Bitcoin As we Traditionally Knew it since 2009 Bitcoin was designed by Satoshi Nakamoto not only as a virtual payment system but as an ecos...
Bitcoin As we Traditionally Knew it since 2009
Bitcoin was designed by Satoshi Nakamoto not only as a virtual payment system but as an ecosystem with its own Blockchain. Nakamoto Envisioned Bitcoin would develop in coming years so he embeds expansion capabilities into the original Bitcoin code. The best description one would give to Bitcoin is 'a community payment system' community being referred in a global sense. Bitcoin has four major Entities that make the payment system complete and running. Let's take a brief overview of these stakeholders and their roles in the wellness of Bitcoin.
The Core Developers maintain the Bitcoin Core Algorithm, Miners Secure Bitcoin Transactions, Venture-backed Startup Businesses deploy the commercial viability of Bitcoin and keep the currency relevant and finally the Users who utilize Bitcoin for the different day to day requirements. This is basically the main parties making Bitcoin what it is today. Let us go deeper to understand the roles each of these entities play in Bitcoin.
The Bitcoin Core Developers main aims are continuing to maintain Satoshi's vision of maintaining bitcoin as a decentralized payment system. Miners deploy sophisticated usually expensive computers to validate Bitcoin transactions for a fee. Venture-backed businesses derive solutions and different applications of Bitcoin for the market. The Bitcoin users are the people who utilize Bitcoin for payments across the world.
where did Bitcoin Cash Come from then?
Within the Bitcoin Community, some section of people were not satisfied with the performance design of Bitcoin and teamed up to invoke a split from the original Bitcoin. Formally known as a hard fork, the spit would involve reediting the Bitcoin main software to incorporate the desires of the people who reached consensus about Bitcoin Cash. The hard fork that created Bitcoin cash took place on the 1st August 2017. Bitcoin cash developers convinced the Bitcoin community that it would be easy to mine Bitcoin cash and satoshi's original idea of taking back Bitcoin mining to homes would be restored. A portion of the community migrated to Bitcoin cash while most people remained using the original Bitcoin.
Can we Please Co-Exist Bitcoin and Bitcoin Cash.
The original Bitcoin design Bitcoin design allowed for a Blocksize thresh hole of 1 MB with the aim of maintaining a decentralized control of the Bitcoin system. Later on, problems emerged when the 1 MB blocksize was reached, the need for increasing blocksize emerged sparking off a long-term debate within the Bitcoin community. After three years of heated debate consensus was reached by the major bitcoin stakeholders to allow an update on the Bitcoin network. The update that took place in August created Bitcoin Cash. A couple of ideas some still under research and testing were nominated as a possible solution for the increasing backlog affecting Bitcoin.
Claiming to be tired of the long Bitcoin debate some miners invoke a hard fork that created Bitcoin size with a blocksize of 8MB to allow more transactions in into the system. The original Bitcoin was set up to another hard fork, referred to as the segwit2x hard fork which would double the 1 MB bitcoin block size. However, the fork was called off due to lack of consensus within the community.
Canceling the segwit2x hard fork annoyed some major miners like antpool, via BTC etc this invoked them to migrate their mining powers to Bitcoin Cash. Causing Bitcoin Price to crash at the weekend while Bitcoin cash was skyrocketing. This major migration means Bitcoin hashing power decreased making Bitcoin transactions further harder to confirm. It's obvious that bitcoin would get a protection technique to remain viable amidst this situation.
Source: https://goodnewsbitcoin.com/clash-of-the-titans-episode-1-bitcoin-vs-bitcoin-cash/
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