Bitcoin will soon be dead, claims David Yermack, chairman of the Finance Department at NYU’s Stern School of Business. He blames the democratic process of decision-making in the Bitcoin community for the cryptocurrency’s problems.
Yermack says: “You have a bottleneck in the technology and as it grows, the bottleneck worsens. It’s like trying to fit more cars on the highway where the highway needs to be widened at some point.” Too many people using Bitcoin
He thinks that too many people have begun to employ BitcoinCT r: 8 . As a result, the payment system has become overcrowded. As opposed to processing payments instantly, it is taking hours in some instances. Hundreds of thousands of transactions are in a queue at any given time waiting to be processed, and merchants that had earlier accepted Bitcoin are now hesitating and dropping out.
Do the experts from the cryptocurrency world agree?
“This isn’t the first time Bitcoin has been called ‘dead’ and it seems he has been reading from the banks’ Blockchain developers cheat sheet – Mike Hearn" – Simon Dixon
“Bitcoin needs to adjust to scale. There are billions on the line and Bitcoin will rather adjust than die. When a company has to make changes, they fight behind the closed doors of a boardroom. With Bitcoin, we debate in the open so it looks like crisis, when it is the usual process for any large company worth billions making major changes,” says Simon Dixon, the CEO of BnkToTheFuture .com and Fund Manager Bitcoin Capital.
Tone Vays , head of research at BraveNewCoinCT r: 54 , also ridiculed Yermack’s claims: “Vendors will not drop out because it’s taking a few hours to process transactions. For starters, Credit Card transactions take 3-6 months to process and being a finance professor, I hope he knows […]
