Modern Bitcoin problems and MTCore alternative – MTCore
Bitcoin has existed for ten years, and even today, there is controversy surrounding the implementation of this revolutionary financial technology, as well as the use of crypto coins to make payments and other transactions in conventional banks.
The founder of Bitcoin.com and a supporter of Bitcoin Cash criticized the first cryptocurrency and stated that the fork works much more efficiently. “Bitcoin is a slow, expensive, and unreliable cryptocurrency,” says Roger Ver, founder of the Bitcoin.com portal. According to him, by changing the block size in the fork of the main digital coin, it was possible to achieve faster and cheaper transactions, which also became more reliable. Roger Ver says:
“What makes Bitcoin unique? It’s the only cryptocurrency to ever have INTENTIONALLY full blocks to cause the user experience to become:
1. Slow
2. Expensive
3. Unreliable”
Bitcoin’s biggest problem is the state’s attempts to legalize cryptocurrency. This is very dangerous, as the result will be a legitimate system that will control all operations performed. Quick payments are its only advantage.
However, despite all this, virtual coins cannot be confiscated or prohibited. And most importantly, as long as real money systems have flaws, virtual payments will rapidly gain popularity.
The desire of states to legalize bitcoin will not lead to anything good. Of course, the idea itself is good, but it is aimed in the wrong direction. A legalized currency can attract more users. But along with this, it will acquire many shortcomings, from which ordinary users of funds try to escape.
Bitcoin currency, the problems of which concern an increasing number of users of the system, in order to continue its existence does not have to become legal. The main problem is the reporting of enterprises that are happy to try to hide their income. An enterprise cannot legally pay with Bitcoins since it is very difficult to make such operations in the report. This problem will be solved if cryptocurrencies become part of the reporting.
The massive distribution of BTCs is also hindered by Gresham’s law. He says that sooner or later, some monetary units replace others. Bitcoin began its promotion in illegal markets and spreads over the price grid of real currencies. Gresham’s law prevents the continuation of this process because bad money supplants good money. People do not pay with cryptocurrency, but hold it until the course changes. This is a natural behavior of people, which can only change if you create all the conditions for the convenient use of BTCs.
Despite the fact that virtual currencies have many problems, they are actively used by people in everyday life. After all, they can pay for almost everything.
❍ Coins not prepared for Regulation and Legislation;
❍ No net or physical value;
❍ Volatility is too high;
❍ Exposure to threats and risks;
❍ Waste of energy on mining.
Published at Sat, 08 Feb 2020 22:34:50 +0000
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