Bitcoin was definitely one of the phenomenons that took the Internet by storm over the past few years, but despite the initial excitement, the cryptocurrecy is not far from reaching its inevitable end.
According to The Wall Street Journal, one of the most famous Bitcoin developers, Mike Hearn, claims that it is already considered a failed experiment, as the community has been divided for nearly a year.
“The fundamentals are broken, and whatever happens to the price in the short term, the long-term trend should probably be downwards,” he wrote on his Medium account. “I will no longer be taking part in Bitcoin development and have sold all my coins.”
One of the main reasons behind this could be the growing congestion on the cryptocurrency’s network, caused by size limits withing the ledger of transactions. If these limits won’t be lifted, the results could lead to debilitating bottlenecks, says the above-mentioned source. In the same time, fixing this issue would require altering the system, which turned out to be profitable for those who recorded transactions.
Mike Hearn is well known for being a proponent for expanding the size limits, but the problem is that the Bitcoin software is open-source, so any changes made to it need to be approved by the majority of the community. And as far as we known, they haven’t reached to an agreement.
Finally, we should mention that this isn’t the first time when the end of Bitcoin is mentioned, but this time, it’s predicted by a prominent insider. Over the past weeks, the price of Bitcoin, dropped with up to 20%, reaching $358. This is definitely a surprise, considering that previously, it was stable for months.