Why The Bitcoin/Cryptocurrency Won't Scale Or It Does Not Handle Enough Transactions Per Second Argument Makes No Sense
This one drives me mad when I see it :p. Technology always gets better. No matter what type it is there are always improvements to it and it only continues to improve as it reaches the masses. This is true for technology in the past and technology in the present. So why do people think that a problem that is constantly getting better will still be a problem in the future.
I do not want to give any names but I do not get any arguments for aspects of a technology that are clearly improving and will clearly improve. The internet got faster. Computers got smaller. Things progress. We have a lot of experience with this so why would it be different will crypto. Coins will get better and more user-friendly the more time passes and soon they will handle more transactions per second than visa and there will be apps that run smoother than the ones on your phone today. That is an inevitability. I cannot say when this will happen or which ones will be popular but to say I would not say a tech is no could because it can't do something today when it clearly will do it tomorrow.
Bitcoin and crpyto will only get better from here and it is already pretty awesome.
While this is true in theory and technology certainly CAN keep up, that doesn't mean that it will. Bitcoin has already had numerous problems because transactions were slow and expensive. This is still a problem with Bitcoin and I believe a big reason why it has not been adopted more broadly than it already has. In the long term this may not be an issue but it is an issue right now and the answer as to what happens is that crypto is not widely adopted. There are other reasons too of course...
Honestly though, the real problem crypto must overcome is security of funds. It is way too easy for the average Joe to forget a password or do something else stupid and lose everything. This is a problem that crypto must solve before it can gain truly mainstream acceptance.
Some banks here are offering to manage your btc wallet and passwords.. However i dont know anybody who makes use of it. Yet i agree that is a thing they (crypto) should work on.
The thing is what has blockchain to offer? fast payments? Now as we speak the competition is running the show. And those apps (worldwide) already run smoothly. Again small payments with my bankcard? my farts take longer.
Transferring or holding coins anonymous? I dont think most people give a fuc. Don't think this will attract the masses or else it already would have happened. The masses bought btc to get rich quick. Just a few who bought coins out of principle. However this is just my observation.
Transferring money abroad? That can be very convenient when using crypto. But i dont see the masses will use it. Most people dont have to send money abroad and the ones who do use Western Union or such like. This is not the 80's with Western Union people can send money world wide in minutes. Not really cheap for specific countries though.
imo one of the biggest problems is fluctuating of the crypto-market which companies should work on. Who want to see their salary fluctuate?
My stoner cents.
Peace
I don't think it would take much to make crypto more accessible to the masses. A simple wallet app on your phone that works like the Starbucks or any other retail app where you can easily transfer money from your bank account (and back to it ideally). I think crypto hasn't achieved more mass acceptance yet only because it is relatively complicated. There are many cryptos to chose from and managing your own keys and wallet is not something the average non-technically oriented person is necessarily willing or able to do.
Today it isn't very practical for retailers to accept small transactions with credit or debit cards because of the relatively high fees involved. Consumers don't typically see those fees because they are hidden in product prices. Many retailers, particularly smaller ones, have minimum purchase amounts if you are using a credit card because otherwise the fees they pay are greater than the profit they would make on the sale.
Speed of transaction doesn't really matter as long as crypto at least matches what you can do with a credit card. Transferring via crypto is far more convenient (and cheaper in most cases) than using Western Union. It's potentially even much easier when transferring money to someone within your own country. You can use something like PayPal but their fees are kind of high too and bank transfers are less convenient in most cases with potential fees involved also.
If crypto becomes mainstream then the fluctuations will be much less and for the past many month crypto has been far more stable than it used to be. In socialist hell holes like Venezuela, crypto is preferred to the local currency for those in the know because the only way their currency has been fluctuating is down rapidly. It isn't that crypto is preferable to a credit or debit card per say, it's that it can be preferable to your local fiat currency. It has the potential to be better than any fiat currency because your government can't devalue it on a whim. It could serve a similar purpose to gold in that regard.
And personally, all else being equal I prefer anonymity though it isn't critical.
kusholine
EOS 🚀🚀🚀
Lightning enables now more than visa but theoretically infinite tx per second :)
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.