Author Topic: The failure of BTC ?  (Read 20 times)

Alamar

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The failure of BTC ?
« on: February 23, 2018, 11:55:22 am »
We all here use BTC, and we all are more or less enthusiasts of cryptocoins.

But we can not be blind to some facts, I already said this many times in chat box, but wanted to put it here so that everyone can see it, and also have a discussion about it.

Bitcoin is a failure right now.

It fails to fulfill the promises that were made when it was created.

Why? Because for example if I want to buy a pizza with BTC, I need transactions to be always fast, I can not wait 1 day or 1 week for confirmations while Im starving. And there is also the issue with transaction fees. To move an amount of money equivalent to 5 dollars for example, I must pay 10 dollars. That does not make sense at all.

Blockchain technology has this fundamental flaw, there is a limited amount of transactions that fit on each block, and the arrival of each block takes a certain time. So if a cryptocoin wants to be used more than all traditional currencies worldwide, this two very important flaws must be solved:  1) time for transactions must be in the order of seconds, at most 1 minute. 2) the fee for transactions must be small compared to the amount you are moving, for example 3% of the original amount or less. 3) you must be able to move small amounts of money with no problems, for example 1 dollar.

Bitcoin was the first cryptocoin widely used, so more or less all the crypto coins that followed also used the same blockchain technology, or similar.

Patches and solutions for this blockchain problems are being developed, but will they succeed in correcting all this problems?.

There is another problem that will come in the future: when all bitcoins are mined, as it is planned, the miners will only get income from the transaction fees. This means that probably all the people and companies that invested heavily in mining equipment (and they have to spend also electricity keeping it running) will try to get more money from transaction fees, and this will mean increased transaction fees. If fee amount is already a problem, the future does not look very good.

So, what are your thoughts on this? Will BTC succeed in being used easily in daily life payments? How do you think present problems can be corrected ?

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