Why Bitcoin’s Scaling Debate is An Opportunity Not a Flaw
The prolonged scaling issue has turned into what some have been calling bitcoin's existential crisis. As proposals for alternative solutions to Bitcoin Core’s roadmap were put forward and Bitcoin Classic gained traction, the divergence in technical approach has devolved into a heated debate. Emotionally charged disputes on Reddit and Twitter with censorship and personal attacks have divided the community. This split over the protocol harkens back to differences in views that arose at the onset of this technology between economists and those with computer science backgrounds. The former....
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Bitcoin's scaling debate is clearly one of its defining moments. It has pitted the user bases sharply against one another whether through endless Reddit debates, digital media or even at the "top" tier of the development teams. It also raised significant issues around centralization and bitcoin’s somewhat awkward relationship with the mostly China-based mining industry. In this post, I will attempt to document different parts of the debate as it played out from different perspectives. I do not consider myself beholden to any specific strand and have attempted to be as neutral as....
As the Bitcoin’s scaling debate intensifies, many people are choosing sides and thinking of solutions that best suit their subjective opinions of how the network should operate. Now discussions on Bitcoin’s blockchain possibly forking has caused some people to consider trying to change the digital currency’s Proof-of-Work consensus mechanism. Bitcoin....
It has been almost a year since the Great Bitcoin Debate, which unleashed Bitcoin’s civil war, was brought to public attention. Now, a year later, an unofficial truce seems to have been reached with bitcoin’s potential crypto competitors, such as Ethereum, and potential competition from numerous bank sponsored consortiums focusing attention once again on making bitcoin great and appealing to all. The Great Bitcoin Debate began with a series of posts by Gavin Andresen in Spring 2015 which argued for an increase in transaction capacity due to estimates that the limit of approximately 200,000....
For the past two years, the main topic of conversation in the Bitcoin community has been the scalability debate. While the peer-to-peer digital currency system processes more than 300,000 on-blockchain transactions per day and recently reached an $18 billion market cap for the first time, the path toward scaling this system to a global economy over the long-term is sometimes seen as unclear. After years of debate over Bitcoin’s effective transaction capacity limit, the plan for capacity increases that has gained the highest level of support from current Bitcoin Core contributors, bitcoin....
A chief economist at UBS, the largest bank in Switzerland, says cryptocurrency has a fundamental flaw. Bitcoin’s fixed supply could cause the collapse of its value and spending power, making it unattractive to use as a currency, he claims. A UBS Chief Economist Says Bitcoin’s Fixed Supply Is a ‘Fundamental Flaw’ Paul Donovan, Chief Economist of UBS Global Wealth Management, explained last week why people won’t want to use bitcoin as a currency. UBS is the largest bank in Switzerland. “The debate about bitcoin and other crypto tends to be very passionate.....