Digital Gold Or Cup Of Coffee Pocket Change

The underpinning philosophy of Bitcoin is being challenged. Can cooperation happen in the BTC community? It has been said by many prominent people in the space that if Bitcoin fails, then all of crypto fails and the experiment is bust. Bitcoin is facing challenges it didn't have in its early stages. The code was not meant to be used a global transactional system. The call for advancing the code to be able to handle the growing adoption was made a while back. We are heading towards the date where something gets enacted. Personally, I wish to see the legacy chain remain as is, but I am aware that an expansion of block size would alleviate the speed and cost of transactions. Everything has a tradeoff in this game. Many don't think Bitcoin will uphold its reputation if the chain were to split and two Bitcoins come from it. For Bitcoin to become massive, it needs to scale. Bitmain is definitely looking for 2 MB Block to be the solution to start scaling.

At the same time it probably will not matter to most, seeing as most people don't yet know what Bitcoin even is. To someone who doesn't know what Bitcoin is, this scaling situation means nothing. I sense a shift either way. Bitcoin may lose credibility if it splits. Many people in the community will not respect this if it happens. The Market might decide that bitcoin is too littered with setbacks, even though it has been undefeatable in the past. Its important to take into account that other blockchains will also have problems scaling. Can BTC become fiat again ? Or was bitcoin made to be like a giant casino where blockchain spreads ideas of riches and only benefits those who placed lucky bets.

So why does Bitcoin need a scaling solution ? The amount of transactions that has flooded the Bitcoin network has made it so that too many transactions cause a backlog because the blocks can only fit so many. Limited to 3 transactions per second makes the network way too slow. It is constantly overloaded with competitors trying to remove that issue. For over the past year the blocks have remained full. This has caused way higher transactions fees, which destroys one of the benefits brought on by Bitcoin in the early days. Being able to have close to free transactions was one of the great perks. If this continues the amount of use could possibly die down. Some solutions are either onchain of offchain transactions. Lightning Networks are offchains transactions that mainly scale users many transactions and not the users themselves. lf there is no solution at all, another blockchain will flip the balance. With an onchain solution only, no one will be able to run a full node. An off-chain solution only leads to a centralized settlement system. The best way is to mix both solutions.

What do you think ? How do you think this scaling issue will playout ? Thoughts ?

Thanks for reading , be well and I hope your are having a nice day !

Gbonikz