A Bitcoin block size debate happened throughout April’s digital currency conference, called the Miami Crypto Experience. Three individuals representing Bitcoin SV(BSV), BTC, and BCH took the stage to persuade the audience why the variation of Bitcoin that they represent is the best variation of Bitcoin.
Rafael LaVerde, the crypto-economics expert in addition to the host of The Crypto Vigilante YouTube series, argued for BSV, while JC Crown argued for BTC and Sterlin Lujan argued for BCH.
To start the dispute, Chris Odom CTO and co-founder of Stash Crypto and an early BTC supporter who says he is now fairly blockchain agnostic, provided the audience some background details relating to why three various versions of Bitcoin exist in the first location.
” At some point, if the developers start to have an argument about the protocol, you understand, possibly some designers believe that the protocol needs to have a larger block size and some believe that it should have a smaller sized block size, and they’re unable to agree, then they just fork, they divided,” Odom said.
” So you wind up with a few of the nodes running one version of the procedure and some of the nodes running a different variation of the procedure, and they both take the very same shared history of the blockchain and [then] diverge.”
With the phase set and the audience up to speed regarding why Bitcoin has forked a couple of times, the panelists were prepared to discuss. They start by addressing the question, “Why is the Bitcoin that they are representing the best variation of Bitcoin,” to which LaVerde answered,
” I have actually been in the area for almost ten years, I’m here since I believe it’s very crucial to be objective, as an analyst we strive to be as objective as possible, that is our goal.”
” The word Bitcoin is a composite word, it’s ‘Bit’ [and] ‘Coin’; what these people (the other panelists) have been emphasizing here has actually been the coin element of Bitcoin, one person represents something that wants to be digital gold, the other guy represents something that wishes to be digital money, but the reality people, is [that] according to sound money Austrian theory, neither of these coins meets that criteria! That’s because they try to make Bitcoin into something that Bitcoin was not.”
LaVerde goes on to describe why neither BTC nor BCH is Bitcoin as it is explained in the original Bitcoin white paper Later, the panel goes over mining and the hash rate that supports each network, their beliefs and ideas about the best way to scale Bitcoin, the best/most fascinating applications of Bitcoin they have actually seen, and more.
The group even breaks out into a very extreme debate to close the panel out.
The argument provides the audience an extremely high-level overview of the 3 various variations of Bitcoin, the beliefs that coincide with each chain and the objectives that each chain is trying to accomplish. And LaVerde, for his part, is well-spoken, high energy, and extremely passionate about BSV as he argues for it.
That being said, the argument can serve as somewhat of a crash-course into Bitcoin and its forks for people who are brand-new to the industry.
New to Bitcoin? Take a look at CoinGeek’s Bitcoin for Beginners area, the ultimate resource guide to learn more about Bitcoin– as initially envisioned by Satoshi Nakamoto– and blockchain.