There’s an even more fundamental reason why Bitcoin is a joke: it can’t scale. Today Bitcoin can manage around 3.8 transactions per second and its theoretical limit is 7 transactions per second. It’s claimed that by tinkering and modifying the way the blockchain is reproduced, that could scale up to (gasp…) 27 transactions per second. Worldwide. To put this into perspective, VISA alone handles 65,000 transactions per second worldwide.

So unless the entire world basically stops buying things, Bitcoin remains a joke, loved by children who don’t understand the fundamentals of the way it works and who imagine that somehow it “frees” them from government interference. Well, for those who also think Santa and the Tooth Fairy are real, it’s another nice illusion. But that’s all it is.

Anyone who enjoys my articles here on Medium may be interested in my books Why Democracy Failed and The Praying Ape, both available from Amazon.