The Mystery Of Bitcoin

The Mystery Of Bitcoin

Are its Days Numbered?

By Roberto Alago

Like it or not, Bitcoin is here to stay. But, for how long? Twenty, Thirty, Fifty, a Hundred years? Is there a way to know?

Satoshi Nakamoto; the supposed creator of Bitcoin and its underlying technology; The Blockchain, created what most experts agree is a better global monetary system.

Bill Gates, Elon Musk, and many more "experts" are heralding blockchain technology and Bitcoin as the best thing since the invention of the wheel. In fact, some, so called; experts, think Bitcoin will become the new global monetary standard for the next millennium.

However, Blockchain, for all its attributes, is not the best technology for a monetary system for various reasons:

1. The blockchain is an ever growing worm; requiring more computing power with every transaction. Soon every small system reaches its memory or storage limit. At this point, the system will either crash or require an upgrade; making the user ask; Is it worth it?

2. Once most average users wallets reach their computing devices' storage limit, they will sell their bitcoins at whatever price they can; just to regain access to their devices. Many will sell at a loss.

3. Once most average users do away with their Bitcoin wallets, the only ones left will be in the data centers of the largest corporations and governments. In effect, the blockchain becomes centralized. The very thing it is designed to avoid.

4. The only government that embraced Bitcoin from the start was China. At the begining of the Bitcoin fever, China built very large data farms just for the purpose of mining Bitcoins. That makes China the only global power capable of controlling the Bitcoin Blockchain. Is the world ready for China to become the global financial center? Would you want a country that does not believe in personal property to control your wealth?

5. In or around the year 2040 The last Bitcoin will be mined. Then what? I'll tell you what; Satoshi Nakamoto, whomever he, she or it is, will sell all of the Bitcoins he, she or it owns and enjoy a very comfortable retirement. Leaving the Bitcoin miners holding the virtual bag.

6. Once there are no more Bitcoins to mine, the miners will soon loose interest in operating a system that is more work to maintain than the rewards it provides. Sure, there will be token payments made for every transaction but, will they be worth the effort, resources and time required to maintain the large data center?

7. The global Bitcoin Blockchain network, by its very nature, provides no protection or guarantee against a lost or forgotten access password. This fact alone could be very costly to some users. If you, as a user, loose your access password to your digital wallet, Whom can you call to remedy the situation? I'll tell you whom; no one. Because there is not one person or entity that manages your wallet, except... you; the user.

I think you get the picture. Bitcoin may be the best monetary system to come along in the last... for ever! Yet; its not perfect. It has its challenges and by its very nature these are not easy to overcome without compromising the system. Once you start tweaking with it, the results could be disastrous

That is what Bitcoin is; a disaster waiting to happen. However, until the day when the Bitcoin bubble goes; Pop! It will be a fun ride. Many fortunes will be made and lost. Some experts advice; You just have to be alert and ride the ups and downs and be ready to bail out the day the worm gets so big that not even China's largest data center can house it. Until then, have fun with bitcoin and remember not to invest more than you can afford to loose.

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