Martin davidson bitcoins

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If you look at the Ethereum fork last year where the chain split into two, we now have Ethereum Classic and Ethereum which have a community of users, separate mining operations, and different market values. Bitcoin Cash is a public blockchain cryptocurrency and therefore anyone can view the blockchain explorer bitcoin has a version called blockchain.

This can be an indicator of usage, however, the market cap or value over the long term is also a strong indicator or its potential. How similar or how different is this from the Ethereum, Ethereum Classic situation? The DAO smart contract on the Ethereum network last year had a bug which was exploited by a hacker.

The very notion that an immutable blockchain could, or even should be rolled back is for many people in the community betrayal of the ideology of blockchain technology. This caused a split in the community whereby now we have Ethereum and Ethereum Classic. Both are open source and public blockchain and both can incorporate much the same technical upgrades and application use cases. Bitcoin Cash, however, is basically a slightly different version of Bitcoin which has been created by a group of developers who want the option of using a blockchain with a bigger block size and greater transaction throughput capacity.

Will Bitcoin get another forked coin? It is always possible to copy the codebase of an open source blockchain or cryptocurrency project. The success of any new blockchain will depend on how many quality developers it has and people willing to invest in the infrastructure of the coin. Then, of course, there is the number of people willing to use and have confidence in conducting commerce using the coin. Most of the existing cryptocurrencies or blockchains are forks from existing projects, starting of course with Bitcoin in So whatever happened to Bitcoin Unlimited?

Bitcoin Unlimited never gained enough community and mining power support to enact a hard fork or chain split. What do you think the end game is in the BTC scaling debate or is it never-ending? Scaling in decentralized systems, so far as we know, to date, will always have more challenges when compared to centralized systems. Having data stored in many different places and needing every blockchain node, database or ledger of transactions to check against each other creates limitations on how quickly data can propagate throughout the network.

I believe new scaling solutions will be developed as the network continues to grow just as we have seen with Bitcoin Core Segwit and the now alternative Bitcoin, Bitcoin Cash. Once Segwit is enabled on Bitcoin, layer two scaling solutions and other application uses of the Bitcoin Blockchain have indeed been proposed and in time may well be possible. Using namespaces or what is currently known as DNS domain name systems could be one such application.

Namecoin is an example of a fork of Bitcoin which addresses this application usage. Will Bitcoin get another forked coin? It is always possible to copy the codebase of an open source blockchain or cryptocurrency project. The success of any new blockchain will depend on how many quality developers it has and people willing to invest in the infrastructure of the coin. Then, of course, there is the number of people willing to use and have confidence in conducting commerce using the coin.

Most of the existing cryptocurrencies or blockchains are forks from existing projects, starting of course with Bitcoin in So whatever happened to Bitcoin Unlimited? Bitcoin Unlimited never gained enough community and mining power support to enact a hard fork or chain split. What do you think the end game is in the BTC scaling debate or is it never-ending? Scaling in decentralized systems, so far as we know, to date, will always have more challenges when compared to centralized systems.

Having data stored in many different places and needing every blockchain node, database or ledger of transactions to check against each other creates limitations on how quickly data can propagate throughout the network. I believe new scaling solutions will be developed as the network continues to grow just as we have seen with Bitcoin Core Segwit and the now alternative Bitcoin, Bitcoin Cash. Once Segwit is enabled on Bitcoin, layer two scaling solutions and other application uses of the Bitcoin Blockchain have indeed been proposed and in time may well be possible.

Using namespaces or what is currently known as DNS domain name systems could be one such application. Namecoin is an example of a fork of Bitcoin which addresses this application usage. NEM is another blockchain project which goes even further with what is capable of using blockchain technology and namespaces and smart assets. What do you think of some of these ledgerless blockchain technologies and other decentralized non-blockchain technologies which are technologically superior to Bitcoin?

To be honest, working on all the existing Blockchain Centre activities and the expansion to open new centers around the world, I find it hard to study and keep up to speed on all the new blockchain technology that is coming to market. For those who know how to use it, Bitcoin has proven itself to be highly secure, easily transferable and a great store of value over time.

It is the blockchain for value transfer and so far no other blockchain has proven itself superior. For other application use cases, other blockchains may well offer an advantage over the existing centralized system, we will have to wait and see.

There is most certainly a great deal of investment pouring into the industry and many successful venture capitalists are betting big on the future of Blockchain. Yes, I would pretty much agree with you on that. Bitcoin solves a real-world problem and does so very elegantly.

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