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Bitcoin slow, expensive, doesn’t scale: RBA

Bitcoin slow

Don’t get your hopes up to high if you are thinking about investing on bitcoins. According to some reports, it has been observed that there is a great fall and a sharp decline of the BTU crypto-currency. Before deciding to switch your currency of choice to BTU, you should conduct some research and determine if the future of BTU is something that will best suite you or not. In this post, we will be highlighting the facts regarding scalability in Australia.

Bitcoin

If you happen to be involved with bitcoin cloud mining or bitcoin mining in Australia, the future may not be as bright as it may seems. The crypto world continues with spiking peaks of cybercrime on one hand and the continuation of value margins to drastically fall on the other. According to the Australian Business Economists; Tony Richards, concluded that, due to many companies whom have started to accept cryptocurrencies like bitcoin are reporting, by countless claims, that they are no longer accepting bitcoin currencies. Companies like Dell are one of those companies whom once accepted the coin, and after a few months of discovering that it is far beyond too expensive to maintain such currency have deployed disassociation to BTU acceptations. This can be a nightmare for major cryptocurrency exchanges as they are the “prime” in making most of the money. Richards stated that, “The price of bitcoin has fallen by nearly 70 percent from its peak, to just over US$6,000 currently, and there have been sharp falls in most other cryptocurrencies. Much of the public frenzy seems to have calmed and the market capitalization of the overall cryptocurrency sector has fallen back to around $250 billion.”

grap

Since the rise is less and the fall is greater, the future of bitcoin seems to soon end…very soon.
The major problematic issues that is grabbing everyone’s attention is that fact that confirmed bitcoin transactions estimated around 400,000 per day, a 4.5 TPS (transactions per second) in December of 2017. Further evaluations showed that on a 30 day period, a total of 100k transactions were in the queue, awaiting to be confirmed and validated by a miner. This resulted that long queues estimated that miners took the highest processing fees which sometimes elevated around $50 per block verified.

In addition, cryptocurrency isn’t accepted everywhere. More and more companies are pressing that fact that they no longer accept such currency. Richard further stated that the acceptation of these bitcoin systems may be actually decreasing overtime to a point that no company out there will be willing to use the BTU currency.

Reserve Bank of Australia continues its venture to seek out and understand these anomalies and would like to review the efficiency in reliable payment systems and maintenances of a secure lodge system. RBA unfolds facts that there are more blocks created than those that are verified, resulting a total cluster in the mix and in which makes it vulnerable for a cybercriminal to hide itself within the jumble.

Richard’s ideal is that blockchain to centralize a real central banking system. Without it we will continue to face more and more issues, both in terms of revenue, beneficiary factors and continuation of cybercrime to rise until it reaches to a point that higher authorities will have no choice but to end and dismantle the hub of cryptocurrency.

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