According to coinmarketcap.com, in just less than two weeks, the price of bitcoin surged to yet another record high of $6,194.88 and the market capitalization also exceeded briefly to $100 billion.
While the reasons for this record high prices are still unclear, many experts believe that the price surge can be attributed to the new money is coming into the digital currency system.
If we talk about Coinbase alone, almost 35,000 accounts open every day and this figure also reaches 50,000 sometimes. Moreover, Japan and South Korea, countries where cryptocurrency has taken off, are expected to bring in new fiat money into the digital currency system.
But considering the rosy outlook of the market, the prognosis that insiders give to Bitcoin is still in stark contrast. For a cryptocurrency which is almost 9 years old, this is one of the gravest tests yet and we can only guess about its survival and its form in the near future.
Ever since it became evident that ‘hard fork’ will occur, Twitter has been a stew of trolling, name-calling, blocking, bullying, and threats – with replies numbering in thousands. None of these Bitcoin Talk comments and tweets made by people is too old to hold against them. The two As you bitcoin subreddits are so different, switching between them is very difficult and is comparable to passing through the looking glass.
What is the Fight For?
Considering the most basic level, a trivial question divides the community and that is how to upgrade the network to successfully accommodate more transactions at all times? While this has initiated a contentious divide, the several ways to go about this may result in tradeoffs.
The transactions of bitcoin are grouped into blocks which are processed in every ten minutes. Similarly, the size of data, which can be easily included in a block, is capped at 1MB – the cap was to prevent malicious attackers from spamming the network.
However, the volume of transactions is growing, giving full blocks and raising the transaction fees. Since everybody wants to compete to make sure that their transaction makes its way into the very next block, indeed, the only consensus we have for now is to increase the number of transactions – which will be processed at all times – but not about how to do it.
This division has been the subject of debate for a long time and keeps on going back and forth. The side, better be called efficient organizers, comprises of cypherpunks. They usually look at the world which has fewer hurdles or barriers to anyone who would like to run its own Bitcoin node – keeping the decentralized network.
Another futuristic vision is the one in which bitcoin user can easily run their own nodes and will be able to control their private keys instead of entrusting a company such as Coinbase. As both of these two sides can go either way, both sides remain highly confident in their vision accomplishment.
While being decentralized in an appeal for bitcoin industry, that also makes it much more susceptible to the so-called ‘hard forks’ especially when there are many two differing visions within the community of cryptocurrency.