“Bitcoin is outdated tech” – Hackernoon | $13,996.74

Last updated on January 22nd, 2018 at 09:44 pm

There are now over 1500 cryptocurrencies newer than bitcoin. These coins are more efficient, faster, and offer features that bitcoin lacks.

There is a history of first movers losing to innovative fast followers. Research shows that the first mover in a space is 6 times more likely to fail then the ventures that follow it.

Bitcoin has done the difficult work of trail-blazing, and now the floodgates are open for a slew of modern competitors.

Bitcoin and its blockchain have serious flaws.

  • The bitcoin network can only handle 7 transactions a section. That means only 7 people worldwide can buy or sell using bitcoin every second… Low transaction speed limits bitcoin’s effectiveness as a currency. It also hurts those who see bitcoin as a store of value.

  • Bitcoin wallets are tied to address hashes (random sequences of letters). Once the owner of a wallet is identified all of their previous transactions and all of their future transactions are visible to anyone who downloads bitcoin’s ledger. This history can never be deleted or changed.

  • Bitcoin was designed as a digital currency. The technology allows only basic programming. This prevents bitcoin from being used in more complicated situations like for smart automatically executing contracts. Think of it like a calculator compared to a computer.

Eulogy made by Coin and Crypto

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