Bitcoin Heading Towards Dead End?
As per numerous media reports Bitcoin is heading to a dead end. Mike Hearn, a longtime Bitcoin developer has abandoned the project and proclaimed that it is a futile experiment.
However, Brock Pierce, MD of Blockchain Capital contradicts Hearn by saying, “Presently, scalability is the chief concern and it indicates that people are interested in Bitcoin technology and its applications”.
Johny Dilley of Blockstream in an interview on ‘The Cryoto show’ stated-“There is no substantial reason for the users of Bitcoin to panic, development is being made in terms of scalability. There is no reason to be anxious about the development gridlock’’
What is most terrible that could occur?
People believe that Bitcoin is heading to dead end crisis because at times, blocks get plugged with transactions, and a bidding war occurs, to process one’s transaction, in an opportune manner.
Regarding the above mentioned issue Dilley told ‘The Crypto Show’, “Most terrible thing that could impact Bitcoin’s future is a typical analog, where people would be apprehensive to use it because of unavailability of empty blocks.”
Dilley’s views are in compliance with Pierce’s recent remarks about Bitcoin scalability and also with that of Bram Cohen’s statement in June 2015.
To get a second opinion, Bitcoin Magazine contacted Dan McArdle, The Director of curriculum & content, Digital Currency Council. He believes that chain transactions should be kept at economical low by increasing Bitcoin’s Block limit and by employing other suitable means.
Speedy Scaling Progress is the need of the hour
Recently Core 0.12.1 was released and it is a proof that technically progress is being made in Bitcoin’s best interest. This version consists of a soft fork for verifying and checking sequences, which makes relative lock times permissible and is a big step for developing Lightning Network.
Greg Maxwell, Blockstream’s CTO feels that this is Bitcoin’s best opportunity, to handle increasing demand for its transactions.