By CCN: Teenage bitcoin millionaire Erik Finman has once again thrown himself into the spotlight by claiming that the flagship cryptocurrency ‘will die’ unless the sticky issues it is facing are resolved.
Speaking to Yahoo Finance, Finman indicated that the sticky issues plaguing Bitcoin are four. This includes its complexity with regards to use, high transaction fees, slow processing speeds and in-fighting among development teams.
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.
What Bitcoin Needs to Do
Even before the interview, Finman has been highlighting Bitcoin’s problems on social media.
If Bitcoin wants to not die it needs more than speculation:
1. Solve Speeds
2. Solve Transaction Fees
3. For the ppl working on the above to stop being cultish
4. Have an EASY on ramp for new users —this is the biggest problem
I’m getting so irritated I might just fix it!
— ERIK FIN (@erikfinman) May 16, 2019
According to The Guardian, Finman first purchased bitcoin when he was 12. This was after being gifted $1,000 by his grandmother. Over the years Finman, who is now 20, has been trading cryptocurrencies managing to grow his holdings to 458 bitcoins. At the current prices, this hoard is worth about $3.6 million.