Early Bitcoin developer Jeff Garzik revealed what he believes is the most daunting challenge the flagship cryptocurrency faces today. He also chimed in on the “economic paradox” that threatens to stifle Bitcoin development.
Speaking in an exclusive interview with CCN, Jeff Garzik, who was one of Satoshi Nakamoto’s earliest collaborators and also founded crypto startup Bloq, admits his highly “predictable” answer when it comes to the biggest challenge facing Bitcoin would be “scaling.”
One of Garzik’s favorite statistics is that an individual is in the top 1% worldwide if they earn an annual salary worldwide of $32,000. He fears that bitcoin transaction fees risk excluding anyone who doesn’t live in the US or EU from participating in the network.