Community post
Bitcoin Death: When and Why?
Since a lot of Steemit people are pretty advanced in blockchain technology, I hope to get some answers about Bitcoin and its adoption prospects.
I keep hearing that Bitcoin as a cryptocurrency has its limits and these limits sooner or later become a serious burden, so people drop using Bitcoin and choose some next level cryptocurrency. I'd be very happy if someone explained what are those technology limits or at least drop some links explaining this stuff clearly enough for a non-professional.
What are possible problems of Bitcoin blockchain and which alternative blockchains luck those problems?
Thanks for all your opinions!
Replies (2)
A cryptocurrency is only as good as the developers. Greed is human nature and is also an issue. Take the block size debate, big miners just won't budge, perhaps it would be cheaper to send physical gold one day than to transact in bitcoin.
In my opinion there is not a big problem here, scaling comes with new updates, applications on top of the blockchain and side chains. Maybe these solutions will take too long and the price will fall a bit like we seen a year ago when some blocks got clocked.
This will maybe give some delay in adoption and shift the way of adoption more to store of value and away from small transactions. Using another coin is not a great option I think, because there is no other coin around with the same infrastructure. The biggest alt coins at the moment are primary used for other use cases as payment (Ether and steem) and are much more inflatable than bitcoin.
Soon the Lightning network will come and they will take a share of the micro payments. Also rootstock does this for automatic payments and their capacity is huge. They both operate on the Bitcoin network.
I think bitcoin will remain the leading crypto currency and will grow huge, think of the trillions that can flow in once hedge funds and other big investors start adopting it.
P.S. im not an expert, but this is my opinion