Bitcoin Cash
$487.63 0.31%
BCH · 19w

The Bitcoin Reformation

Bitcoin has so far proved incapable of scaling up to handle the transaction volumes of the mighty Visa. The Segwit extension implemented last year brought some relief to clogged mempools and astronomical transaction fees, but nowhere near enough to solve Bitcoin’s scaling problem. The plan to double the block size after Segwit \(known as Segwit2x\) was abandoned after it became clear that the majority of the miners were not going to support it. After all, as *The Economist* [presciently pointed out](https://www.economist.com/blogs/economist-explains/2017/07/economist-explains-20?fsrc=scn/tw/once) some months previously, they had no incentive to do so. To make matters worse, the Bitcoin community has divided into two factions, apparently permanently. A [hard fork in August 2017](http://fortune.com/2017/08/11/bitcoin-cash-hard-fork-price-date-why/) gave each faction its own coin. The newcomer trades as Bitcoin Cash \(BCH\), while the continuing chain trades as Bitcoin \(BTC\). Each community insists that its coin is the “true Bitcoin”. Here is what Bitcoin Cash’s website says about the reasons for the hard fork: >Some of the developers did not understand and agree with the [original vision of peer\-to\-peer electronic cash](https://www.bitcoincash.org/bitcoin.pdf) that Satoshi Nakamoto had created. Instead, they preferred Bitcoin become a settlement layer.Many miners and users trusted these developers, while others recognized that they were leading the community down a different road than expected. So, according to Bitcoin Cash, Bitcoin \(Core\) has abandoned Satoshi’s original vision. By refusing to raise the block size limit, they have prevented Bitcoin’s own blockchain from becoming a serious challenger to existing payments providers. Now, they are compromising Satoshi’s entire concept by adding a second layer of transaction processing off the main blockchain. But Bitcoin Core developers [say that](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-set...
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