Bitcoin Hard Fork Reddit Section Appears! Planning Hard Fork

The lingering debate over Bitcoin block size has once again caused major controversy among Bitcoin enthusiasts. Today, Bitcoin industry insiders held a closed-door meeting in Silicon Valley to discuss Bitcoin expansion plans. Although the summary of the meeting has not yet been released, there are reports that the Bitcoin civil war may end here. However, the Bitfinex exchange was suddenly hacked and lost nearly 120,000 Bitcoins. The Bitcoin field is once again in turmoil.

Now a new subreddit has been created, called BTCFork. As the name suggests, the project was created by those who believe that there is no other solution in the short term except a hard fork. If a hard fork is carried out, we will most likely end up with two competing blockchains for Bitcoin.

To hard fork or not to hard fork, that is the question

For quite some time, there has been a substantial debate on how to solve the Bitcoin block size problem. Segregated Witness is a powerful solution, and combined with the Lightning Network solution; it could potentially solve all problems at once. Unfortunately, it has taken far too long for this solution to reach maturity.

Another solution is to hard fork Bitcoin and increase the block size. On paper, this solution has a lot of potential, but it may not be the best choice for Chinese mining pools. Because of their slower bandwidth speeds, it will be more difficult for mining pools to process large Bitcoin blocks, and Chinese mining pools control the majority of the network computing power.

That said, hard forking Bitcoin is a decision that should not be taken lightly. The recent Ethereum hard fork has shown how troublesome such a decision can be. Still, it is quite interesting to see the emergence of BTCFork, even though it currently only has a little over 120 members.

Their introduction post states:

“ We are gathering like-minded people on the hard fork and letting the market decide how Bitcoin moves forward, rather than a small group of developers and miners .”

Ultimately, the outcome of the block size will depend on miner participation. Chinese mining pools may not accept the concept of a hard fork, as it would reduce their chances of success. Additionally, a hard fork would further divide the community and drive down the price of Bitcoin. However, solutions to these issues will soon be found, as many are tired of network congestion and lingering doubts about the future.