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On Tuesday, a faction of the Bitcoin community launched an audacious experiment: a new version of Bitcoin called Bitcoin Cash that's incompatible with the standard version. As a result, the Bitcoin network split into two mutually incompatible networks that will operate side-by-side.
[...] For over a year, the Bitcoin network has been bumping up against a capacity limit hard-coded into the Bitcoin software. Each block in the Bitcoin blockchain—the network's public, shared transaction ledger—is limited to 1 megabyte. That artificial limit prevents the network from processing more than about seven transactions per second.
Technically speaking, it would be trivial to change that 1 megabyte limit to a higher value. But proposals to do so have faced opposition from traditionalists who argue the limit is actually an important feature of Bitcoin's design that protects the network's democratic character. To participate in the network's peer-to-peer process for clearing transactions, a computer needs a copy of every transaction ever made on the Bitcoin network, which adds up to gigabytes of data per month.
Small-block supporters worry that raising the block limit will raise the storage and bandwidth costs of participating in the network, pricing out ordinary users. That could lead to a Bitcoin network dominated by a few big players, making the network more susceptible to government control and regulation—exactly what Bitcoin was created to avoid.
Big-block supporters say storage and bandwidth costs have fallen so quickly that this isn't a serious concern. And they say Bitcoin is going to need to process a lot more than seven transactions per second to become a mainstream technology with a real shot at changing the world.
This argument has dragged on for more than two years with no resolution. So instead of continuing to bicker, a group of big-block supporters took matters into their own hands. They forked the standard, open-source Bitcoin client to create a rival version of the software.
Also covered at: https://www.engadget.com/2017/08/01/bitcoin-feud-splits-the-cryptocurrency-in-two/
Considering our crypto-currency story from yesterday, Internet's Largest Bitcoin Mixer Shuts Down Realizing Bitcoin is Not Anonymous, do Soylentils think that perhaps Bitcoin might be starting to fray at the seams?
(Score: 2) by kaszz on Thursday August 03 2017, @02:35AM (5 children)
Is the problem inherent with Bitcoin or is it a general cryptocurrency problem? and is there any way to get past the 7 transaction/second limit without cobbling up peoples communication lines or processing capacity?
(Score: 1) by liberza on Thursday August 03 2017, @02:39AM (4 children)
It seems like a problem that all cryptocurrencies will face when they get more heavily adopted. One possible solution is using an abstraction on top of Bitcoin like the lightning network:
(Score: 1) by liberza on Thursday August 03 2017, @02:42AM (3 children)
Can't edit... Here's the link: https://en.m.wikipedia.org/wiki/Lightning_Network [wikipedia.org]
(Score: 0) by Anonymous Coward on Thursday August 03 2017, @03:50AM (2 children)
Competition: Our money is cheaper than your money! Move over today! Save millions of drachmae! No taxes! Babes in bikinis! You can host the Miss Universe Pageant! In Moscow! And no one will know it was you, or that you peed the bed! Bit-coin: What happens in bit-coin, stays in bit-coin. With a permanent record. And, it's not real money.
(Score: 2) by maxwell demon on Thursday August 03 2017, @07:28AM (1 child)
Currencies don't compete on price, they compete on stability. You can get very many Zimbabwean dollars for a single US dollar, that is, Zimbabwean dollars are much cheaper than US dollars. However few people would prefer getting Zimbabwean dollars to getting US dollars.
The Tao of math: The numbers you can count are not the real numbers.
(Score: 0) by Anonymous Coward on Thursday August 03 2017, @01:14PM
Though with Z$s I can claim to give $1000(z) to a friend and be like, "Zing!"