Saturday 13 February 2016

A bitcoin problem for 2016, too slow transactions in a no patience world.




Everyday that passes we see an global environment that is becoming more and more tech based leaving most to believe the regular currency is a thing of the stone age. As different digital currency and cryto-currency pop up all the time the grand father of them, the bitcoin, faces a new problem which is being too popular.

 Its a lot of technical jargon to explain this so i will break it down for the average person. As bitcoin becomes more popular and the longer it lasts the longer it takes for the transfer of bitcoins from one person to another to happen. This is going to lead to an extreme problem with our modern world wanting things instantly. Ive seen how frustrated people get when they have to wait one minute for their debit card payment to go through, imagine 2 hours or 2 days, most would just give up and snap.

So as the bitcoin network becomes over saturated we can only wait to see how this problem will be addressed or if the bitcoin with be thrown into the cryto grave yard opening a spot for a new generation of currency.