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Hello, fans of Telegram and Cryptocurrency.

I want to share with you some thoughts on the blockchain and bitcoin in particular.

I find out this technology a long time ago, but seriously began to study it since May 2017, just then the rate sharply hinted and there was a wave of HYPE on the topic of cryptocurrencies.

But now I'm not talking about that.

The thing is that when at first time you find out  about the blockchain and bitcoin, then you understand almost nothing, you think that this is a super technology that can solve almost all issues related to finances, documents and rights, legal relationships. The growth of the rate of cryptocurrency also pushes this idea.

But it's not quite true.

Below I want to say about some shortcomings that are not advertised, but which do not allow me personally to be so joyfully tuned to bitcoin and other cryptocurrencies.

1) Scalability and inefficient data storage. Look at how the volume of the Bitcoin network or ether grows and you will realize that this can not continue for a long time. The volume of transactions will soon exceed reasonable and it will be impossible to store them immediately in all nodes.

2) Miners storing in the nodes all transactions of course perform the basic function in the form of protection of the double-spending rule, however it's so inefficient that I'm want to cry.

3) High energy consumption in mining also raises many questions. A huge amount of energy is actually wasted. Many cities and even countries spend less than one bitcoin network.

4) Transparency and openness of all entries in your wallet. On the one hand this is a plus. However, for example, I do not want to show you how much money everyone in my wallet has. Imagine that anyone can see your transactions on bank cards and all accounts? Including everything that you bought.

5) The low speed and high cost of translations in the blockchain of bitcoin and other networks makes you think even harder. Is the idea of a distributed network itself so good as to conquer the world?

I agree that this view is from the negative side, but everyone knows about the pros.

I only hope that in the future there will appear (and they are already beginning to emerge) such ideas that will solve all the basic issues of storage and consistent transmission of important data, such as monetary value. Perhaps the answer is closer than we think. Probably, it will be some kind of single meta-blockchain registry allowing you to work with other blockchain.

And bitcoin will remain a pioneer showing that society can be active and solve global economic problems on its own.