The Bitcoin network is currently experiencing a period of rapid growth, which has caused scaling issues for the technology and social fissures in the online creation community. Bitpay, the juggernaut global bitcoin payment service provider, threw its support behind Bitcoin on Tuesday in a post by CEO Stephen Pair. The Atlanta-based company then raised its minimum transaction size limit on Wednesday, citing Bitcoin’s rising transaction fees.
On Wednesday, Mr. Pair summarized Bitpay’s view of the present day for Bitcoin.
“Markets and economics will eventually overwhelm any ideological stance community members hold,” wrote the Bitpay CEO in a Medium post. “Miners may be compelled to increase the block size limit leading to a disorderly hard fork experiment. On the other hand, a user revolt might lead to a minority fork with equally disorderly results. Both sides of the debate seem to believe that Bitcoin will be destroyed if the other side gets their way. We are somewhat less fatalistic?—?we believe a variety of scaling solutions will materialize, and Bitcoin will enjoy continued success.”
In a blog post the following day, Bitpay announced that it is seeing all-time highs in bitcoin transactions processed via their service, before making a potentially telling announcement.
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