Thread: bitcoin
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Old 08-11-2017, 09:26 AM
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Quote:
Originally Posted by disco mixx kidd View Post
Thnx Bob,man that sounds complicated
Are you gonna get some?
You think BTC price will drop after this?
Wasn't there a fork just recently?
Why are they doing this?
I'll have a go at this, although I don't really know what I'm talking about.

Essentially one faction of people want to increase the size of the blocks on the blockchain, basically the ledger that records bitcoin transactions from 1mb to 2mb. A single block is a group of transactions being written to the ledger. The longer the block the more transactions it can carry and in turn the whole system can process transactions faster. There's worries that if the max block length isn't increased then for anyone using a small amount bitcoin to pay for a day-to-day purchase like a cup of coffee, this would mean a long, awkward wait at the counter.

The downside with bigger blocks is the larger volume of data. People fear the increase will be to much for certain parts of the bitcoin network and will instead centralize the system around computers capable of handing bigger blocks - kind of an antithesis to the whole decentralized ethos of bitcoin.

Since this is a contentious idea - some people are behind the increase and some aren't, bitcoin isn't going to just change, instead it's going to 'fork' and two different bitcoins will exist going forward.

It's generally assumed that over time one system will win out over the other. What decides that will be the popularity. There's articles like this To view the link you have to Register or Login that say the new Bitcoin2x is doomed to fail.

Having said there was a To view the link you have to Register or Login that many major Bitcoin players signed up to saying they'd support 2x. If they do then maybe the new system has legs.

What all this will do the Bitcoin price(s) I have no idea. Isn't turbulent the word normally used?
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