Scaling bitcoin debate

Big Bitcoin Miners Back Bitcoin Classic Amid Scaling Debate

Following a months-long debate on how to solve the issue of Bitcoins current scalability issues. The Blockchain needs to accommodate a greater number of transactions, a majority of Bitcoin miners are voicing their support relatively new suggestion called Bitcoin Classic.

Though it is a relatively new entrant towards debate, Bitcoin Classic up to now has the backing of many of Bitcoins core programmers as well as past Bitcoin Core developer Gavin Andresen, Jeff Garzik along with Chris Rizun to name a few. In the events that followed, Bitcoin Classic proposes block size increase to 2MB, twice the 1MB currently in effect.

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This suggestion has caused controversy in the Bitcoin space to as it is against the opinion and recommendations from the Bitcoin Core developers, in particular the network’s main development workforce, that’s released the proposal in the form of a road map which promotes no block size increase, yet should achieve a four-fold increase in transaction capacity.

On the other hand, a majority of Bitcoin mining companies feel that the most effective solution to scaling debate ought to come in the form of an increase in block-size, which Bitcoin Classic gives an immediate solution to.

Up to now, miners including some oft he biggest names- BitFury, Bitmain along with Genesis Mining are among 7 mining companies that voice support for Bitcoin Classic.

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Currently, the main Bitcoin Core developers are gradually offering an alternative solution. Bitcoin Classic could be an immediate solution to this very real problem with the networks current scalability issues.

Bitcoin Core has just released it’s latest client update in preparation for the hard fork that is to come. More info

 

The truth is, for bitcoin to grow in adoption, it just needs to continue working as well as it has.

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Shane Maguire

Bitcoin enthusiast, have been trading and following Bitcoin since 2012. Director at 45ive Media, a small digital marketing agency based in Margate, South Africa.

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