Bitcoin is failing the founder’s vision to be a currency

Written by Sajeel Syed ·  1 min read >
Bitcoin crashing

The year 2017 has been a surprisingly best time for the cryptocurrency bitcoin where its value observed a boost of 1600% and crossed $18,000 mark. Bitcoin’s investors are also increased drastically, while the big exchanges are also taking interest in the currency by developing futures and filing patents for their blockchain based payment methods in future. However, the crypto founder Satoshi Nakamoto’s vision for the Bitcoin is not prevailing.

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The most dominating cryptocurrency, Bitcoin is failing to be a truly digital currency. The vision of the Nakamoto to develop this system was focused on giving a digital system alternative for Gold. But unfortunately, this is not the case.

Kayne Warwick, the CEO of Havven, an Ethereum-backed cryptocurrency believes that the Bitcoin will be appreciated in price but will not prevail as a currency.

Bitcoin is unsuitable as a currency because people are far more likely to hold it in anticipation of it appreciating in price.”

In addition, there is another hindrance standing between Bitcoin and life, is the internet’s dominant form of exchange. Transactions on the system have become lengthy, frustrating and often quite expensive. To earn Bitcoin is simple. People earn Bitcoin by offering up computing power (and energy) to the network to validate future transactions. But this means that when the demand will be high, users will either left waiting days for payments to process or have to struggle hard for faster service.

Investing in Bitcoin also indicates a risk of a bubble somehow, as its price goes up and down instantly. Recent 2 big exchanges crashed and their websites got hacked which resulted in the loss of millions in cryptocurrency. The cryptocurrency is very much dependant upon the statements by leaders and role of mainstream media outlets who will decide its fate in coming months.

Bitcoin may sacrifice itself for achieving the true vision of this system but will certainly open gateways for other more-scalable crypto-currencies.

Written by Sajeel Syed
I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism. Follow me on Twitter: Profile