The Current State of Bitcoin

The current state of Bitcoin is changing depends on who you talk to. This is because Bitcoin has always been a highly intellectual concept and is a theory at work. Much like how most people don’t understand what an algorithm does, Bitcoin sometimes falls prey to a lack of understanding or a limited scope on what it can do. Check out this interesting editorial from Coindesk. 

“Consensus is hard.”

Issued by developer Peter Todd, the statement does much to sum up the state of debate in the bitcoin community, the loose term for the sprawling network of users, miners, node operators, global investors, hobbyists and CEOs who have an interest in the future of bitcoin, an open-source software project responsible for managing $5.7bn in value.

While prone to controversy, the bitcoin community is in the midst of one of its biggest debates yet, one compounded by a high-profile article that, while presenting a compelling character portrait of a prominent community member, has lead to a wave of coverage that has colored public perception on a highly complex and divisive issue.

Depending on which media outlet you prefer, bitcoin is either “failing“, in the process of “breaking up” or has “failed” already

However, the headlines draw not from any actual observation about the network’s performance, but on mounting disagreement over what bitcoin was intended to be, how it was performing against this ideal and the steps the industry can take to achieve a unified path forward.

The problem is that not everyone in the industry sees the bitcoin network in the same terms.

Indeed, attempts to characterize the argument often lead to a series of extended qualifications. Though widely known as the “block size debate“, there is by no means agreement in the bitcoin community that bitcoin needs to change the size of the network’s data blocks in order to achieve a more scalable platform.

There have even emerged solutions to the debate that do not involve changing the block size at all. Far from fringe opinions, such an idea has been put forward by members of Bitcoin Core, the bitcoin network’s everyday development team.

In the wake of what is the latest popular mischaracterization of events in the industry, community members are increasingly taking to blogs to discuss the state of the network and their views on the path ahead.

Read more at: