Existential Crisis Of The Bitcoin
For scaling up the bitcoin, the BTC Unlimited wants to eliminate the block size limit altogether for allowing the miners to reach a decision on their own.
If you are one of those people traded in bitcoin or a bitcoins lover, then there is no chance that you should have missed the ongoing debate related to the cryptocurrency. Famous as the bitcoin fork, the controversy threatened for splitting the bitcoin currency whose present price is near $ 1,200 into two.
There are two factions divided at the debate for the uninitiated that is primarily regarding how for scaling up the bitcoin for handling more transactions. The two camps present is Segregated Witness and Bitcoin Unlimited. The main mission of the BTC Unlimited is to remove the block size limit together that will allow the miners for reaching a consensus on their own. A modern rise of the block size up to 4 megabytes is offered by SegWit.
Presently, the bitcoin has a block size limit of 1 MB. It implies that a network bitcoins have the ability to process around 1 MB of the transaction after every ten minutes as compared to seven transactions in a second that can proceed by the credit card company Visa. First of all, the problem surfaced around 2014-2015 and the bitcoin users are now rising the experiencing long wait times as the mempool.
The founder and managing partner of Blockchain Capital Brock Pierce think that the BTC has the high-class issue of experiencing sudden growth. New business models are built by the users and entrepreneurs that means that there are interests of many people on how convenient is to scale the network. Linux is an open source software project who also faces the same kind of issues.
However, the main concern is whether or not it is a contentious fork. If we talk about the long term, then this process is a great thing and it is potentially disruptive in the short period.