Last Updated on February 7, 2023 by admin
Hey Friends how are you all? Our today’s topic is About The Problems With Bitcoin And The Future Of Blockchain. So without wasting time let’s jump into it.
The Problems With Bitcoin And The Future Of Blockchain 2023
What Is Bitcoin
Bitcoin is a decentralized digital currency that saves transactions on a disrupted ledger termed a ‘blockchain’. It is a kind of cryptocurrency where everyone can have translucent access to transaction data which are made to be verified by an immense amount of computing power.
As it is public, anyone can download this software and reach any site. There are some main differences between Blockchain and BTC which can be understood through their comparison;
the example of BTC is like a car that was manufactured many years ago whereas blockchain is like an engine that can be used in the manufacturing of different vehicles. Blockchain is a disrupted and digitized ledger that creates trust between two exchanging parties;
whereas, BTC for conducting transactions relies on blockchain. These primary differences have helped us to understand the multiform value of blockchain and the problem with BTC.
Problems With Bitcoin
The design of Bitcoin is old and the mining process of it follows PoW which consumes huge computational energy. Another issue with BTC is that it is a slow process that requires about 10 minutes for generating one block; only seven transactions per second can be managed.
Also, it has a restricted number of coins and its mining will not be commercial due to the use of costly hardware. Even, though the transaction fees would not be enough to maintain the network; though it has promised to develop peer-to-peer networking with a decentralized economic system, it fails to provide a wealthy lifestyle.
The fluctuation in the prices of this software has made it hard to earn a handsome amount; in fact, its transaction has fallen dramatically at present.
Thus, Bitcoin does not provide any meaningful value; its current popularity is mere hype. It may be scary to know that if its bubble bursts, there will be no residual or utility value left. This discussion has helped us to understand the real problems of future blockchain and BTC which Qitchain has tried to solve.
How Qitchain Solve The Problem In Blockchain
The PoW mechanism consumes more energy and forces miners to trade currency which leads to the fall of the mining economy. The computing power of this mechanism produces monopoly and drive common people out of the market as it demands special kind of equipment and in-depth professional knowledge.
Qitcoin has adopted a PoC mechanism that helps everyone to participate in mining. It helps miners to participate with ease as it only requires a hard disk which can be available easily from the market.
Thus, it has made a mining system simple and reachable that will generate a secure well-run product. PoC mechanism is eco-friendly as it provides a constant and automatic expansion to QTC Coin; low power consumption also helps to predict the income.
Moreover, unlike Bitcoin it requires only three minutes to create one block and 70 transactions per second can be managed that boasts a total of 3000P network capacity. Hence, the Qitcoin ecosystem is the one that can solve the issues of miners through its simple, innovative, and cheap mining mechanism which helps in reducing the risk of price flux in the secondary market.
What Is The Future Of Qitcoin?
While counting all the benefits of Qitcoin mentioned above, we immediately answer the query if it is a suitable means of payment. QTC is an integral part of Web 3.0 which is designed to accelerate and implement it. It builds a friendly and systematic market between service providers, producers, and consumers to reduce market friction, and price differences and gives full focus on the required potential of the market.
Its eco-friendly nature of it will upgrade it to the future ‘Blockchain Google’. In 2018, the output rate of CDN and cloud storage surpassed US$12 billion and US$46 billion respectively; the future demand for QTC will be the same.
The question that arises from people frequently is; what happens when we forget the wallet password of Qitchain? The answer is simple; if anyone forgets the password, they will lose their assets forever. The password is ought to be remembered;
it is recommended to write the password on the paper and place it in a safe area. A password can be modified by using the original password; it is not encouraged to save on a computer.