Bitcoin experts warn about the potential collapse of this crypto currency. Some popular experts in the massive Bitcoin community declared that they are walking away from the crypto currency trend that they helped to become extremely popular.
They said that important sections within the online system’s management and an emerging technological problem pose a threat to its whole existence. Specialists in the Bitcoin platform have presented their opinion in an extensive article, saying that they helped marketing the scheme and now abandoning the Bitcoin system.
From their perspective, the huge network of virtual currency is a failed one. There are various factors that cause these problems, but the more significant one is that mature specialists in the Bitcoin team are neglecting a key defect in the application.
In their opinion, the block sequence is complete, after a maximum limit of 1 MB for every block was enforced on the platform to keep visitors streaming efficiently. Unfortunately, the “temporary” limit, which was included years ago, was not eliminated, due to an increased level of opposition from a number of interested people.
The adversaries are allegedly a few miners who may lose significant amounts of dollars if the problem was set effectively. One of the system’s primary promoting factors was the concept that there is a certain protection in huge quantities of currencies, since it is extremely difficult to get many individuals simultaneously involved in a scam.
The network was designed in a manner that needs a person to keep more than 49% of all active Bitcoin processing abilities to manage it. As difficult as that may have seemed in the past, the experts say that only two miners from China manage over 50% of this immense power.
These participants have been accused of preventing repairs to Bitcoin’s primary structure, which would stop the platform’s massive slowdowns. In fact, managing a lot of this system’s processing amount means that those anonymous Chinese players are always sure to become the first people to confirm financial deals.
The only element that prevents this problem is a “Great Firewall of China”, a program that decreases Internet speed rates going from and to the crawlers. If the separate blocks were able to get beyond just 1 MB, it could put that team at an important disadvantage, so competitive miners get better chances at confirming the deals.
Make sure to remember that each time when new blocks are excavated, their value is approximately $10,000 and there is plenty of money involved in it.
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