"BITCOIN : A PEER TO PEER ELECTRONIC CASH SYSTEM "

moondogecrypto (39)in #bitcoin • 7 years ago

That was the title of Satoshi Nakamoto's Whitepaper for Bitcoin. From the title we can easily derive that the idea of bitcoin was to be just that, a peer to peer electronic cash system.

For it to be acknowledge as cash, it needed to satisfy these characteristics :

1)Hard to counterfeit
2)Scarce
3)Divisible
4)Homogenous
5)Durable
6)Easy to transport
7)Easy to store

Bitcoin was recognised to carry these traits as good money, unfortunately there are quarters who look to damage Bitcoin's reputation as electronic currency. In retrospect, Bitcoin had never had an issue with full block size until beginning of 2017 when the blocks became full. The average confirmation time went up to 2 hours for a Bitcoin transaction in March where previously it would normally take 10 minutes to complete. Fees too started to skyrocket, due to bidding wars by miners. Intentional?why? We had 8 years of no full blocks!

limit block size? why? SegWit? why?

Simple, remove one of those traits that make Bitcoin a electronic cash and you change the entire ball game.

It is clear that the above is happening, the truth and the real bitcoin will prevail!