Scalability Blues? What Could Go Wrong with Bitcoin and all Crypto-Assets
Before moving forward with today’s topic for discussion, we have to establish the fact that Bitcoin was the first blockchain. Consequently, to its success, a cryptocurrency rush started leading up to the current state of affairs.
We can’t undermine the role played by blockchain in the digital economy. Blockchain technology is perfect at guarding the records of transactions in the world. It is trying to spark technological and social change. Blockchain is trying to do lots of things, yet it’s still in its Bugs Bunny life. Moreover, its feet remain clawed in the chunkiest problem that any other technology before it had to face. A problem we all know too familiar: that of scalability.
As you can image, the slime that blockchain is in is really damp. The depth of which could be even more intense, if not resolved as soon as possible, and cleaned up so as not to suck up tons of promises that blockchain technology gives. If a solution to the scalability problem is not found, blockchain technology and all the research that has gone into it could be reined in itself, effectively making blockchain the biggest lie of the centuries.
Besides, what good could blockchain do if it couldn’t be used at the scale it is targeted at? What good will blockchain be if it can’t live up to what it was designed for?
Is There Anything To Worry About?
Above all, the problem of scalability could determine whether Bitcoin could win. Bitcoin and alternative cryptocurrencies can live to fight other infections that would want to plague the technology. But wait, what happens when we can’t find a solution to scalability?
For sure, it dies. Maybe its death will be slow, or a quick one. Most likely, the fallout from blockchain would be characterized by withdrawal symptoms, leaving the crypto-sphere in a tight spot. Where investors will only dream about what could have come out of the blockchain revolution, it will turn out that it couldn’t anymore.
In fact, the death of blockchain could result in an outbreak of hysteria, even sickness, and pain, as many innovators, thinkers, and enthusiasts are currently so invested in blockchain technology and its promises.
Of course, the chances of this happening are very slim considering how many geniuses are on board. But the fact remains, if blockchain is not effectively revised, cryptocurrencies, especially Bitcoin, could be erased from the face of the earth. Moreover, people might come to disgrace it. Eventually, people will have the notion that cryptos are effectively useless, which would lead to a market crash like the crypto-crash of 2018, and great economic and technological pushback for those of us who are all progressive.
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