Bitcoin’s Big Flaw

Bitcoin’s Big Flaw

Everything in the universe has a design flaw, including Bitcoin.  Other digital currencies exist and are welcomed, but Bitcoin is the first and currently only digital currency with widespread growing adoption. With the flexibility of open source, Bitcoin can be readily changed as needed.  Bitcoin’s critics often mention Bitcoin’s flaw of future file size growth, but they neglect to mention that computing power increases continuously, and this routine increase in hardware and communications technology can by itself make up for Bitcoin’s most obvious future “flaw”.  The flaw is already destined to be solved by at least two different solutions, Bitcoin’s adaptability and the world’s technological advancement.

GameChakra and others correctly point out several reasons why Storm’s theory is not a crippling issue:

1. Pruning can be done (i.e. deleting unecessary data in the network).
2. Moore’s Law. Storage doubles every 2 years.
3. Market can self-regulate by imposing higher transaction if bitcoin adoption gets too fast therefore supress trading volume.
4. You don’t need to download the whole blockchain to transact with bitcoin (MultiBit wallet).

Critics are often correct that Bitcoin is not to be treated like a stable, long term investment, Indeed it offers higher risk and higher returns than a typical investment.

Corey Chambers, The Bitcoin Blogs