Bitcoin crisis needs to be faced positively to maintain confidence

The origin of Bitcoin is still unclear, but some industry insiders have already reported that the blockchain is insufficient and that if it is not expanded, transactions will be too slow. However, what worries the industry leaders is that the inaction of the core developers in the face of the crisis will disappoint everyone and will lead to a loss of trust in Bitcoin.

Coinbase CEO Brian Armstrong expressed his concerns about the future of Bitcoin. It will not be technology that will affect the future development of Bitcoin. Just like a new business, the founder's characteristics and leadership style will affect the development of the business. In the case of Bitcoin, it is whether Bitcoin Core, the core developer of Bitcoin, can respond to the demand.

Armstrong said that some of the developers he has come into contact with lack communication skills and even speak in a very naive manner. On the other hand, they regard the best solution as the best, while ignoring the solution that can work at the moment. If it is not the best solution, they would rather leave it alone.

Since the current Bitcoin protocol has problems, some people have proposed Bitcoin Classic , which supports 2 MB blocks , which is seen as a solution to the current Bitcoin Core solution of 1MB blocks, and can ensure that mining is cost-effective. Armstrong said that it is also very important to establish a new team to develop Bitcoin software, so that stakeholders can participate and ensure that the development of Bitcoin is moving in the direction that the majority of people want, rather than in the hands of a few developers.

Currently, Bitcoin transaction processing is stagnant because the price does not meet the mining cost. In July this year, the mining reward will be halved and the mining cost will double, which may cause the investment in mining to be out of cost.