Bitcoin (BTC) might be revolutionary but perfect it is not. The flagship cryptocurrency, despite offering a solution to the problems stemming from the traditional financial system, comes with its fair share of issues. Calling out Bitcoin’s sticky issues, teenage Bitcoin millionaire Erik Finman has thrown himself in the spotlight and is of the view that bitcoin need more than just speculation, by pointing 4 issues with bitcoin.
Finman says there are four pressing issues crippling the potential of Bitcoin, which include its complexity with regards to use, high transaction fees, slow processing speeds and in-fighting among development teams.
The 20-year-old shared:
If Bitcoin wants to not die it needs more than speculation:
1. Solve Speeds
2. Solve Transaction Fees
3. For the ppl working on the above to stop being cultish
4. Have an EASY on ramp for new users —this is the biggest problem
I’m getting so irritated I might just fix it!
— ERIK FIN (@erikfinman) May 16, 2019
Earlier, while talking to BlockPublisher, Finman predicted that bitcoin is not going to do well in the future. Finman earned the title of teenage Bitcoin millionaire owing, to his rather unorthodox decision of not following the traditional path of college-bound students. And in the pursuit of meeting the deal that he struck with his parents, which was to turn 1,000 USD into one million USD, he ended up purchasing about $1,000 worth of bitcoin when the fledgling currency was at just $12 per coin.
Needless to say, he succeeded big time as his initial investment’s grown into 458 bitcoins now, so that’s about $3.7 million. Since then he has been on the social media with his “not so subtle” posts about cash being worthless as compared to bitcoin.
The cryptocurrency with the biggest market cap has surged by 50% in May alone, leading crypto players to believe that the ‘crypto winter’ has reached its end. However, Finman doesn’t seem so sure about Bitcoin’s future. During a recent interview he candidly shared that Bitcoin ‘will die’ unless the pressing issues that the cryptocurrency is facing aren’t resolved anytime soon.
It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into Bitcoin. It’s really not easy.
Finman even went as far as jotting down pointers on Twitter about what Bitcoin needs to do in order to live on.
Despite having reaped insane benefits from the cryptocurrency surge, Finman is no Bitcoin bull. He has been in the limelight previously as well for rather pessimistic remarks on the cryptocurrency. Earlier in December last year, during an interview with financial news site MarketWatch, Finman very blatantly expressed his views on the future of Bitcoin. He was reported saying:
Bitcoin is dead, it’s too fragmented, there’s tons of infighting. I just don’t think it will last.
He says it (Bitcoin) may have a bull market or two left in it, but that’s about it for Satoshi’s Bitcoin. Finman didn’t only call out the king of the crypto hill, but shared similar remarks for Litecoin (LTC) as well. He shared:
Litecoin has been dead for a while. It’s like when the sun is going down and there’s that eight-minute period just before it goes dark. Litecoin is in its seventh minute.
It may seem that Finman has it out for cryptos considering his harsh remarks, but he is in fact pro crypto and ardently believes that cryptocurrency is here to stay forever. In his interview last year, Finman shared pretty optimistic views on the more “project-based” coins, such as Ethereum (ETH) and Zcash (ZEC). He even reserved some of his positive comments for Bitcoin cash (BCH).
However, it seems he is quick to call out inadequacies where he sees them.
If you just want me to be like one of the million people who just join the cult and worship Bitcoin even when it’s not perfect. I’m not your guy. Cryptocurrency is here to stay forever. But you’re blinding yourself if you think BTC doesn’t have problems that need fixing.
As of now, he is committed to being a hodler for the foreseeable future as he expects the cryptocurrency to have ‘one more big rally at least’. Only then will he be ready to dispose of his Bitcoin hoard.