Long-Term Sustainability Concerns in Bitcoin: "If We Can't Do This, the Game is Over" - Coin Bulletin

robot
Abstract generation in progress

As the hash rate on the Bitcoin network increases, the decline in transaction fees and empty blocks raises concerns about Bitcoin's long term sustainability.

Bitcoin's hashrate reached an all-time high of 838 exahash/second (EH/s) on the 14-day moving average. However, despite this increase, the blocks are almost empty, resembling a strong train moving swiftly on the tracks but with no passengers. A block with only four transactions in January 2023 was one of the blocks with the lowest transaction density in this area.

Empty blocks and future concerns

Nicolas Gregory, the creator of Mercury Layer and former Nasdaq executive, commented on this situation by saying, "Partially empty Bitcoin blocks tell a story — defending the value storage argument could jeopardize Bitcoin's future." Gregory added, "I hope the Bitcoin community realizes that this space is not just about podcasts, conversations, and the 'numbers are going up' digital gold story. If we don’t start using Bitcoin for real commerce, the game is over."

These statements emphasize the need for Bitcoin to be used not only for investment purposes but also for real trade and point out that if this issue is not resolved, the future of Bitcoin may become uncertain.

BTC2.33%
KT0.16%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 1
  • Repost
  • Share
Comment
0/400
PowTrackPEPvip
· 04-03 20:20
Merged mining for #pep will be developed soon.
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)