So I spent the weekend trying to get to the bottom of this Bitcoin Core vs Bitcoin Unlimited debate. I try to stay out of bitcoin politics and not take a side. Frankly, I'm not well versed in the technical side of bitcoin, and could really care less about it as long as bitcoin works. Just like sending email, I could care less how it works, as long as when I send a note to friend or colleague they receive it on the other end. Bitcoin is really no different. I don't care much about how it works just as long as it works!
Which leads me to my weekend research project. Bitcoin is no longer working the way it used to work. I use bitcoin frequently, and when I send it, it gets to where it's going, but often takes days for the transactions to confirm. On top of that, fees are beginning to climb. One person I know sent .50 cents to someone and paid a .40 cent transaction fee. One thing is for sure, this isn't the bitcoin we signed up for. Bitcoin was supposed to be the solution to fast, easy payment solutions, with low transaction fees. At least that's what I thought it was.
Recently the debate has not only grown on blocksize and scalabilitly but also what bitcoin is. Is it a store of value? A cheap solution for remittances? A payment alternative? I did a twitter survey and added all the above and that's what most people chose. Honestly, if it's not a payment solution someone better tell all the merchants that started accepting it over the last couple years.
Anyway, I'll leave you with several videos that I watched over the weekend and let you decide for yourself.
Roger Ver vs Tone Vays talking about Core Vs Unlimitied. Both sides make some good points. I honestly feel Roger Ver deserves much more respect than the community is currently giving him.
Amanda B. Johnson talks with Andreas Antonopoulos about SegWit, Sidechains and other interesting tech involved in this debate.
Mad Bitcoins talks to Roger Ver about Bitcoin Unlimited.
Trace Mayer talks about the debate with Jeff Berwick on The Dollar Vigilante.
Jeff Berwick talks with Roger Ver on Anarchast.
Roger seems to be the spokesman for Bitcoin Unlimited. I do agree with a lot of what Roger says, but like many I fear a hardfork, and what could happen if the coin split like Ethereum. With that said, here's my final thought on this debate.
Any altcoin with a secure blockchain can act as a store of value & be used for remittances. Transaction times, and fees will decide the future of bitcoin and cryptocurrency. Bitcoin currently has our trust, but trust is easily earned by actions. People want a currency they can use, spend when they want, where they want, and not pay outrageous fees. If bitcoin loses focus of this, I fear the project will be heading in the wrong direction.
Whether or not you think bitcoin can stand alone as a store of value, I wonder what will happen when merchants get tired of slow confirmation times and either a) give up on cryptocurrencies all together, or b)find a more reliable altcoin for payment solutions.
If you want to learn more about Bitcoin Core check out the below link.
If you'd like to learn more about Bitcoin Unlimited check out this link.