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“Why Bitcoin is doomed to fail” – Steemit | $2,654.39

Their are many long term issues of bitcoin that are unfixable by the community and could crash the economy or make the currency otherwise useless. Many of these issues can apply to the majority of cryptocurrencys as a whole. Here are three of the major issues with Bitcoin:

The main and ultimate issue with Bitcoin is the exponentially increasing size of the Bitcoin ledger which holds data surrounding all existing Bitcoin addresses and past and present transactions. With Bitcoins increased adoption more wallet addresses are stored on the ledger and more transactions are going on.

This kind of data can no longer be stored on conventional computers. Because most nodes (computers which store the ledger) will no longer be able to handle the size of the ledger, they will disappear. This means that the Bitcoin ledger will eventually be only be held by a few individuals who have the power to change the ledger at their whim.

This problem is most addressable by the community because it involves the betterment of the Bitcoin economy. At the moment, the value of the Bitcoin is coming from individuals mining it and converting it into different currencies. This, however, is not where the value should be coming from. The value should come from adoption into a real economy. And, lets be honest here, no employer is ever gonna pay their employees in Bitcoin.

Most people have heard of the so called “quantum revolution” which involves the use of computers capable of harnessing the power of cubits (bits which are both 1 and 0 at the same time). The computers can make lightning fast calculations which most bit based computers can only dream of. This means an end to traditional styles of encryption, something Bitcoin relies on extensively. Luckily, quantum computers are a long ways from commercial use. When they do become commercially available, all wallets will be susceptible to hacking and the whole network will suffer a horrific fate.

Eulogy made by Imcolo


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