• Makkie Maclang, n/a at n/a


• 03.12.2020 03:45 pm
Bitcoin news

What Led to Bitcoin Scaling Massively?

Creator Dr. Craig Wright a.k.a. Satoshi Nakamoto has always said that scaling is needed in order for Bitcoin to survive. However, many have lost sight of this and disputes over Bitcoin’s scalability have since plagued the Bitcoin community. But for the last couple of years, Bitcoin news has been plagued with announcements of massive scaling. This article will provide a discussion of what led to this immense scaling being done today, and why was it started only two decades after Nakamoto released his Bitcoin whitepaper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System.”

Bitcoin’s Three-way Split

It was only in 2018 that Bitcoin began to truly scale, 20 years after the white paper was released in 2008. Why the long wait? For years, many developers have actually lobbied for Bitcoin to start scaling; however, many also wanted to maintain a 1MB block size cap. 

To keep the small block size, they instead wanted to scale off-chain, meaning to record transactions off the Bitcoin blockchain. To prepare for off-chain scaling, code needed to be introduced that would change the original Bitcoin Protocol, which was supposed to be set in stone. The Protocol needs to be fixed in order for it to be stable—much like how the Internet has evolved to become the rock-solid protocol everyone uses today.

To make this long story short, Bitcoin was split in 2017 into Bitcoin Core (BTC) and Bitcoin Cash (BCH), with the latter being the side that wanted to scale and not record transactions off-chain. BCH then proceeded to increase its block size to 32MB. But the dispute over scaling and changing the protocol did not end here.

In 2018, Bitcoin split again. BCH did not want to scale any further and wanted to create a network so untraceable that someone buying illegal drugs will not be caught by authorities. True believers in the vision of Bitcoin as a legitimate and growing global enterprise solution decided to separate themselves from this mess and create Bitcoin SV (BSV). 

Image source: https://bitcoinsv.com/en/learn/protocol-comparison

Bitcoin SV

In the last few of years, Bitcoin news became flooded with stories about the initial divide and succeeding hard fork. It seemed that the community was in chaos, and the three Bitcoin factions only served to confuse investors. Many decided to stay with BTC since people always think that the first is the best bet in anything.

https://www.youtube.com/watch?v=ECGPGhNB6V0&feature=emb_title

While BTC and BCH has stagnated and continuously changed the Bitcoin protocol that led to their instability, Bitcoin SV has gone ahead and restored Bitcoin’s original design. In this sense, Bitcoin SV, with SV standing for Satoshi Vision, has become the original Bitcoin.

Unbounded Scalability

Not even a year had passed since BSV’s founding and Bitcoin news has already reported on the release of the Quasar Upgrade, which increased its block size cap from 128MB to 2GB. This was the start of Bitcoin scaling rapidly to meet the market’s needs. Then, in February 2020, the Genesis Upgrade was released. It completed the restoration of the original Bitcoin protocol, unleashed the blockchain’s capacity for unbounded scalability, immensely improved its security and advocated for a regulation-friendly attitude to solidify Bitcoin SV’s legitimacy.

https://www.youtube.com/watch?v=1qzTi6PiM8E&feature=emb_title

Now, after Bitcoin SV has unlocked its potential to scale massively and restored the fixed protocol, developers can focus on creating applications on the BSV blockchain that can be used by global industries such as healthcare, real estate, social media, online gaming, and a lot more. With the Genesis Upgrade, growth has become infinite and possibilities have become endless. Where the Internet has made it possible for everything to be online, Bitcoin SV will make everything being on-chain a reality.