Bitcoin is a failure and it’s over, according to one of its main developer
Cryptocurrency Bitcoin has been struggling to survive recently. Bitcoin's price fell up to 10 percent after one of its main developer, Mike Hearn, revealed that Bitcoin has faced an irreparable failure.
Mike Hearn is a British programmer now based in Zurich. In 2014, Hearn quit his programming job at Google to focus on developing Bitcoin. Since then, Hearn has been one of the virtual currency's main developer along with other few around the world. As a developer, Hearn has been maintaining software and network that is crucial for Bitcoin to operate transactions.
Hearn elaborated that the failure of Bitcoin could be attributed to the failure of its community as well as technical system insufficiency. He mentioned that the system was completely controlled by just a small number of people.
Business Insider summed up Hearn's objection with the company he's been working with for almost two years. Hearn complained about centralisation of the digital currency. He referred to China as the region in which Bitcoin is centralized. Hearn wrote, "The blockchain is controlled by Chinese miners, just two of whom control more than 50 percent of the hash power. At a recent conference over 95 percent of hashing power was controlled by a handful of guys sitting on a single stage." The fact that Bitcoin is so centralized fail to relay its vision to be decentralized. And the worst part is there has been no plausible solution in sight to solve this problem.
Hearn also complained about the blocksize debate that has been going on for a while and caused a deep divide in the community. Some people have been rooting for an upgrade in the block size limit and some other people leaned toward other options in limiting the growth of the currency. For that, on other different disputes, Bitcoin's members began attacking each others' servers.
In addition to that, The Washington Post reported that Bitcoin actually born with some serious flaws. The digital currency was unregulated and provided anonymity, and it didn't take long before Bitcoin became a safe place for drug dealers and other anarchists to complete transactions. It also had severe vulnerabilities, in technical, price stability, and also security measures.
According to The New York Times, these struggles came out at the same time the Bitcoin began to gain credibility on Wall Street and Silicon Valley. This technology has been quite popular though still holds various controversies.
Hearn concluded that taking into account all the facts and factors, there is no longer much reason to think that Bitcoin can be better than the existing financial system. Some people have been plotting alternatives to save this virtual currency, but Hearn insisted that it's too late to turn things around.