Bitcoin Has Several Concerns, Fiduciary Currency Isn’t One
The internet and the exponential growth of e-commerce have led to multiple rise in new online payment and money transaction methods in the past few years. One of the issues is the way Bitcoins’ massive transactions are being processed on the blockchain, giving rise to delays. Is Bitcoin community coming up with a solution for the problem?
The average time taken to complete the verified Bitcoins transaction has considerably increased and few transactions are not verified ever.
The btc being an anonymous currency has its concern about the potential impact on real world currencies, its usability for criminal purposes (say, for money laundering or finance terrorism), and implementations of its use in taxation. An example of Bitcoin’s criminal misuse is Silk Road the virtual black-market, launched in 2011 for selling illegal drugs.
The non-recognition of Bitcoin by governments and institutions has been another issue holding back the cryptocurrency from achieving its full potential. Due to regulatory reasons, several countries, including the United States have considered Bitcoins as a property instead.
Bitcoin on several occasions has been declared dead. Nevertheless, continued efforts by researchers to come up with solutions to the issues that the Bitcoins has faced lawfully, politically, technically and otherwise have continued.
In December last year, Segregated Witness (SegwWit) stated the imminent release of its software which will grow bitcoins’ block-size inside the blockchain.As the Bitcoin community eagerly awaits the development by SegWit, experts are hopeful and assuming it to be a turning point for the cryptocurrency and believe it could additionally support a deeper widespread adoption of Bitcoin technology, fulfilling the committment of taking it mainstream.
Bitcoins experts agree, SegWit’s decision might resolve 2 major concerns, plasticity and block-size and finding an answer to that can boost trust and confidence inside the system, and bring a finish to the block-size debate between Bitcoin Core and Bitcoin Classic.
Alena Vranova of SatoshiLabs says to CoinTelegraph:
“SegWit is a technical update and should not influence the BTCprice directly. The timing in proximity to Bitcoin halving is rather a coincidence.”
Meanwhile, C-Bit, an exact clone of Bitcoin Core.12 has come up with a solution to the aforesaid block-size debate.