Don’t Panic! Bitcoin’s Growing Pains

Fergus Hodgson, 2 August 2017

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Without a consensus on how to address the block-size challenge, the bitcoin space is fragmenting and generating confusion for users. Jimmy Song and Pierre Rochard, of Paxos and Axial, respectively, explain that multiple and disparate “bitcoins,” coupled with infighting, would be the worst-case scenario.

Even if that appears to be the trajectory, they see the challenges as a product of bitcoin’s success and foresee users and providers organizing and coming together out of self interest. Given the technological hurdles and instability associated with accommodating a larger user network, they recommend holding your bitcoin on a private wallet, as opposed to on an exchange such as Coinbase.

Divisions within the bitcoin network are leading to multiple cryptocurrencies with the same origin, most notably with the recent arrival of “bitcoin cash.” (BTC Keychain)