In the case of a hard fork, the nodes that do accept the update are migrated to a new blockchain and the coins on the new blockchain are separate and unique from the original ones. In both soft and hard forks, developers make an update to the original blockchain, which not all of the nodes accept. There were, of course, pros and cons on both sides of the debate, but none convincing enough to unite the community of developers.īecause the core developers could not reach a consensus about the appropriate path forward, a hard fork of the original Bitcoin protocol occurred in August 2017. Bitcoin’s maximum block size is 1MB, which is not a lot of data by most technological standards. The block size refers to how much data each block in a particular blockchain can contain. Solutions were proposed by two camps: those who sought to increase the block size, and those who sought to keep the block size small. Neither scenario was ideal, and this became known as Bitcoin’s scalability problem. The concern was that eventually if nothing was done, Bitcoin transactions might take days or weeks to clear, which could also require that users pay higher fees to accelerate the process. But as its popularity grew, the network got bogged down with an increasingly large number of transactions, ultimately slowing their processing time. In Bitcoin’s early stages, the network was more than capable of managing the transaction load of a niche community of developers.
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As Bitcoin adoption grew, different opinions and strategies about how to accommodate this growth emerged within its core group of developers. Over the years, the Bitcoin community grew from a small community of computer scientists and cryptographers to become increasingly mainstream. The Bitcoin (BTC) protocol was designed in 2008, and the network itself went online in January 2009 with the mining of what is called the genesis block - the first block on the Bitcoin blockchain.
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