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RE: Bitcoin Will Eventually Become Obsolete

in #bitcoin7 years ago

The fees, slowness and lack of progression of the Bitcoin protocol is what the author is more or less talking about here if I am not mistaken. Generation 2.0 blockchains are upgrading at a very rapid pace compared to Bitcoin. For example, ETH has two major hard forks schedule shortly and another one within the year transitioning from proof of work to proof of stake. Its my belief and many others that have been in the space for a while that mining blockchains are similar to the Model-T. Yes it still works. Even today a Model-T still gets you from point A to point B. However, the end user will still choose the Tesla or the Camry if they have the chance. The Model-T was a revolution at that time but eventually got replaced due to the fact it only came in black and was not upgradable. Is was like a one function vehicle similar to how Bitcoin is today. Slow expensive and not very user friendly along with a host of governance and funding problems that lead to a variety of protocol inefficiencies.

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