Despite Bitcoin being the oldest, most well established, and functional cryptocurrency around, there is no doubting that there are some issues that need resolving. Those issues have been placed under the magnifying glass in more recent times with the emergence of other cryptocurrencies that are looking at being better than Bitcoin.
Teenage Bitcoin millionaire Erik Finman has said that the major cryptocurrency needs to resolve some of this issues surrounding it or else it will die. He has pinpointed four issues which he believes need to be fixes, and they range from its complexity with regards to use, high transaction fees, slow processing speeds and in-fighting among development teams.
Long term dead
Despite making his fortunes off some savvy and early investing in Bitcoin, Finman said in December last year that he believes that Bitcoin is “Long Term Dead”, but added that cryptocurrencies in general are here to stay.
His four issues that need clearing up for Bitcoin to continue being viable and for it not to die are:
“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,” he tweeted.
None of these assertion are ground breaking, and they are mostly easy to agree with as the Bitcoin blockchain is susceptible to a number of issues which include its performance, but also its community.
Finman, now approaching 20, made his cryptocurrency fortunes when he was 12. This was after being gifted $1,000 by his grandmother which he invested in the low priced and emerging cryptocurrency.
Over the years Finman has been trading cryptocurrencies managing to grow his holdings to a reported BTC. At the current prices, this hoard is worth about $3.6 million, and despite his thoughts, he is still holding onto them.
His reason for this is that he believes that the cryptocurrency will still have a few more big up and down runs which will allow him, and other smart traders, to make a lot of money – he predicts about two or three more Bull runs.
Finman is right in two regards, that Bitcoin needs to sort out some of its deep seated issues, and that it is a good idea to buy, own, and hold Bitcoin currently. Fixing Bitcoin’s issues would allow the coin to become a better currency and to knock off any emerging competition, and to keep holding and buying it now proves it is nothing more than a traders tool as it stands and has not got a long term future.