Bitcoin — Doomed to fail or the future of finance?

In the year 2008 a huge financial crisis hit the world. A man who went by “Satoshi Nakamoto” was stuck in the middle of it, he was a computer programmer on a mission — a mission to fix the world’s medium of exchange. He was able to solve the “Byzantine General’s” problem and released the coin we know today called “Bitcoin”. Today Bitcoin is worth over 40,000 USD and started a whole financial revolution, creating DeFi (Decentralized Finance). It has been over a decade since Satoshi sent out that fateful Email, and the question persists: is Bitcoin here to stay? Bitcoin suffers many issues these days such examples are high fees, slow transacting times and low throughput. Why should we continue using and buying an outdated cryptocurrency when we have far more efficient coins and tokens that grant more utility for less of the price.

Proof of Work as a consensus model is inefficient and expensive. Proof of work forces everyone to work on the same problem and all the miners who did not successfully mine a block waste their computing power. Proof of Stake or Open Representative Voting allow the validators to use less electricity and to divide and conquer responsibility.

The Bitcoin Lighting Network suffers from a bunch of issues that include but are not limited to: fees to open a channel, custodial nature of channels, poor security and just in general a terrible UX.

Bitcoin is a deprecated rust-coin that is terrible for the environment and incredibly inefficient. Just. Use. Nano.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store