B1 Intermediate UK 542 Folder Collection
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Bitcoin, the cryptic currency which was supposed to disrupt the banking system,
is facing an existential crisis.
Everyone told you that Bitcion was an indestructible payment system,
but, it may be flawed.
It was designed to be limited to 21 million coins,
and so that no single institution could control the bitcoin network.
But now, if it's to save itself, it may need some decisive leadership.
As it stands, Bitcion operates through shared public ledger,
called the blockchain.
Think of this as a type of library, but one held in every computer in the network.
Within that library, every book represents a day's block,
limited in size, usually full of transactions.
Importantly, only those who solve a specific mathematical puzzle,
one derived from all the books already in the library,
have permission to add a new book onto the shelves.
These puzzle-solvers are called miners,
and they get a reward every time they add a new entry.
Until now, this has been that primary source of revenue.
Problem is, there are now more transactions than space in these blocks, or "books."
If Bitcoin gets more popular,
this could impose a speed limit on how quickly transactions can be processed,
and means miners will have to charge more for priority access.
To scale effectively, even new third parties would have to be introduced
to process transactions outside the Blockchain,
or the limits will have to be removed, allowing for ever bigger blocks.
Over the next few months, miners will vote on which software update to implement.
Option A, Bitcoin Core.
Or option B, Bitcoin Unlimited.
If it's ever going to be business-friendly, then this political flaw, needs to be resolved.
What happens next is anyone's guess.
All we know is that billions of dollars of Bitcoin value could be at stake,
in the event there is no decisive agreement.
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Bitcoin’s Existential Crisis: making a decision with billions at stake

542 Folder Collection
Jerry published on July 24, 2017    Jerry translated    Samuel reviewed
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