Is It Hard For Long Term Bitcoin Supporters And Believers To Take A Step Back And Take An Objective Look At The Market And Network?
bitcoin·@cryptofreedom·
0.000 HBDIs It Hard For Long Term Bitcoin Supporters And Believers To Take A Step Back And Take An Objective Look At The Market And Network?
<html> <h3>Bitcoin is such a powerful idea and tool that so many people feel so strongly about and believe in, but could that be causing them to be unable to remain objective?</h3> <p>I love Bitcoin and everything that the underlying technology has given rise to, but it is really starting to look like more and more members of the Bitcoin community are ignoring the major hurtles Bitcoin actually faces. I am not talking about those who believe Bitcoin will remain a valuable store of value similar to a commodity in the future, but rather those who argue that Bitcoin will be adopted by the mainstream for use as a currency. I'm obviously not saying that this could never happen, but there would need to be fundamental and huge changes to the network in order to enable this to happen. Looking at the price charts continuing to push upwards causes many individuals to become temporarily blind to the issues, and simply think that their beliefs have been validated due to the current price level. I have always been a firm believer in Bitcoin and its future, but I acknowledge the huge changes that would need to happen in order for Bitcoin to support mainstream adoption.</p> <p>https://anyaworksmart.files.wordpress.com/2013/04/bias-on-of-e1365468241168.png</p> <p>If you really think about what mainstream adoption would require of a network, it would entail thousands and thousands of transactions per second every second. Bitcoin has never been the most efficient network, but can hardly keep up with just the recent increase in network activity. If Bitcoin was to actually become adopted the number of transactions and activity on the network would be 5000x the network activity currently, and do we really think that Bitcoin has the means to handle that? Bitcoin is limited in its transaction capacity and capabilities due to the structure of its underlying technology, and would likely have an extremely hard time making any changes to that.</p> <h3>The aspects of decreasing supply over time and no government manipulation are in no way exclusive to Bitcoin at this point. </h3> <p>The are two of the factors that really attracted much of Bitcoins core support and believers, but at this point there is no reason why these qualities will remain exclusive to Bitcoin. A cryptocurrency that is technically superior can utilize the exact same parameters, but have the ability to actually handle the level of activity and transactions that come along with mainstream adoption. The philosophy behind Bitcoin is so powerful and motivating, but it will likely not be enough to continue to set it apart. The idea and concept of Bitcoin can be the greatest thing in the world, but if the network is unable to practically handle the activity that accompanies mainstream adoption then Bitcoin will have a very hard time finding success as a currency.</p> <p>I'm not saying that Bitcoin is a bad investment in the short term, because the price will likely continue to run upward over the following months but it won't last forever. While holding Bitcoins as an investment is still very efficient and practical, attempting to use them as currency is anything but practical. With the transaction fees and transaction times we are currently seeing, Bitcoin has very few advantages over traditional payment methods and looses much of its incentive for consumers and businesses to use it. While it may still have the advantages of not being controlled by a government or specific institution, businesses and consumers would only be likely to make the switch if it offered them a higher level of convenience and lowered costs. There is really no practical reason why an individual or business would use Bitcoin for the purpose of a currency unless they fundamentally and firmly believed in the idea of Bitcoin.</p> <p>Looking through the r/bitcoin subreddit and even some posts and comments here on Steemit, it seems as though some people are still so wrapped up in the idea and philosophy of the technology that they choose not to acknowledge its issues. In order for Bitcoin to actually become adopted, the underlying framework of the blockchain would likely need to be altered which would be a nightmare. By the time it would take for any changes like that to actually gain conscientious, it would likely be too late. Other blockchain and cryptocurrency projects are able to develop and implement changes so much faster than the Bitcoin network is, and I believe this will cause Bitcoin to continue to fall behind. Even if the upcoming changes happen to the network to improve transaction speeds, the network will still be no where close to the level it would need to be to support adoption. </p> <p>http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2014/10/15/102091053-short-term-long-term.1910x1000.jpg</p> <p>If you remain a hardcore believer in Bitcoin's future use as a currency then I would love to hear your opinions on why you think Bitcoin will actually gain success. How will the network be able to support thousands of transactions every second? How will transaction fees lower to make transactions practical? How will transaction speeds be improved? How long will it take to gain conscientious and implement the necessary changes? Why do you think bitcoin will be able to implement these changes before another project proves its capabilities?</p> <p><em><strong>I really hope that you enjoyed this post and may have gained a bit of perspective, and I urge you to leave any comments with your opinions of feelings regardless of which side you fall on. Thanks for reading!</strong></em></p> <p>image sources:<a href="https://anyaworksmart.files.wordpress.com/2013/04/bias-on-of-e1365468241168.png">1</a>-<a href="http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2014/10/15/102091053-short-term-long-term.1910x1000.jpg">2</a></p> <p><br></p> </html>
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