Bitcoin hurdles

The American billionaire hedge fund manager says Bitcoin's rise is phenomenal and bubble-like. That's what can deter investors from.
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• Bitcoin's Lightning Network: 3 Possible Problems
• Here’s why bitcoin could become the preferred currency for global trade - Financial News
• Get the Latest from CoinDesk
• 2 Scalability

There is no systematic way to decide on updates or improvements. Instead they happen through huge debates among ecosystem participants, with groups arguing over issues like the length of a block, the number of transactions it should hold and how quickly they should be chained. Often there is no solution to these debates, with no way to organise these communities and make decisions. Sometimes this can result in a split. Often, simple majority voting mechanisms are used to make decisions, which means issues are vulnerable to lobbyists or particularly active contributors seizing control.

Different blockchains organise information in a plethora of ways.

This means feeding information from one to another is not always easy. There is no agreed universal layout of the transaction data structure. But cryptocurrencies all do this differently, so it would be difficult to move from one currency to another. They need to create standards for the information they contain and how it is systematically laid out.

Who should create these standards, though? There needs to be a body taking the lead on this and a general consensus must come to the fore, like the Internet Engineering Task Force IETF has done for the internet.

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There is no liability for the platforms when things go wrong at the moment. The ether was trapped in the Ethereum system, but the Ethereum community decided not to take any action in recovering it and so QuadrigaCX had to swallow the loss so no client balances were affected.

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Surely, liability will need to be cleared up before the public can trust blockchains with their money. For this, we need more regulation in the space of crypto and blockchain in general. Blockchain payments mean all users can see all the transactions, making them easy to audit and trace.

2 Scalability

It was originally created in to operate like an electronic version of cash, allowing two people anywhere in the world to digitally exchange value as if they were physically exchanging cash. The cost of using bitcoin, and its volatility, have made normal, day-to-day transactions impractical. Skip to Main Content Skip to Search. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services.

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