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Are Cryptocurrencies And Blockchain Technologies The Next 'Industrial Revolution'?
Blockchain is not scaleable to be able to process enough transactions to work as a currency.
The amount of data in a chain will becomes too big with more and more transactions.
Operating them consumes far too much energy to allow them to gain widespread use
Bitcoin will become too energy intensive to continue maintaining the ledger.
BTC currently processes 7 transactions per second (2017) as opposed to
60,000 that Visa and MasterCard can process
Second-level protocols should reduce this growing pain. E.g. Lightning Network.
Blockchain can actually be scaled to handle much more than what current payment systems can. It's all about the efficiency of the algorithm used. Xrp for example currently advertise themselves as able to process 1500 tr/s and able to scale to visa scale of 50k tr/s
ZK-SNARKS can be used to increase transaction throughtput dramatically, without second layer networks like lightning
It will come. There are some chains that should scale just fine. Universa is promising thousand of transactions a second and IOTA gets faster with scale (although it is not strictly a blockchain).