Gavin Andresen: the digital currency Bitcoin will start to malfunction early next year

Gavin Andresen, Digital Currency Developer in MIT Media Lab, MIT Technology Review. He said the digital currency is going through huge turmoil and if it is not addressed well, it may just be doomed: transactions will become delayed, and the system of money now worth $3.3 billion will begin to die as its flakiness drives people away.

Gavin Andresen proposed the BitcoinXT as a solution to switch over if 75 percent of miners have adopted his fix after January 11, 2016, it will trigger a two-week grace period and then allow a “fork” of the blockchain with higher capacity. Bitcoin gets closer and closer to the limit, bad things start to happen: they would have to start paying higher and higher fees on transactions, and there will be a point where fees get high enough that people stop using Bitcoin.

Some other analysts don’t agree with him as they consider that to be a reckless toying with Bitcoin’s future.