Is Bitcoin about to Self Destruct ?

The bitcoin price has more than doubled to about $2,900 over the last three months.This despite evidence of a dispute of how to improve the network to handle the growing demand

The power struggle — over the seemingly simple question of how to upgrade the network to handle more transactions — is pushing fees so much higher that, for certain types of transactions, bitcoin is nearly unusable. Transactions that should take 10 minutes are taking days or not going through at all, and the average fee costs $4.75 — a negative for a network whose proponents once touted the fact that it was cheaper than Visa.

To understand what has escalated the two-and-a-half-year-long controversy into all-out war, one first needs a little background in the game theory of bitcoin, which was outlined in a previous article. As was written then, “The magic of bitcoin has been the ability for various players with opposing interests to engage in a system that has so far led to an optimal outcome for all of them.”

 As one would expect, however, when groups with opposing interests have to interact with each other, tensions arise. While, in previous open source projects, parties with opposite aims could part ways, in bitcoin, neither wants to leave what has so far been a highly lucrative game for each of them.

 (Hear two long-time bitcoin players explain this in my podcast.) While bitcoin has many constituencies, one of the most important are the developers, who are like the designers of the game. Another crucial group are the entities that run the bitcoin network on their computers (called miners) who are sort of the operators of the game.

For a full and more detailed explanation of the row and how it is likely to affect the future of Bitcoin you must read the brilliant and comprehensive article by Laura Shin of Forbes.The link is at the end of this article

Another suggestion is to join Steemit as I have done.- http://steemit.com - It is both a cryptocurrency called Steem and a SocialMedia site named Steemit - http://steemit.com

You get paid for posting on Steemit and if you leave your earnings in your account it benefits from the rise in all cryptocurrency prices' I joined in January this year and written 19 posts for which I've earned $70.Not a lot compared to some who are getting up to $1000 a post.

The point is by leaving my $70 in Steemit it has grown to $1042 as it stands today.It is volatile,but the point is I've not put any money in. All cryptocurrencies are benefiting from the publicity around Bitcoin.

The blockchain technology is sound, the unknown is what world governments will do about the threat to their control of money and their ability to find the earnings and financial transactions of businesses and individuals via the traditional banks.

The Cryptocurrency Revolutionaires argue that governments will attempt to legislate and implement controls over the new electronic currency,but that it will be futile because the internet is worldwide.Transactions will move from countries that attempt control and will operate via the internet with countries that don't. And there will always be Nations that welcome taking business from another.

Steemit is excellent also for keeping informed about the developments and exchanging views about this exciting but mysterious financial newcomer. It cost nothing to join or post.On the contrary you get paid. Have a look round here - http://steemit.com You can also read my latest post on Steemit here

https://steemit.com/life/@ijavee/what-future-for-the-wheel-now

The full Laura Shin Forbes article is here -

https://www.forbes.com/sites/laurashin/2017/06/07/bitcoin-is-at-an-all-time-high-but-is-it-about-to-
self-destruct

The above information brought to you by  – http://bitcoin-in.net -  the website for all things bitcoin and cryptocurrencies. Books. Gadgets and Gear. Hardware. Gifts. Clothing i.e ‘Bitcoin Accepted Here’ Tee Shirts, Baseball Caps,Door Signs.

Also visit  www.steemit.com  The Social Media Site where you get paid to post.Free to join.Many categories to post in and browse including cryptocurrency