The continuous discussion over the growth and development of the Bitcoin network within the Bitcoin community is covered in this clip. Bitcoin maximalists, who support Bitcoin as the dominant and only cryptocurrency, often criticize and dismiss initiatives like Ethereum as diversions. However, several programmers have been looking at the possibilities of creating systems and programs similar to Ethereum on the Bitcoin network.
Punk3700, a self-described “New bitcoiner,” is mentioned in the extract as working on initiatives to reimagine Bitcoin use cases. A metaverse, a lab for artificial intelligence, and a “Ethereum Virtual Machine” (EVM) for Bitcoin are all being created by Punk3700 and his crew. They want to enhance Bitcoin’s functionality by using Ethereum’s tried-and-true technology, programming languages, and decentralized applications (dapps).
Bitcoin’s non-monetary applications, such NFTs and meme currencies, are becoming more popular, but the additional activity has caused network congestion and raised transaction costs. Some detractors contend that this congestion makes it more difficult for people to use Bitcoin as a payment mechanism, especially in underdeveloped nations.
The section also compares the current argument to the earlier “Blocksize Wars” that took place from 2015 and 2017. The argument about how to scale the Bitcoin network to manage rising transaction volumes was at the center of the Blocksize Wars. The disagreement about Bitcoin’s goal and administration between the “Big Blockers” and the “Small Blockers” gave rise to a philosophical and technological debate. The Small Blockers, who favored lower block sizes and upheld Bitcoin’s decentralized structure, won out in the end.
In contrast to the Blocksize Wars, many technical constraints and options have already been decided in the present discussion. The extract emphasizes that layer 2 scaling solutions like Lightning Network and Liquid have become the standard method for scaling Bitcoin. High transaction costs and the fee economy’s long-term viability, however, continue to be worries.
Disagreements often devolve into holy wars in the Bitcoin ecosystem, which has a history of eliminating opposing viewpoints. The polarization of opinions is a result of the cultural dynamics present in the society, including toxic maximalism and lifestyle branding. The preceding civil war had an impact on Bitcoin culture and left wounds. Decentralization was preserved and complete nodes were operated as a show of support as a consequence of the conflict between the Big Blockers and Small Blockers.
The section ends by highlighting the likelihood that this time around, the changes in the Bitcoin community will be less technical. The blockchain is designed to be restricted, and Bitcoin’s course has already been decided. The worth of advancements like the Taproot update and the investigation of new Bitcoin use cases will eventually be decided by the market.
