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Bitcoin Has Larger Blockchain Than Its "Big Block" Forks: Jameson Lopp

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  • Alex Dovbnya
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    Apparently, bigger blocks do not create a bigger blockchain when your coin has very few users

Bitcoin Blockchain
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Cypherpunk Jameson Lopp has taken to Twitter to call attention to the fact that Bitcoin still outperforms its "big block" forks when it comes to blockchain size. His tweet almost inevitably riled up the communities of Bitcoin Cash and Bitcoin SV.

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The tired debate

Each block on the Bitcoin blockchain is limited to 1 MB of data, which takes a huge toll on the coin's scalability and, subsequently, its mainstream adoption. The BTC network is able to process about seven transactions per second (TPS). For comparison, VISA can handle up to 24,000 TPS. 

This problem led to the everlasting debate that ultimately resulted in the creation of two controversial forks -- Bitcoin Cash and Bitcoin SV that increased the block size to 8 MB and 128 MB respectively.

While they do increase the speed of transactions and reduce fees, it's expensive to operate full nodes with bigger blocks, which makes Bitcoin more centralized and undermines its value proposition of complete trustlessness.

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Two failing forks

The two Bitcoin forks failed to live up to their investors' expectations. Bitcoin Cash (BCH) is currently down by more than 94 percent. However, Roger Ver, the loudest proponent of Bitcoin's stepbrother, apparently believes that BCH is able to increase in value by up 1,000 times as it reaches new adoption milestones.    

Bitcoin SV is still at the same price level when it dramatically split from BCH after a few wild price spikes that were fueled by fake news about self-proclaimed Satoshi Craig Wright who also happens to be the coin's biggest backer along with gambling tycoon Calvin Ayre. 

As reported by U.Today, the BSV could soon experience a price implosion since 50 percent of all mined coins remain untouched. To top that off, almost all of its transactions are attributed to a random weather app.       

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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