Block chain the man made wonder of the world, Bitcoins since its first birth in 2009 has made Blockchain grow at least a billion times of what it originally was.
We always think of the benefits and advantages of Blockchain, like decentralization and anonymity but have we ever thought about the disadvantage this technology has frowned upon us?
Let me tell you few things which might change your mind regarding the Blockchain technology and might help you see both sides of the coin equally. Are you ready?
Consider a scenario where finances are needed urgently, can we rely on the Blockchain in that case? Even if we are being charged for the transfer (That is the fees of miner I understand) but still it can't be an instantaneous transaction.
The time taken to resolve the transaction is getting higher day by day and sometimes causes thousands of transaction remain in pending for many hours, This all is happening when there are only 300,000 transaction happening every day in the world, did you know your state bank is doing more transactions then that? And handling them more efficiently while using much less man power and computer processing? Gives food to your thoughts doesn't it?
And since I have mentioned processing, let me give you an estimate that the Blockchain community uses around 1/2000 th of the total worlds electricity, and mining devices worth billions, If you will see this in cost effective term. Blockchain is a shitty business. With the world still lacking in the production of electricity as per the world's need, don't you think a much more economical solution is needed to process Blockchains?
If this much of computerized calculation would have been put in welfare of humans other than just the monetary profit, we would have solved many unsolvable puzzles, I am sorry to say all this, I love Blockchain community too, but is it really a community?
Most of the coins are held with the Chinese, and most of the mining is controlled by some top pool minors such as Antpool, Btc.top etc., so how come it is a community when the major part of it is being done by few? Due to which they have a total control over the price of bitcoins and the speed with which the Blockchains transaction will get processed. If these top miners stop mining for a week, consider your transactions to be long forgotten.
I understand that various projects are in development to improve the Blockchain, but all these projects are either dividing the Blockchain community or just starting blame games, so for now Blockchain will continue to have all these drawbacks thus making us think that it is not good as projected for now, but maybe in the future it grows out of its cocoon and be the wonderful thing we all want it to be.
Thank you for reading !
Quoting refrence Bitcoin sucks By Conor O'Higgens
