Teen Bitcoin millionaire Erik Finman predicts once again that the number one cryptocurrency could ‘’ die’’ if four major issues are not resolved. According to the latest cryptocurrency news, Finman stated that the problems are ‘’sticky’’ and must be solved immediately.
While speaking to Yahoo Finance, Finman explained the issues: the complexity of use, high transactions fees, fights among the developer teams and slow-processing speeds. He pointed out:
‘’It’s facing four big problems. One, its high transaction fees. Two, it takes a long time you know to kind of send anything. And then three, the people that are trying to solve those problems… it’s fragmented, it’s cultish, it’s really kind of a lot of group in-fighting. And I think the fourth one is it’s really hard to get into bitcoin. It’s really not easy.’’
Even before the interview, the teen bitcoin millionaire outlined the problems of the currency on social media. He first purchased bitcoin at the age of 12 after his grandmother gave him $1,000. Over the years, he was trading cryptocurrencies and now has about 457 bitcoins which is nearly $3.6 million.
Finman also pointed out that the future for bitcoin as a leading cryptocurrency is not guaranteed. Bitcoin is ‘’facing a lot of stiff competition and I think it really has to respond to that.’’ Erik also revisited his statement which was deemed as extremely controversial in 2018 when he pointed out that the ‘’long-term bitcoin is dead.’’ He defended the statement saying that the cryptocurrency needs to have one or two more bull runs in order to be set for the better future.
As reported in the altcoin news last week during the MarketWatch, Finman raised his concerns about Bitcoin. He even stated that Litecoin was also afflicted since the altcoin decreased over 95 percent since its record high. Despite his pessimistic view, Finman is bullish on blockchain technology as well. He added that anyone who failed to become a billionaire by investing in crypto or in blockchain, in ten years from now they would have themselves to blame.
Among the top cryptocurrencies that Finman believes have the best chances of success include ZCash and Ethereum. He praised Bitcoin Cash’s technology but he says the altcoin is poorly marketed.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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