Bitcoin News and Finance
Bitcoin Fork Discussions Surface Over Block Space Constraints and Ordinals  Skip to main content

Bitcoin Fork Discussions Surface Over Block Space Constraints and Ordinals 

Bitcoin Fork Discussions Surface Over Block Space Constraints and Ordinals 

While no formal announcement has been made, murmurs of a potential Bitcoin fork are emerging amidst discussions on block space, Ordinal inscriptions, and escalating fees. Such speculation has led some to believe that a significant Bitcoin fork might occur in 2024.

Talks of a Bitcoin Fork Appear as Tensions Rise

Discussions about a potential Bitcoin fork are surfacing on social media platform X, sparked by ongoing debates about the trend of Ordinal inscriptions, the block space these inscriptions occupy, and the increasing transaction fees of BTC.

As of Dec. 23, 2023, a backlog of 291,660 unconfirmed bitcoin transactions exists. The current cost for transferring bitcoin stands at 81 satoshis per virtual byte (sat/vB) or $4.97 per transaction. Comparatively, fees were much higher on Dec. 16, 2023, when the rate was 674 sat/vB, equating to $40 per transfer.

Moreover, certain Bitcoin enthusiasts scorn Ordinal inscriptions, labeling them as “spam,” an “attack,” a “scam,” and fundamentally a misuse of resources. On Dec. 23, advocate Adam Simecka asserted that Ordinal inscriptions are a “scam,” causing division among bitcoiners, and predicted that this trend “will result in a hard-fork (a new version of Bitcoin) that will eventually fail.”

The Twitter user Pledditor informed its 16,900 followers about Taproot Wizards’ alleged attempts “to fork Bitcoin to be more like Ethereum.” Pledditor’s X post came as a rebuttal to Udi Wertheimer’s mention of “BIP-1559” on the same platform.

Bitcoin Fork Discussions Surface Over Block Space Constraints and Ordinals

Furthermore, Wertheimer’s X post from Dec. 20 proclaimed, “In 2024 we’re upgrading Bitcoin,” to which David Coen responded, “Please do it. Fork Bitcoin. Keep the spam on your chain.” Tyler Whittle, a sorcerer at Taproot Wizards, recently discussed the risks Bitcoin faces due to its reluctance to adapt and change.

Whittle argues that while the Bitcoin community is proficient at understanding the risks of protocol changes potentially wiping out its market cap, it underestimates the dangers of not evolving. This resistance to change Whittle compared to the downfall of formerly dominant companies like Blackberry, Kodak, and Nokia, which failed to adapt to new technologies and market shifts. Whittle added:

In 2024, we must move away from the biblical Bitcoin culture. We need more 1960s Space Race vibes, and less Bitcoin as religon.

Since the block size disputes and the 2017 split between Bitcoin and Bitcoin Cash, much has evolved. Each chain has diverged, with Bitcoin Cash expanding its block size to 32 megabytes (MB) and Bitcoin maintaining its 1 MB block size cap. Yet, because of Segregated Witness and Taproot, Bitcoin has attained a 4 MB block size this year.

Over the past year, Bitcoin’s average daily block size has also risen from 1.19 MB to 1.7 MB. Nonetheless, there’s no additional capacity for expansion, and the likelihood of proposing and agreeing on a block size increase is virtually nonexistent.

Bitcoin Fork Discussions Surface Over Block Space Constraints and Ordinals

As we near 2024, the Bitcoin community encounters a decisive juncture. Discussions about Ordinal inscriptions, block size, and escalating fees highlight an increasing schism. With debates heating up and transaction queues expanding, talk of a potential fork is becoming more prevalent. Mid-December 2023 saw the term “bitcoin fork” hit the peak of Google Trends scores globally, signaling heightened interest and concern.

What do you think about the rising discussions concerning a Bitcoin fork in 2024? Share your thoughts and opinions about this subject in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory