While many people take the view that Bitcoin is dying or failing due to its current issues with governance and scalability , Blockchain Capital founder and managing partner Brock Pierce believes this current controversy is a good sign. In his view, the fact that there are so many transactions on the network should be seen in a positive light because it’s a sign of the technology’s success.
In a recent interview with Epicenter Bitcoin , Pierce explained his point of view on the Bitcoin block size debate and how it is currently causing uncertainty in the market.
Scalability Is a Good Problem to Have
The key point that Pierce, who is also the chairman of the board at the Bitcoin Foundation , wanted to make in regard to Bitcoin’s scalability issues had to do with the perspective that most people take on the topic. Instead of the usual, negative view, Pierce stated:
“Bitcoin is so successful ‒ it’s growing exponentially ‒ and as a result of that, we’re running into scalability issues.”
Pierce went on to note that scalability is an issue that often impacts the most successful companies and technologies. He explained: “These are the problems that Facebook has. This is the problem WhatsApp has. This is the problem of very, very successful technologies, so let’s make sure that we understand that we’re not talking about Bitcoin as a failure; we’re saying, ‘Bitcoin is a success, and as a result of that, we need to scale it.’” Pierce then added, “Bitcoin is becoming a victim of its own success.”
Not Willing to Say He Has a Solution
Although Pierce believes that Bitcoin’s scalability issues will likely be solved eventually, he does not want to say that he has all the answers. For this decision, he prefers to defer to the people […]
