Bitcoin’s Mike Hearn, a long time devoted supporter and developer, decided it was time to call it quits because he said the online digital currency experiment failed. There were many reasons the project failed but Mr.Hearn stated it was mainly due to internal political differences, infighting, and technological challenges.
What is Bitcoin
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Bitcoin is a network that processes transactions between computers, which is how Bitcoin is made and traded. The enthusiast and devoted Mike Hearn quit his job at Google to work on Bitcoin’s technology full-time. After so many years of hard work, Mr. Hearn finally decided it was time to part ways and sell all of his coins.
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Hearn offers a detailed and lengthy explanation of his gripes with Bitcoin and its community, but they really boil down to internal politics. Sure, the technology has some shortcomings that have in turn caused problems for users, but infighting and politics have also prevented these issues from being resolved. Most of the disagreements are around whether a key piece of Bitcoin’s technology should be adjusted so that it can support more transactions. Time will tell the future of Bitcoin and if this is any indication, it can’t possibly be good.