Is Cryptocurrency Failed? What The Truth Behind it?
Recently a research was done by the London based Firm established in 2006 stating why cryptocurrency is unscalable and just a hype or a classic bubble.
Gary Barnett, firms chief analyst state that as per their study the well-known cryptocurrency across the globe - Bitcoin which helps in speeding the transactions by excluding all the middlemen is not capable of scaling.
As we all know cryptocurrency transaction is not free we have to pay some fees and according to him at the peak time of bitcoin, its fees rise up to 50$ which is not at all great decision.
If we wanted to buy 25$ grocery items and this fee decreases up to 1$ when there is no load or less load over the bitcoin network which will not be going to happen as its usage will increase more.
According to the research done VISA is capable of doing 24000 transactions per second (tps) while bitcoin is only capable of doing 10 tps and bitcoin cash is capable of doing 60 tps.
There is only one cryptocurrency available which is nearest to VISA payments which is Ripple that is capable of doing 1,500 tps.
So now what's your opinion about this study?
Comment below that do you really thing that cryptocurrency has failed?
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Up to now all cryptocurrencies are not able so serve as currencies. To slow, to volatile etc.
yes but everyday as many cryptocurrencies are coming may be soon this problem too will get solve.
Either this or FIAT transactions will be quicker soon. In Germany some banks are already doing instant payments, which only take seconds...