The Pros And Cons of The Firstborn

The world’s first cryptocurrency, the founding father of a whole movement of cryptoanarchists, the technology that was meant to change the world is now a household name. Everyone knows it, many invest in it, while some have even elevated it to the level of a cult. But is the technology backing it up really that revolutionary and impeccable? Or does it have imperfections. As it turns out, it is a mix of pros and cons.

The Cons:

• The world’s first cryptocurrency is renowned for its slow transactions. It is considered that its blockchain can process from 3 to 7 transactions per second, and this is dinosaur level slow. The solution was an update of the protocol called SegWit (Segregated Witness), which, in fact, is a soft fork allowing users to increase the speed of transactions.

• High commissions have always marred this blockchain. Indeed, the commissions for transactions with the world’s first cryptocurrency were steep, but SegWit intervened yet again and allowed for a reduction of the commissions to acceptable levels. At first, the protocol update remained unpopular among enthusiasts, but later the community appreciated the obvious advantages of SegWit and the volume of transactions exceeded those of other forks of the same blockchain.

• The notorious 51% attack. In other words, possessing 51% of the network’s capacity gives the attacker the right to rewrite the blockchain in their favor. Of course, this is a threat, but it is difficult to imagine anyone who would dare undertake such an attack. In the event of an attack on the blockchain, its cryptocurrency would instantly depreciate. Thus, an attacker would spend a huge amount of resources for such an endeavor, which would ultimately be futile and not worth the effort.

• The complexity of mining. Mining as a phenomenon developed progressively from CPU and GPU mining to immense farms and cloud mining. The current entry threshold is quite high, but this problem was solved by cloud mining services, which later compromised themselves with their devil-may-care attitudes towards their obligations and communities. The logical evolvement was the emergence of qualitatively new services, services like the Astra cloud mining platform. Astra never places limits on miner contracts, all the funds are reinvested into equipment, and its focus on the feedback from the community and transparency of the business model is paramount.

The Pros:

• The world’s first cryptocurrency is a brand, a mainstay of the entire cryptocurrency world that sets the trends and the entire course of the crypto market.

• The world’s first cryptocurrency is the flagship of decentralization, an icon, a symbol. It is at the forefront of the technologies that form the new economic world order.

• A mass of exchanges and exchangers ensure the availability of a solid infrastructure for trade and continuous market dynamics, thus increasing liquidity and value.

The world’s first cryptocurrency has drawbacks, true, but there are solutions to each and every one of them on both the technological and psychological levels. And no one can mitigate the success the cryptocurrency flagship has already achieved, leaving only the promise of more to come on the horizon of time.