As per BBC News:A high-profile Bitcoin developer has said the crypto-currency has failed and he will no longer take part in its development.
Mike Hearn, a Zurich-based developer and long-time proponent of Bitcoin, surprised many this weekend when he published a blog calling Bitcoin a "failed" project.
Mr Hearn, who had until recently been working on new software for the currency, says he has now sold all of his own bitcoins and will no longer take part in the crypto-currency's development.
So, is Bitcoin doomed?
First of all, Who is Mike Hearn? - Mike Hearn is a software developer who has worked on Bitcoin technologies for over five years. In 2014, he left his job at Google to focus on Bitcoin full time. He has worked closely with Bitcoin chief scientist Gavin Andresen on alternative software for Bitcoin called Bitcoin XT, which aims to address capacity issues facing the network. Mr Andresen is generally thought of as next in the chain of influence over the currency's development after Bitcoin's mysterious founder, Satoshi Nakamoto.
What are the problems?
The biggest issue most bitcoin users acknowledge is how quickly new transactions can be processed.The size of blocks being added to the blockchain has been increasing steadily with the rise of Bitcoin. As a result, the rate at which transactions can be processed has been slowing.Indeed, some transactions face significant delays, hampering payments. Some fear the network will eventually become oversaturated and cease to be usable.Me: "I hope not!"
