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