Bitcoin XT turned bitcoin world upside down as talks about future of the cryptocurrency don’t stop. The end of the last week was marked by the release of new version of bitcoin – that very contradictory Bitcoin XT.
The modification of habitual software was developed by Gavin Andresen and Mike Hearn – both stood at the origins of bitcoin. If you follow the history of bitcoin, you know that Satoshi Nakamoto is believed to be a creator of the very idea of bitcoin and blockchain. The name is hardly to be true so we still can’t be sure whom we must thank for this alternative payment method. In 2011 Satoshi went out of business, it was Andresen who replaced him. He must have been dreaming of bitcoin industry entering a new level in its development as now he came up with offer to enlarge the block size from 1 to 8 megabytes. Let us explain!
Bitcoin transactions are processed in so-called “blocks” which used to be of 1-megabyte size. That allowed 2 transactions per second and was absolutely enough. Bitcoin attracts people as a quick and simple way to transfer money all over the world without any third party. The advantage can be called as questionable as it could have been appreciated by criminals and drug dealers as well.
Following the idea of further development of bitcoin Andresen and Hearn offered the increase of block size which allowed up to 24 transactions per second. Not that they met any resistance! They had to convince other three chief programmers of the software and, as we can conclude, won. Bitcoin XT does have a block size of 8 megabytes.
Supporters of habitual Bitcoin Core argue that this innovation questions the very idea of decentralized payment system bitcoin is supposed to be as extra
Originally appeared at: http://www.coinspeaker.com/2015/08/19/bitcoin-xt-cryptocurrencys-future-11555/