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Bitcoins key features

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Avatar for Zaidkhan
Written by   104
8 months ago

Decentralized
Nobody controls or owns Bitcoin. Transactions cannot be altered or censored

Fixed Supply
Only 21 million will ever be created, defeating the inflationary issues that plague all fiat currencies

Low Fees
The ability to make reliable, fast, affordable transactions is a paramount tenet of Bitcoin

Open to All

Bitcoin is an open source software project, so anyone can review and make changes to the code. Debate on the best code changes and implementations are always happening and is the key to a healthy and decentralized ecosystem.

Growing Pains

Over the years Bitcoin has grown into a worldwide phenomenon. As Bitcoin grew in popularity it became apparent that the Bitcoin community needed to solve a scaling issue.

The problem was, as more people used the network, the limited size of the 1MB blocks within the blockchain started to become full. This lead to less reliable transactions and much higher transaction fees, which undermines the ease of use of the entire system.

Fork Ahead

This issue led to a rift within the Bitcoin community who were conflicted as to the best way to solve this scaling issue.

A small but vocal group felt the need to maintain 1MB block sizes, and work on off-chain settlement layers - still in development today. They wanted to shift Bitcoin away from electronic cash into a collectible settlement layer. This group consisted mainly of developers from the Blockstream Company.

During this pivotal time, this group also took part in wide spread censorship across the major Bitcoin discussion channels, removing any dissenting opinions or contributors.

The other side wanted to increase the block size, allowing for more transactions per block. This instant, on-chain upgrade would keep transactions reliable and fees low, as the blocks would no longer be full. Their argument was unfortunately met with censorship and irrational propaganda, and it became clear Bitcoin as a usable digital cash for the world was in trouble.

The Hard Fork

On August 1, 2017, the developers of Bitcoin-ABC initiated a hard fork of the Bitcoin blockchain to increase the block size. This new chain had 8MB blocks and was called Bitcoin Cash.

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Avatar for Zaidkhan
Written by   104
8 months ago
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Comments

Bitcoin is an open source software project, so anyone can review and make changes to the code. Debate on the best code changes and implementations are always happening and is the key to a healthy and decentralized ecosystem.

$ 0.00
5 months ago

Decentralized Nobody controls or owns Bitcoin. Transactions cannot be altered or censored

Fixed Supply Only 21 million will ever be created, defeating the inflationary issues that plague all fiat currencies

$ 0.00
5 months ago

Bitcoin is an open source software project, so anyone can review and make changes to the code. Debate on the best code changes and implementations are always happening and is the key to a healthy and decentralized ecosystem.

Growing Pains Over the years Bitcoin has grown into a worldwide phenomenon. As Bitcoin grew in popularity it became apparent that the Bitcoin community needed to solve a scaling issue.

$ 0.00
5 months ago

A small but vocal group felt the need to maintain 1MB block sizes, and work on off-chain settlement layers - still in development today. They wanted to shift Bitcoin away from electronic cash into a collectible settlement layer. This group consisted mainly of developers from the Blockstream Company.

During this pivotal time, this group also took part in wide spread censorship across the major Bitcoin discussion channels, removing any dissenting opinions or contributors.

The other side wanted to increase the block size, allowing for more transactions per block. This instant, on-chain upgrade would keep transactions reliable and fees low, as the blocks would no longer be full. Their argument was unfortunately met with censorship and irrational propaganda, and it became clear Bitcoin as a usable digital cash for the world was in trouble.

The Hard Fork On August 1, 2017, the developers of Bitcoin-ABC initiated a hard fork of the Bitcoin blockchain to increase the block size. This new chain had 8MB blocks and was called Bitcoin Cash.

$ 0.00
5 months ago

Nobody controls or owns Bitcoin. Transactions cannot be altered or censored

Fixed Supply Only 21 million will ever be created, defeating the inflationary issues that plague all fiat currencies

Low Fees The ability to make reliable, fast, affordable transactions is a paramount tenet of Bitcoin

$ 0.00
5 months ago

the major Bitcoin discussion channels, removing any dissenting opinions or contributors.

The other side wanted to increase the block size, allowing for more transactions per block. This instant, on-chain upgrade would keep transactions reliable and fees low, as the blocks would no longer be full. Their argument was unfortunately met with censorship and irrational propaganda, and it became clear Bitcoin as a usable digital cash for the world was in trouble.

$ 0.00
6 months ago

Over the years Bitcoin has grown into a worldwide phenomenon. As Bitcoin grew in popularity it became apparent that the Bitcoin community needed to solve a scaling issue.

The problem was, as more people used the network, the limited size of the 1MB blocks within the blockchain started to become full. This lead to less reliable transactions and much higher transaction fees, which undermines the ease of use of the entire system.

Fork Ahead This issue led to a rift within the Bitcoin community who were conflicted as to the best way to solve this scaling issue.

A small but vocal group felt the need to maintain 1MB block sizes, and work on off-chain settlement layers - still in development today. They wanted to shift Bitcoin away from electronic cash into a collectible settlement layer. This group consisted mainly of developers from the Blockstream Company.

During this pivotal time, this group also took part in wide spread censorship across the major Bitcoin discussion channels, removing any dissenting opinions or contributors.

The other side wanted to increase the block size, allowing for more transactions per block. This instant, on-chain upgrade would keep transactions reliable and fees low, as the blocks would no longer be full. Their argument was unfortunately met with censorship and irrational propaganda, and it became clear Bitcoin as a usable digital cash for the world was in trouble.

$ 0.00
6 months ago

This issue led to a rift within the Bitcoin community who were conflicted as to the best way to solve this scaling issue. A small but vocal group felt the need to maintain 1MB block sizes, and work on off-chain settlement layers - still in development today. They wanted to shift Bitcoin away from electronic cash into a collectible settlement layer. This group consisted mainly of developers from the Blockstream Company. During this pivotal time, this group also took part in wide spread censorship across the major Bitcoin discussion channels, removing any dissenting opinions or contributors. The other side wanted to increase the block size, allowing for more transactions per block. This instant, on-chain upgrade would keep transactions reliable and fees low, as the blocks would no longer be full. Their argument was unfortunately met with censorship and irrational propaganda, and it became clear Bitcoin as a usable digital cash for the world was in trouble.

$ 0.00
6 months ago

Over the years Bitcoin has grown into a worldwide phenomenon. As Bitcoin grew in popularity it became apparent that the Bitcoin community needed to solve a scaling issue.

The problem was, as more people used the network, the limited size of the 1MB blocks within the blockchain started to become full. This lead to less reliable transactions and much higher transaction fees, which undermines the ease of use of the entire system.

$ 0.00
6 months ago

Very important article

$ 0.00
8 months ago