Flaws of Blockchain

by Verdzekov Bernard.

I don’t know how true this will be, but I think, with the introduction of bitcoin, it will limit counterfeit or dissolve the circulation of counterfeit for transactions. Counterfeit is not money. Counterfeit is bad/fake money that has been printed to look very similar like real money. Many people have suffered being duped with counterfeit. I also suffered. Some times the bank even issues counterfeit and when you go back to complain they deny the accusation. Then when they accept to change the counterfeit for cash the original figure which they were to give you drops. So, the introduction of digital currencies will eliminate all this illegal transaction with counterfeit because everything will be digital and hardly will you fine someone with real money.

But nevertheless, when we look at present currency and how it is being manage, the introduction of bitcoin and other currencies will just alter that chain of the normal currency and it is going to be more difficult to price goods or allocated goods with prices. Think of it, when you go to a store to purchase goods or let us say food items, after everything has been recorded and let us say the total cost of your purchase is about $44 and some cent, and you give $45, I think the cashier will have to give you back some change. With bitcoin how will that be possible? This means so many people will be cheated because the prices of goods will have to be roundup most of the times to ease the transaction.

Though I know machines will be introduced to do exact deduction for goods purchase, but before then, before the perfection, they will be issues. Which class of people will suffer this? normally those who never been use-to the use of bitcoin in doing anything. 

Around the 25^th and 28^th 2020, transactions concerning the blockchain became really slow. That is bitcoin. I took notice of the date because I was with a fried on that day and he had to sell coins to have cash to take his mom to the hospital. It was really a problem for him because he didn’t have the required amount. His mom wasn’t dying though, but they needed to go do a checkup and buy some drugs. He tried sending coins and there where not going. It wasn’t validating. That same day, he was expecting some coins and yet nothing came in. this happened for three days and it brought panic to those using the blockchain. Not like they had it in mind that, maybe the block market has crashed, no! but I know somewhere in their minds there were hoping for the opposite. Come to think of this, three days. With normal currencies this won’t happen. Though banks may at times delay transactions, but at list fiscal cash won’t be a problem for you to get to take your mom to the hospital. But in a situation where everyone goes digital and this happens, some people have to die because some humans, like in my country, save live only when they see money or when they have been payed. 

Transactions become slow when a large portion of the world hasn’t gone fully digital with currency, when that time comes, how will it look like? 

The guy I was with told me, when transactions becomes slow, and there are unable to send or receive BTC, it means there are some people around the world that should have caused that. He said, “they may be moving billions of dollars in BTC, so who are we when we just moving thousands”. LOL. I laughed hard about it and mentioned some of the people that could influence this like Jeff Bezos, Bill gate or Mark Zuckerberg. We all laughed but I thought of it, what will become of the people that have just little, or who just got in to the digital currency BTC, that means their transactions at times won’t be successful for days since so many people will be dealing at once and at such priority will be giving to those with higher transactions.

Sometimes we run to our banks to cash out with the ATM, and there is no cash. I don’t know if you have gone through that, but banks have been linked together, for in case you go to your bank to cash out and there is no cash, you could run to a different bank and cash out from there. Though they will charge a little, but it is better than getting nothing at all. With BTC how will it be. Yes! People won’t have to move with coins, but just with their cards. How many machines will be put out to meet the deman for everyone. The markets, hospitals, restaurants, travel agencies, will they have to build or purchase that machine that will validate BTC as the payment currency. Ok let us say the banks, hospitals and agencies succeed to have that, what about those that sell on the streets for living, how will the manage the new system of payment. Take for instance those in India, Mexico, Nigeria etc. that the people sell on the streets, will they have to purchase same machine to be able to validate the digital currency.

The introduction of Digital currency as the main currency will really make things/life difficult for so many people. 

Furthermore, when we look at the currencies that exist now and how banks do manage them, it is more save and favorable. Why do I say this? if in case you should have a problem with your bank or any money transaction, you just need to call them, or send a mail and they responds to your problems. If they are still delaying, you could simply dress up and go to any of the bank branches and lay you complain. Your problem could even be solved in one day. Let us look at this with relation to BTC. How will it be? How will complains be resolved? Where will they be resolved? Will people be giving the opportunity to talk directly with the organizers or managers? How will people know their problem is being worked on? This are questions we should ask ourselves with relations to the introduction of BTC or digital currency.