The Problem With Bitcoin

Bitcoin cause headlines all the time, sometimes it is the wildchild in a world full or unoriginality, sometimes the governments are skeptical of it, some call it sweet, some call it too pungently volatile, seems like hate it or love it, you just can not ignore it.

Over the past year, bitcoin has seen a meteoric rise and fall and rise.

There are stories of teenagers investing their college funds in to it. Some extreme stories have sold and mortgaged their homes to buy it, people have both lost and earned money like some stingy gamble.

 It is a common phenomenon to hear billionaires suggest putting 10% of your assets into the digital currency people still do not understand. Of course the lack of understanding is rooted in ignorance and not in complexity of it. Only the lazy ones are not curious, and this world is not for them, it is for hustlers.

There are several problems that this cloud of mixed feelings faces. It is not just limited to rejection and acceptance, there are problems within it.

It is slow and it is too volatile, it can be robbed and who knows what is its future (we all bloody know it, but we are silenced by the un-creative and safe player in us).

With so much on stake, how can someone not find a way out? So many startups and ain’t no solution for this? Yeah well, people are trying, hundreds of them. Whoever finds it, keeps the booty.

Bitcoin’s blockchain is old, well not really old-old, but it was the first one and to make changes to it sparks forking situations and the changes perhaps, have never been good enough, not yet at least. There is a lot riding on it.

It is extremely volatile . I sometimes wonder what does that even mean right, everything is volatile. There is a new technology every six months to beat your gadgets, cars, appliances, and your own self. The world is changing at blitzscaling rates. The heat is way too much.

Remember what the environmental scientists say about the fossil fuel burning situation, that the temperatures would rise way too much and then the life on earth will slowly cripple, by becoming inhabitable,  well that’s metaphorically already happening.

The sustainable and genuinely effective ideas are not adopted either because they challenge the traditional means or because nobody talks about them By calling Bitcoin volatile we are destroying the essence of this fast paced globalized life where everything is connected to everything.

Yes, it did drop as low as 30% in a single day, the funds are difficult to recover when hacked (actually perhaps even impossible), and bitcoin’s technology is clearly behind other newer cryptocurrencies which offer greater (just by fractions) anonymity, programmability, and scaling (also relatively). But, bitcoin is the most used and the original one. It did not forget why it came here, thus, it keeps working on itself.

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

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