Bitcoin transactions are expensive, time-consuming, and offer little more than the promise of anonymity. Instead of disrupting global banking with its decentralized payment system, Bitcoin is simply repeating outdated methods. The technology is redundant and has already reached more than its peak potential.
For those interested in cryptocurrency, Bitcoin isn’t all bad — it’s just not the answer to our financial problems. This article will give you some insight into alternatives to Bitcoin that can resist monopolization and preserve individual autonomy.
A recent study by the website BitInfoCharts revealed that transactions on the Bitcoin network are processed at a rate of 3.3 tps (transactions per second), which is basically useless for people who want to conduct small purchases through smartphones or other small devices using Bitcoin as an intermediary. It would take an hour to buy a $4 cup of coffee using this service, not exactly sustainable for retailers.
Bitcoin isn’t just slow — it’s also an expensive and inefficient payment system. Only a few cents go to miners for confirming transactions, and the majority of the funds are used to maintain the network itself — that is, to pay software developers and others who support Bitcoin. These include people like Roger Ver, a.k.a. ‘Bitcoin Jesus’, who claims he has spent more than $50 million ‘investing’ in Bitcoin, but mostly just on its upkeep.
Finally, Bitcoin isn’t anonymous. The blockchain keeps a public record of every transaction, which means that all of the funds are traceable. Wherever you spend your cryptocurrency, there’s a trail to follow back to wherever you got it from.
All of these problems are precisely what make alternatives to Bitcoin so appealing. They can be used for small purchases made by millions of users across the planet without any fees or worry about being traced back to their origin.