Bitcoin and the trouble with success

with No Comments

Bitcoin is in the news again as the process comes under pressure from the success of the system. The system is now so popular that transactions are now sometimes slower with some reports of delays of 3 or more days during the may backlog.

In addition fees are now rising with a high of $5 per transaction in June making the process unsuitable for ad-hoc transactions like coffee and sandwiches.

From a technical perspective the issues all come from the foundations on which bitcoin was built which creates a technical limitation for the blockchain which limits it to 1mb of data being added every 10 minutes.

It’s going to be interesting to see how this formative technology bridges into the future!