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RE: Which Cryptocoin Could Overthrow Bitcoin?

in #bitshares • 7 years ago

I really eanjoy your blog and this is one of the reasons i upvoted and i can say well done... i know you add a lot of work on it!
Now....
You mention about the amazing benefits that bitcoin is offering and the fact that you spoke with a lot of people about it...
Can you please raise the voice up as for the moment i just see extremly high fees and nothing else... except if you took bitcoin long long time ago...
Great presentation about bitshares... but when i purchase a lot on 0.11 usd things looked great now its more then half less so maybe you can explain that as well...
Again dont get me wrong i like your blog a lot but cryptocurrencies world is a hard and crazy world.... at least for the moment!😉

7 years ago in #bitshares by
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     7 years ago  

    Thanks for showing your appreciation.

    There are many issues with bitcoin that need to be addressed, but it's proving very difficult to change the original protocol due to centralized mining pools. This is why you keep hearing about forks from the bitcoin blockchain.

    Here are the main issues that bitcoin has to overcome.

    1. A once decentralized ecosystem of miners has become extremely centralized.
    2. Nearly impossible to adjust the core code due to the powerful centralized mining farms
    3. Transaction fees are way too high to support mid to micro-transactions
    4. Transactions/operations per second is ridiculously slow which leads to congestion (for real-time updates use this site: https://blockchain.info/unconfirmed-transactions)
    5. The need for forking the blockchain will cause confusion amongst new users as they try to figure out which bitcoin to trust. Just look at what's happening right now with Bitcoin Gold. Is it a scam or legit?
    6. Bitcoin has become important for only one reason now. It has become a store of value based on nothing more than first movers advantage. This means that one day people may realize they are investing in a ponzi scheme because nothing else supports the value. How does Bitcoin itself generate profit? Right now, it's created when miners unlock a new block and receive the reward. What happens when the last block is unlocked? This may not happen until the year 2127, but the principles are still the same today.

    Now, with regards to BitShares, my personal suggestion is to weather out the storm. Hold as many BTS as you can and reap the benefits once the market realizes just how important BitShares technology is to the global economy. Already today, BitShares can support global demand.