This weakness stems in particular from the fact that a block (a set of transactions that forms the fundamental unit of the system) is limited to a size of 1 megabyte (MB). The network is designed to validate a block every 10 minutes. A rhythm that makes the system very little liquid. To remedy this, two approaches have been favored. The first is to lighten the blocks by managing certain information differently, thanks to the mechanism known as Segregated Witness (SegWit). While remaining
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The second proposal is simply to increase the size of the blocks. The promoters of the bitcoin attaching to this trend wish, as a matter of priority, for a rapid expansion of the cryptomony. At the end of July, members of this movement created a competing currency called Bitcoin Cash, capable of supporting more transactions. The new currency has met with relative success and has a stable exchange rate of $ 300 for a bitcoin cash, the New York Times said.
After worrying at the beginning of the summer, the vast majority of the bitcoin community rallied to the SegWit mechanism, thus removing uncertainties about the future of the encrypted currency. Reassuring investors, this movement largely explains the soaring prices of the bitcoin.
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The predominance of the SegWit mechanism directs the bitcoin to a storage role of value similar to that of gold rather than a large-scale payment medium. This conception is echoed in Japan and South Korea. Investors from both countries are increasingly taking part in all bitcoin transactions, already exceeding their Chinese counterparts in 2017.
