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When Bitcoin developerMike Hearn, declared Bitcoin a failure and sold his Bitcoins the price of the currency fell 10% in a single day. Many are starting to wonder if the currency wasn't ready for prime time. The Bitcoin developer community lacks governance and control, making it hard to understand how many of these underlying issues will be resolved. Not to mention that China's miners control more than 50% of the currency creation capacity. Whether or not the current form of Bitcoin should be scrapped the power and use cases for blockchain technologies have become understood and accepted.
It’s time to admit that the current Bitcoin needs to be scrapped and to take advantage of the innovations behind the technology that underlies Bitcoin: the blockchain. The blockchain is a transparent ledger of transactions—concurrently hosted on numerous computers around the world — allowing the creation of digital currencies and virtual banks. Implemented correctly, it will, I believe, prove to be a better transactional and verification model that we presently use for the global financial system and for many other types of activities such as voting, public registries, provenance of works of art, and real-estate transfers.
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