The Satoshi Roundtable Conference held recently opened a can of worms. The Bitcoin community clearly showcased their differences of opinion in terms of Bitcoin scalability and the approaches to attain it. Everyone is entitled to their opinion and they rightfully displayed it in a series of blog posts.
Since the conclusion of Satoshi Roundtable conference, three big names in the crypto industry have written about the meeting in their respective blogs. Their opinions range from the tough stance taken by the Bitcoin Core developers group and Bitcoin companies to the confusion among the miners regarding both the stances. Bitcoin companies are concerned about the growth of Bitcoin network in terms of a number of users and transactions, as that is the true measure of value in their business model. Miners would want to mine as many blocks as possible in less time, as that’s where their profits lie. Bitcoin Core developers are interested in building more robust, foolproof platforms that can be scaled to do bigger things than it was ever imagined by Satoshi Nakamoto – the creator of Bitcoin.
All the parties do agree on one thing, Bitcoin is not a perfect system and it has to undergo some serious rework before it can suit today’s requirements. Bitcoin initially started as a decentralized peer to peer transaction mechanism for digital tokens called Bitcoin. However, the technology behind Bitcoin – blockchain – started exhibiting a huge potential that went beyond just peer to peer fund transfer. Blockchain has emerged as a potential savior to the whole banking and financial sector, for its capability to conduct, settle and record transactions in minutes.
While the blockchain is busy offering various services to rest of the segments, Bitcoin transactions have started to face hardships in the recent days. The increased traffic over the Bitcoin network […]
