do become commercially available, all wallets will be susceptible to hacking and the whole network will suffer a horrific fate
you can find more about Quantum computers and Bitcoin here: https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin
fyi this is just my input on the topic. I dont necessarily think you should believe me and I strongly believe that most of these problems will be solved by the time they reach their apex
Well that's your opinion and thank God its not an official statement from Satoshi himself..... only time will tell.... But don't be a hater cryptocurrency had come to stay.
Finally someone with opened eyes!!
Bitcoin is like this to me!
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STOPBitcoin won't fail. Just HODL!!!
I'm back in 2012!
This is very amusing considering the conclusion contradicts the entire premise
sorry, I just had to throw a bit of optimism in at the end
All those points I faulty. You fail to realize the necessity is the mother of invention. Bitcoin, above all, is a decentralized community driven project which will find solutions every single time.