“Bitcoin has a big problem that hardly someone is talking about”
Everyone who invests in bitcoin should have knowledge about this. There is a brutal truth about bitcoin.
People are always talking about how Bitcoin is amazing, the future of money, a way to get millioner, a revolution against banks and governments.
But the thing is: Bitcoin has a major problem, and no one wants to talk about it.
Bitcoin Is Laggy and Expensive
Bitcoin sounds great in theory. But in real life, it’s kind of laggy.
- only 7 transactions can handle per second.
It’s like a traffic jam, When too many people use Bitcoin at once. Everything slows down. You have to pay higher fees, If you want your transaction to go faster though sometimes the transaction might take hours or even days to complete.
Reason of being slow
Bitcoin is secure and decentralized,so no one controls it, neither banks nor government. That’s what makes it special.
But using mining (also known as “Proof of Work”) Bitcoin keeps things secure. And mining takes time. The purpose is to make it hard for anyone to cheat the system.
A bunch of transactions get packed into a block every 10 minutes. But the block has limited space. If transactions are more then, the extras have to wait for their turn.
What’s stopping them from fixing the speed?
People might think, “make the blocks bigger so more transactions happen”. That sounds like a piece of cake, but it is not.
More computer power(known as RAM) and internet speed to process bigger blocks.That means only rich people and big organizations could afford to run Bitcoin.
If that happens, Bitcoin will look like a banking system and wouldn’t be as decentralized anymore. The exact thing Bitcoin was supposed to fix.So developers take steps carefully.
Lightning Network to the rescue?
One project called the Lightning Network that tries to fix this. It allows people to send Bitcoin instantly and by doing transactions off the main Bitcoin network. After some time, those transactions get added to the blockchain in a batch.
But there is a problem, Lightning is still a bit complicated to use, especially for the people who aren’t experts in tech.
Why No one Talk About This?
Reasons behind it are:
- The bitter truth could scare off investors or hurt the price. But people who use bitcoin don’t like to admit there are problems.
- Although Developers know the issue is real but don’t want to overpromise.
- People are excited about making money and don’t care about the tech side.
Conclusion
Independent money which doesn’t rely on banks or governments, the Idea of bitcoin is very good. But currently, it’s just not ready to be used like regular money. We need to stop ignoring these problems and start fixing them, If Bitcoin really wants to be the money of the future. So now our excellent developers are working on solutions.
