Post
Topic
Board Economics
Re: bitcoin unlimited?
by
Baehr123456789
on 01/10/2017, 03:54:15 UTC
Bitcoin is a worldwide peer-to-peer electronic cash system, known for low and predictable transaction fees, reliable confirmation times, and useable instant transactions. Unfortunately, because many network nodes continue to enforce a limit on the size of blocks which is below today's demand (the current limit corresponds to roughly 3 transactions per second), fees have risen, backlogs of transactions have formed, and confirmation times have become erratic. A smaller number of nodes have even adopted replace-by-fee policies to permit double-spending of transactions stuck due to the backlogs, which has produced the regrettable side effect of making instant Bitcoin transactions less secure.
Bitcoin Unlimited will be activated when the majority of the miners signal their approval. The fact that a simple the majority of miners can dictate the longest chain (and that the longest chain "wins") is the fundamental truth of Bitcoin's "Nakamoto Consensus" mechanism. Bitcoin Unlimited recognizes this. Although you may have heard that Segregated Witness (SW) activates at a 95% vote, this activation level is simply a convention. The truth is that if 51% of the miners wanted a change, they could simply mine only the changed blocks, and reject all unchanged blocks. Since 51% is the majority of the miners, the changed chain would be the longest, and therefore the "winner".
To bootstrap this new digital currency, it takes investors like you willing to hold bitcoin through the ups and downs of its price action. You want to be rewarded for that risk. By supporting Bitcoin Unlimited you are supporting our objective to return control over Bitcoin's evolution back to the market and our efforts to enable node operators to lift the block size limit that is presently restricting transaction volumes. By removing this limit, Bitcoin's user base will be free to grow, and with it its market capitalization.