Bitcoin SHA-256 Moves Progressively Out Of The Hands Of The Community
Hi all,
Don’t know if you have checked the difficulty of Bitcoin SHA-256 recently (http://bitcoindifficulty.com) but the current difficulty trend looks grim and only serves to move the original Crypto-Currency out of the hands of the general community and into only those that can afford an ASIC, which as we know is expensive hardware.
If Bitcoin SHA-256 can now only realistically be mined using specialised expensive ASIC hardware surely this means that as a currency it is no longer decentralised and has completely lost its original defining principles.
Bitcoin Scrypt however, with its fair and fast difficulty adjustment system, means that all miners get a chance to mine. By all miners, I mean those that own GPU’s which is more or less everyone and so keeps the new currency decentralised.
Add on top of this that it cannot be mined by ASIC and is also many times faster than Bitcoin SHA-256 for transaction confirmations.
Bitcoin SHA-256 - Average Transaction Six Confirmations Time = 1 to 2 hours.
Bitcoin Scrypt - Average Transaction Six Confirmations Time = 10 to 12 Minutes
Straight away you can see that Bitcoin Scrypt is designed to be a real world currency with such quick confirmations meaning that retailers and third parties have to take much less of a risk when speeding up transactions.
I know that there is a massive support base for Bitcoin SHA-256 but we have to be realistic and think what is best for the future of Cryptocoin’s as an actual effective currency and not borderline commodity.
I am not and never will tell people what to mine or what to use as their Crypto-Currency, I just give you the facts and then let you decided.
Is it time for Bitcoin SHA-256 to give some breathing space and some of that spotlight for the new, faster and decentralized Bitcoin Scrypt, which still carries all the same principles of the original back when it first started but just with a different mining Algorithm.
Is it a time for change?