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Gavin Andresen Says Bitcoin’s Flakiness Drives People Away, BitcoinXT is Solution

Gavin Andresen, Digital Currency Developer MIT Media Lab, does not need any formal introduction because he is someone who is well recognized in Bitcoin industry for his role since 2011. His views on Bitcoin have become important as according to him the digital currency is going through huge turmoil and if it is not addressed well, it may just be doomed.

Talking with MIT Technology Review, Gavin Andresen said that transactions will become increasingly delayed, and the system of money now worth $3.3 billion will begin to die as its flakiness drives people away. He predicts dooms day for Bitcoin as Bitcoin can’t process more than seven transactions a second which is quite less given the demand is increasing.

Gavin Andresen has proposed a solution BitcoinXT where he urges the community to switch over as according to him if 75 percent of miners have adopted his fix after January 11, 2016, it will trigger a two-week grace period and then allow a “fork” of the blockchain with higher capacity.

In the interview he admitted that as Bitcoin gets closer and closer to the limit, bad things start to happen. Moreover, as networks close to capacity get congested and unreliable and of users want reliability, they would have to start paying higher and higher fees on transactions, and there will be a point where fees get high enough that people stop using Bitcoin.

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