'Bitcoin is a failed experiment '
Tech
January 15, 2016 13:49
In a long
Hearn blog article explains what exactly is wrong with the current state of bitcoin. Although he has published a large number of arguments, it mainly comes down to a divided community around the currency. The biggest problem is that the network which payments are verified in practice at full capacity can only accept three payments per second.
Technically, it is possible to increase the capacity, but a large number of important players in the bitcoingemeenschap, including a number of the main developers behind the art, refuse to do so. The reasons are various, but in essence it boils down to a difference in philosophy.
Bitcoin is designed as a decentralized currency, agencies such as banks and governments have no effect on the value, among others. One bitcoinprogrammeur, Gregory Maxwell, argued for example, that bitcoin would not be popular, because then only big companies could pay the required network hardware, and therefore make them able to exert influence on the currency.
Maxwell has spent the past few years have fiercely opposed expanding the capacity. And since he has as much power over what exactly happens with bitcoin as other major programmers, the organization behind the currency is struggling with a stalemate.
Hearn has since withdrawn from the bitcoingemeenschap. What he will do next, is still unknown.
- It is no longer with bitcoin, the digital currency's minds in recent years has considerably agitated. That suggests at least Mike Hearn, a programmer for five years one of the main developers of the technology was behind bitcoin. Hearn has resigned on Thursday.
In a long
Hearn blog article explains what exactly is wrong with the current state of bitcoin. Although he has published a large number of arguments, it mainly comes down to a divided community around the currency. The biggest problem is that the network which payments are verified in practice at full capacity can only accept three payments per second.
Technically, it is possible to increase the capacity, but a large number of important players in the bitcoingemeenschap, including a number of the main developers behind the art, refuse to do so. The reasons are various, but in essence it boils down to a difference in philosophy.
Bitcoin is designed as a decentralized currency, agencies such as banks and governments have no effect on the value, among others. One bitcoinprogrammeur, Gregory Maxwell, argued for example, that bitcoin would not be popular, because then only big companies could pay the required network hardware, and therefore make them able to exert influence on the currency.
Maxwell has spent the past few years have fiercely opposed expanding the capacity. And since he has as much power over what exactly happens with bitcoin as other major programmers, the organization behind the currency is struggling with a stalemate.
Hearn has since withdrawn from the bitcoingemeenschap. What he will do next, is still unknown.
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