It’s a massive problem that Bitcoin is facing today. The Bitcoin blockchain cannot support thousands of transactions per second like Visa or Mastercard do without technology like the lightning network.
Just like our forests and Oceans cannot be exploited indefinitely, the blockchain is a finite resource. Bitcoin blocks cannot be bloated and hold all the transactions that some people want in it without consequences.
The tragedy of the common is when individual actors spoil a common resource in their self-interest. In political terms, this is commonly called “kicking the can down the road.”
This is exactly the situation we are facing in Bitcoin.
Let’s have a look at what history, science, and neuroscience can tell us about the current Bitcoin crisis.