Bitcoin Unlimited

Bitcoin, the digital cryptocurrency, had a problem. As Bitcoin got oh-so-popular on the global stage, transaction times took longer and longer. What’s a popular non-governmental digital currency to do?

It was proposed that some changes to Bitcoin be made to make transactions faster by increasing block size, which is where the info about the transaction was kept. The reason transactions took so long was because the blocks were so tiny.

Because Bitcoin is a parentless child (aka decentralized), the Bitcoin Unlimited proposal was put to a vote. However, Bitcoin Unlimited did not become the new standard. Some people who cared about equality were like, “bigger blocks mean only miners with bigger processing power can be profitable, and that’s not very democratic.” In other words, Bitcoin would be following a similar path as corporate America (not cool, since Bitcoin is decentralized and all). Time will tell what the future holds for Bitcoin.