LONDON, October 17, 2017 /PRNewswire/ — Bitcoin is being talked about everywhere but it is evolving very quickly and so it’s time for some of the more recent jargon to be pinned down, defined and explained. A joint effort from two of the community’s biggest news sites, Bitcoin.com and CoinGeek.com, have done just that and encourage other media interested in Bitcoin to adopt the same definitions to promote clarity.
The background: Originally introduced as a peer-to-peer cash system, Bitcoin experienced explosive growth. But as is the case with all technologies, scalability inevitably became an issue. This is where the financial establishment saw their chance to try to disrupt and derail this new upstart threatening their control. A group calling themselves ‘Bitcoin Core’ began to insist, counter-intuitively, that Bitcoin was incapable of scaling to more than 250,000 transactions a day.
As a result they started to chip away at the very things that made Bitcoin attractive in the first place. Transaction fees went up and speed of transactions went down. Perfect for the big banks, right?
Following that ‘Bitcoin Core’ went a step further and said that Bitcoin was never meant to be money at all and was simply another speculative asset. Again a world they understand and can control. But certainly not Bitcoin in any way from the original vision. Hence going forward Bitcoin.com and CoinGeek.com will refer to this groups as ‘Segwit Core’ and would encourage other Bitcoin media to do the same.
Bitcoin, however, didn’t crumble and didn’t allow control to fall into the hands of the establishment but instead created a branch called ‘Bitcoin Cash’. Simply Bitcoin Cash increased the capacity limit of each block to preserve the original vision of Bitcoin with digital signatures intact. Bitcoin Cash now has its own market price and mining network.
Bitcoin Cash is an electronic cash system, the ‘Segwits’ are not. Moreover, Peter Rizun, Chief Scientist at a company called Bitcoin Unlimited has recently mined and propagated the first ever 1 gigabyte block, meaning the Bitcoin network can scale on a level even better than the likes of Visa. (i.e 10,000 transactions per second, Visa is around 3,000 per second).
The Calvin Ayre Media Group (which includes CoinGeek.com) intends to work with Roger Ver and his Bitcoin.com group to educate the world on why the Bitcoin public block chain (BCC) is the only one that can do it all.
SOURCE Calvin Ayre Media Group