Bitcoin Could Face Extinction from Its Own “War”

[bornil267645]

Bitcoin, the virtual currency technology consist of a community enticing investments worth hundreds of millions of dollars, is striving through an ever present war. From the outside, it may seem like minor arguing over a simple matter of numbers. But this insignificant disagreeing actually has significant economic consequences and could even put the very existence of the virtual currency at risk.

https://99bitcoins.com/bitcoin-could-face-extinction-from-its-own-war/

[oblivi]

Bitcoin, the virtual currency technology consist of a community enticing investments worth hundreds of millions of dollars, is striving through an ever present war. From the outside, it may seem like minor arguing over a simple matter of numbers. But this insignificant disagreeing actually has significant economic consequences and could even put the very existence of the virtual currency at risk.

https://99bitcoins.com/bitcoin-could-face-extinction-from-its-own-war/

Clickbait, the block debate will either end with an increase happening or bitcoin will become only used for expensive things (buying cars, expensive computers, gold) and an altcoin will take over as daily use coin.

It would be a failure if Bitcoin is limited for big movements of money only. The goal was to encompass both small transactions and huge transactions, so they better find a solution that allows for this.

[Patel]

Bitcoin, the virtual currency technology consist of a community enticing investments worth hundreds of millions of dollars, is striving through an ever present war. From the outside, it may seem like minor arguing over a simple matter of numbers. But this insignificant disagreeing actually has significant economic consequences and could even put the very existence of the virtual currency at risk.

https://99bitcoins.com/bitcoin-could-face-extinction-from-its-own-war/

Clickbait, the block debate will either end with an increase happening or bitcoin will become only used for expensive things (buying cars, expensive computers, gold) and an altcoin will take over as daily use coin.

even if the blockchain is only used for big transactions, lightning will still fulfill the microtransactions

[Blawpaw]

This article puts some interesting questions around the table! And if you think about the transactions cost going higher and higher... the consequences would be disastrous for bitcoin. it would make BTC obsolete for microtransactions. I dont think that could mean the death of bitcoin but probably would end up putting an alternative digital currency or token in its place...

[Mickeyb]

Bitcoin, the virtual currency technology consist of a community enticing investments worth hundreds of millions of dollars, is striving through an ever present war. From the outside, it may seem like minor arguing over a simple matter of numbers. But this insignificant disagreeing actually has significant economic consequences and could even put the very existence of the virtual currency at risk.

https://99bitcoins.com/bitcoin-could-face-extinction-from-its-own-war/

Clickbait, the block debate will either end with an increase happening or bitcoin will become only used for expensive things (buying cars, expensive computers, gold) and an altcoin will take over as daily use coin.

even if the blockchain is only used for big transactions, lightning will still fulfill the microtransactions

All the extra addons to bitcoin are unproven and we don't know exactly how it well it will work, I see Litecoin taking over the daily coin use instead of the lighting addon.

Exactly, nobody can guarantee us that these envisioned ad ons will ever work as imagined. This crappy discussion has been taken too far in my opinion and this needs to be solved as soon as possible. We cannot stand divided.

[ransomer]

Bitcoin, the virtual currency technology consist of a community enticing investments worth hundreds of millions of dollars, is striving through an ever present war. From the outside, it may seem like minor arguing over a simple matter of numbers. But this insignificant disagreeing actually has significant economic consequences and could even put the very existence of the virtual currency at risk.

https://99bitcoins.com/bitcoin-could-face-extinction-from-its-own-war/

Clickbait, the block debate will either end with an increase happening or bitcoin will become only used for expensive things (buying cars, expensive computers, gold) and an altcoin will take over as daily use coin.

It would be a failure if Bitcoin is limited for big movements of money only. The goal was to encompass both small transactions and huge transactions, so they better find a solution that allows for this.

If an altcoin can and is used for most smaller transactions... then bitcoin has lost it's reason for being.

Why not use the altcoin for everything then?

It is a winner takes all market. Be it bitcoin or something else.

[d4n13]

From the general tenor of the war as it rages... the debate is not as heated as all that.  My reading of it goes something like this:

Opinions / Sides:

• XT (big-block-now): If we get more than 6 transactions / sec a backlog will build up.  We should increase the block size BEFORE we bottle neck so there isn't a runaway fee explosion
• QT (no-change-now): We are no where near 6 transactions / sec 24x7.  We should wait until we have near 100% consensuses from nodes and miners, which we don't have now.

So I never got the impression that any dev felt "no change, ever, no matter what".  Just more like now, or later?