One of the officials of the Economic Times Jay Krishnan considered Bitcoin as a failed project of the crypto sphere. He reported that it is now the time when Bitcoin currency should realize that they should change their direction now. He encouraged the Bitcoin community to analyse whether the result will be positive or negative.
Bitcoin’s idea of decentralization and 360-degree interaction became popular after the world’s economic crash of 2008. However, it wathe s best idea given by anyone after the economic crises but Bitcoin has not worked according to their original plan. Bitcoin plan was same aa s socialist vision but in reality, it played unwisely by aiding criminal and bad investors in harming the society and their distribution of coins is also not up to the marked.
He provided many facts to prove Bitcoin as a failed currency like its slow transaction process, heavy fee for transactions, issues related to scalibilty and high-energy usage. These all mentioned factors are the reasons for the fall of Bitcoin.
Another shortcoming of Bitcoin According to Krishnan is that it has not been made for daily transactions but in fact, it was based on highly hypothetical investment. Its prices are not static but are showing a volatile and unpredictable pattern.
He claimed that Bitcoin is not giving good results instead; it is more harmful for the cryptocurrency. Bitcoin was launched with the idea of the distribution of wealth not the production of it. This idea was very wrong. Krishnan said that, Bitcoin is not right at its very core so how can the result be right. Now it is a responsibility of the society to stop using Bitcoin. It can’t be allowed to survive as a currency. While, on the other hand, Blockchain still generates benefits for different industries.