Is Bitcoin Really Dead This Time? Mike Hearn Seems to Think SoBy Adam | Monday, January 18th, 2016
First, before you jump into any conclusions and sell your bitcoin, keep in mind that Bitcoin has already been announced dead before, 89 times! And it is still alive and strong. Sure, after Hearn’s announcement it suffered a temporary fall of about $40 but it is now gaining strength again. If you ask me, this was a perfect time to invest in bitcoin if you haven’t done it already.
You may be wondering who is Mike Hearn and why his opinion carries so much weight when it comes to bitcoin. Hearn was one of the early bitcoin developers who strongly believed in it’s future potential, so much that he quit his Google job to work on bitcoin full time. He worked alongside many other developers and was considered a technical expert in the field of bitcoin development.
Drastic and malicious announcement
His announcement was that he is leaving bitcoin and that the currency is dead and that he sold all his coins. This has quickly been picked up by the mainstream media which turned it into a big drama, as they do with everything. Many investors rushed in to sell their bitcoins after reading some hopeless headlines about bitcoin being dead. The price of bitcoin has somewhat suffered as a result.
Some bitcoin developers and other experts are happy that Hearn is now gone. Many believe him to be one of the actual obstacles of further bitcoin development. Interestingly enough, he joined a group of 30 banks to develop a different crypto-currency to rival bitcoin.
In his announcement he states that bitcoin has failed, but on the other hand, he admits that there is nothing actually wrong with bitcoin itself although there are a few issues that need rethinking. One of the issues that sparked some controversy recently was the maximum amount of megabytes, currently set to 1 MB, allowed each transaction on the blockchain.
Hearn underlines that the biggest problem with bitcoin is that the wrong people are managing it and trying to control it. He left bitcoin mostly due to the fact that he did not agree with some of the developments being proposed.
But is bitcoin dead? Not in the slightest, in fact, just the opposite is true
Bitcoin suffered some losses but this is not the first time and it most likely won’t be the last. As with any new technology that is drastically growing in it’s user base it will experience issues ranging from minor technical glitches to very complex and challenging problems.
The biggest problem with bitcoin right now is that its users are growing in numbers all over the world and transactions increase in sizes. But as often history shows, technology can be adapted quickly and the problem of increased usage will most likely be a blessing for bitcoin.Published in News & Analysis