Bitcoin the cryptocurrency which was
supposed to disrupt the banking system
is facing an existential crisis everyone
told you that bitcoin was an
indestructible payment system but it may
be flawed
it was designed to be limited to 21
million coins and so that no single
institution could control the Bitcoin
network for now if it's to save itself
it may need some decisive leadership as
it stands Bitcoin operates through a
shared public ledger called the
blockchain think of this as a type of
library but one held on every computer
network within that library every book
represents a day's block limiters inside
usually full of transaction importantly
only those who solve a specific
mathematical puzzle one derived from all
the books already in the library have
permission to add a new book onto the
shelves these puzzle solvers are called
miners and they get a reward every time
they add a new entry until now this has
been their primary source of revenue
problem is there are now more
transactions in space than these rods or
books if Bitcoin gets more popular this
could impose a speed limit on how
quickly transactions can be processed
and means miners will have to charge
more for priority access scale
effectively even new third parties will
have to be
reduce the process transactions amount
side the blockchain
or the limits will have to be removed
allowing for ever bigger blocks over the
next few months miners will vote on
which software update to implement
motion a Bitcoin core or option B
Bitcoin unlimited if it's ever going to
be business friendly then this political
floor needs to be resolved what happens
next is anyone's guess all we know is
that billions of dollars of Bitcoin
value could be at stake in the event
there's no decisive agreement
you