Gavin Andresen: “Bitcoin is in Serious Trouble”


A few months ago, Bitcoin core developer Gavin Andresen proposed an alternative version of bitcoin software called BitcoinXT and urged the community and bitcoin miners to transfer from the bitcoin core.

However, “critics” and cryptocurrency researchers including Mircea Popescu, Pete Duschenski and Nick Szabo stated that Andresen’s version of bitcoin and the expansion of the block size would make bitcoin more vulnerable, as it would require more hashing power to secure the block chain.

Regardless of the criticism, Andresen and several prominent bitcoin startups and investors believe that the block size should be increased, due to the rising volume of bitcoin transactions. In a recent interview with MIT Technology Review’s San Francisco bureau chief Tom Simonite, Andresen stated:

“Looking at the transaction volume on the Bitcoin network, we need to address it within the next four or five months. As we get closer and closer to the limit, bad things start to happen. Networks close to capacity get congested and unreliable. If you want reliability, you’ll have to start paying higher and higher fees on transactions, and there will be a point where fees get high enough that people stop using Bitcoin.”

Andresen proposed a system, wherein if 75% of the miners adopt Bitcoin XT,

Read more ... source: NewsBTC USA