Home Blockchain Technology Bitcoin And Blockchain Technology: The Challenges and Way Forward (Explanatory Infographic)

Bitcoin And Blockchain Technology: The Challenges and Way Forward (Explanatory Infographic)

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Blockchain standard-bearer - Bitcoin bubble - The main confusion behind the bitcoin hard fork and segwit upgrade
Bitcoin bubble - The main confusion behind the bitcoin hard fork and segwit upgrade EXPLAINED. And here are what we think you surely need to know about the pre-bitcoin hard fork and confusion hanging around it, and how to prepare for the post-bitcoin hard fork effect.

What do you know about Bitcoin and Blockchain technology?

Over the years, the Bitcoin blockchain has proven for being strong. Bitcoin blockchain has even withstood cryptographic verification and adversary attacks, when attracting more investors, users and participants.

Bitcoin and Blockchain Technology Limitations and Challenges

Currently, there are some limitations in the Bitcoin blockchain design. They are as follows:

  • The size of the block is about 95 GB and is still growing, since the bitcoin blockchain is preserving the entire records that are linked together.
  • The bitcoin blockchain technology is slower at about 7 transaction per second, than the present payment methods like Paypal, SWIFT, or Visa.
  • Latency at present consumes over 10 minutes for creating a new block, that results in introducing Latency.
  • By design, bitcoin blockchain will be consuming lot of power for performing complex computations as proof of work. In the infograph, you will be exposed to a differing estimates of its power consumption. When compared with the computational power of the 500 most innovative supercomputers that are combined, the computation power of the Bitcoin blockchain computers are eight times more powerful.
  • Some of the economists may argue that bitcoin might be inflationary in the long run, which results in its downfall. This is based on the given theoretically limited supply of Bitcoin.
  • There is a need for Bitcoin blockchain for devising additional, solid computational challenges for keeping pace with the quantum jump in computing skills.
  • The power of individual miners, in connection with mining pools had diminished, since the mining has become computationally intensive. This sort of trend if continues, then there could be a scenario of a monopoly mining pool emerging and overthrowing the basic design of the method. In addition to that, there is a concentration of hash power in a single country, namely China with attendant geopolitical hazards.
  • The “open source” which is a Bitcoin software code, is handled and written by voluntary coders who are working independently in an informal self governing structure, that has been prone for criticism from different walks of life. For the purpose of finding acceptance as an industry utility, its internal organization is required for redefining.

As the legal structures currently stand, the regulatory implications of the revolutionary technology will be presenting a dilemma for them.

Currently, there are lot of misconceptions about bitcoin and blockchain technology by the general public but we hope this infograph would help you shed more lights on the way forward.

Bitcoin And Blockchain Technology: The Challenges and Way Forward Explained (An Explanatory Infographic)

Here’s an infograph with detailed information on how bitcoin blockchain was created and how far it has gone. You’ll have the luxury of learning about other innovative ways you could use bitcoin and some of the challenges they pose.

Bitcoin And Blockchain Technology: The Challenges and Way Forward (Explanatory Infographic)
Bitcoin And Blockchain Technology: The Challenges and Way Forward (Explanatory Infographic)

Infographic first published by BitcoinFy team before it appears on TechAtLast.

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Olawale Daniel is a business builder and psychologist, a network marketing professional, a world-class motivational speaker, a successful internet entrepreneur and a digital media strategist interested in all things mobile and digital — start-ups, media, branding. He started TechAtLast back in 2010 as a platform to quench his thirst for latest technologies. As a motivational speaker and author, Olawale has published several motivational and personal development books and he's currently working on "SUCCESS AHEAD - Don't Quit" which is billed to hit the stand by Q4 of the year. He writes regularly on his personal website on motivation and personal lifestyle and tips for network marketing success, OlawaleDaniel.com. His latest book on How to Sponsor More People in Your Network Marketing Business is still one of the best sellers in its category. He's presently working as a Health and Wellness consultant at BURN SLIM TRIM Inc., a firm that helps people regain their perfect lifestyle through state-of-the-art recent discoveries way back from nature. He's also the brain behind FOBCourse, a business university for startup entrepreneurs in Africa.

7 COMMENTS

  1. Artificial Intelligence, whether it is useful or harmful, that is debatable. totally relatable with the words of Stephen Hawking that it can be a blessing or be a nightmare. If it is effective then it will be a history in the field of technology or it can be worse. But its kind of scary that AI might took over our world. although the of design it, sound pretty awesome. Well Good luck for the human race.

    • Yeah, in your own word, “by the design of it, it sounds awesome”!

      That is actually how it sounds and the look you have when you are new to blockchain technology and artificial intelligence.

      It could be to our betterment and at the same time, to our extint from this planet if it is misused by the men of the dark.

      I mean those in higher places of this world.

      Aside that, it will be for our own good.

      Especially with blockchain technology, it would be virtually very difficult for this innovative technology to get into the wrong hand, because there are no central servers to its core operating systems.

      Hope you get that?

  2. I think Bitcoin is really an innovative payment network and a new kind of money that uses peer-to-peer technology and after reading your blog, I have got way more information about it. Thanks a ton.

  3. I do not know much about bitcoin, that’s why i am searching blogs and read and increase my knowledge about it. Now i find your blog very informative and now i can understand the limitation of bitcoin.
    Thanks for sharing.

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