Bitcoin is still money, 8 years on from the Blocksize War
Main Idea
The article reflects on the Bitcoin Blocksize War and the adoption of Segregated Witness (SegWit), highlighting the messy consensus process and the eventual failure of SegWit2x.
Key Points
1. Segregated Witness (SegWit) was a scaling upgrade proposed in late 2015, allowing up to 4MB of transaction data per block by separating signature data.
2. BIP91 reduced the required miner support threshold for SegWit from 95% to 80%, leading to its activation in July 2017.
3. The New York Agreement proposed SegWit2x, a hard fork to double block capacity to 8MB, but it ultimately failed.
4. The Blocksize War demonstrated Bitcoin's messy consensus process, with Bitcoin Cash emerging as a less successful alternative.
5. Despite the conflict, Bitcoin's persistent consensus did not diminish its role as money.
Description
History shows Bitcoin consensus can be messy
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