Bitcoin’s Independence Day: 8 years after the Block Size Wars
Main Idea
The article discusses the impact of the 2017 Bitcoin block size wars and the subsequent creation of Bitcoin Cash (BCH), highlighting the divergent paths of Bitcoin (BTC) and BCH in terms of price and market capitalization.
Key Points
1. The activation of Segregated Witness (SegWit) in 2017, termed 'Bitcoin Independence Day,' reduced miner influence and addressed scaling debates, leading to the creation of Bitcoin Cash (BCH).
2. The block size wars were a conflict between factions advocating for larger blocks (led by Roger Ver) and those favoring smaller blocks to maintain decentralization.
3. Bitcoin Cash (BCH) split from Bitcoin (BTC) on August 1, 2017, with BCH's price peaking at $1,600 in May 2021 but later dropping to around $90 in 2022, while BTC's price surged by 4,200% over eight years.
4. As of the article's writing, Bitcoin's market cap exceeds $2.2 trillion, while Bitcoin Cash's market cap is around $10.9 billion.
5. The article references Satoshi Nakamoto's white paper on managing node storage costs, underscoring the ongoing debate over Bitcoin's use as a medium of exchange versus a store of value.
Description
The value of Bitcoin has grown substantially since the BTC community asserted independence from miner domination on Aug. 1, 2017.
Latest News
- Mill City Ventures to load up on more SUI with $500M deal as shares fall 11%2025-08-02 04:53:28
- DeFi Education Fund urges Senate to strengthen crypto dev protections in draft bill2025-08-02 01:49:58
- Strategy expands STRC offering twice in two weeks2025-08-01 23:00:37
- SEC Chair Aktins calls to ‘reshore crypto’ as companies move back to the US2025-08-01 22:47:03
- SEC’s crypto task force to hit the road with 10 roundtables across the US2025-08-01 21:54:40