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Friday, March 17, 2017

Hard Fork Will Slow Bitcoin Price Down, $3,000 Target Less Likely: Vinny Lingham

Hard Fork Will Slow Bitcoin Price Down, $3,000 Target Less Likely: Vinny Lingham

With the ETF decision out of the way, the focus in the Bitcoin community has turned back to the scaling debate. While some proponents of an increase in block size are in favor of a hard fork, South African Bitcoin entrepreneur Vinny Lingham feels that this would negatively impact Bitcoin.

Scaling arguments

The Bitcoin network seems to be choking at the moment, with unconfirmed transactions piling up, transaction fees shooting through the roof and a general sluggishness across the network. Microtransactions have more or less ended, with high transactions fees making them unviable. Everybody agrees that there is a problem but unfortunately, consensus eludes the Bitcoin community on what the solution should be.

The Core team believes that retaining block size at 1 MB is crucial to maintaining the distributed nature of the Bitcoin network, while others advocate increasing the block size to increase the network capacity.

Full story at http://bit.ly/2nga3Vp

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