Hearn, who worked specifically with Bitcoin to develop its software, explains that it’s failing due to a number of factors like a warring community, the system has reached its limits and a general lack in upgrades to the infrastructure and no proper communication. Hearn goes to write that:
Bitcoin is an experiment and like all experiments, it can fail. What was meant to be a new, decentralized form of money that lacked ‘systemically important institutions’ and ‘too big to fail’ has become something even worse: a system completely controlled by just a handful of people.
What has made Bitcoin so popular is the fact that it decentralised its digital currency back in 2009, allowing users to transact peer-to-peer without a middleman. What this means is that there is no “bank” which holds and moves the money around.
Now, according to Hearn, the company is facing some major problems which need to be addressed before the entire collapse of the community.
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