Here’s some information about Bitcoin that most people don’t know:
Since 2015, there has been a discussion that Bitcoin could never become a global currency. The reason was its 1 MB block size limit and the ability to handle a maximum of seven transactions per second, which would never be able to manage global demand.
Satoshi Nakamoto handed over Bitcoin's core coding access to a few people who would be able to solve any issues that arose. In 2017, as the number of Bitcoin transactions surged, the network became congested, and transactions were delayed, sometimes taking one or two days to process.
Satoshi Nakamoto had anticipated this problem and mentioned that the 1 MB block size limit would eventually be lifted as the overall network grew. He even provided guidelines on how to make these changes in the future.
In 2017, Bitcoin’s core developers were split into two groups. One group argued that the block size should be increased to allow for more transactions, while the second group believed that instead of increasing the block size, Bitcoin’s code should be modified in a way that third-party scaling solutions could be implemented, similar to what Litecoin offered. They argued that this would strengthen Bitcoin’s blockchain, enable other projects to operate on top of it, and also bring in more revenue for Bitcoin.
The first group was suspicious of the second group’s intentions. They argued that Satoshi had clearly said to increase the block size, which would solve the problem in the short term, so there was no need for the complex procedures proposed by the second group. They also accused the second group of deliberately preventing Bitcoin from becoming a global currency and keeping it confined.
In 2017, the two sides decided to split. The second group, which had more control, made a strategic move: they copied all Bitcoin transactions, modified the Bitcoin protocol, and created a new blockchain. This led to the creation of two versions of Bitcoin: the original Bitcoin and a new one.
The original version was the one created by Satoshi Nakamoto, but the second group named their version "BTC," while they renamed the original protocol as "Bitcoin Cash" (BCH).
It's like if you had a Microsoft Excel sheet named "Bitcoin" on your computer, and you copied it to another location and renamed the new copy "Bitcoin," while changing the original file’s name to "BCH" (Bitcoin Cash).
After one year, internal issues began within the Bitcoin Cash (BCH) community, leading to another split. The problem was over what the block size of Bitcoin Cash should be. One group wanted to follow Satoshi’s original direction, while another group wanted to make slight modifications to improve it. To resolve these issues, Bitcoin Cash eventually moved away from the BTC original protocol and started fresh.
The original protocol group called themselves "BSV" (Bitcoin Satoshi Vision). They discarded all the experiments that had been done on Bitcoin over the years, reverted to Satoshi Nakamoto's original Bitcoin code, and followed his vision of removing the block size limit as he had directed.
Now, you can understand that what we consider the "real Bitcoin" today is not the original one.
$BTC becomes $BCH $BCH becomes $BSV $BSV becomes the original Satoshi's Bitcoin So, which one is the real Bitcoin?
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Here’s some information about Bitcoin that most people don’t know:
Since 2015, there has been a discussion that Bitcoin could never become a global currency. The reason was its 1 MB block size limit and the ability to handle a maximum of seven transactions per second, which would never be able to manage global demand.
Satoshi Nakamoto handed over Bitcoin's core coding access to a few people who would be able to solve any issues that arose. In 2017, as the number of Bitcoin transactions surged, the network became congested, and transactions were delayed, sometimes taking one or two days to process.
Satoshi Nakamoto had anticipated this problem and mentioned that the 1 MB block size limit would eventually be lifted as the overall network grew. He even provided guidelines on how to make these changes in the future.
In 2017, Bitcoin’s core developers were split into two groups. One group argued that the block size should be increased to allow for more transactions, while the second group believed that instead of increasing the block size, Bitcoin’s code should be modified in a way that third-party scaling solutions could be implemented, similar to what Litecoin offered. They argued that this would strengthen Bitcoin’s blockchain, enable other projects to operate on top of it, and also bring in more revenue for Bitcoin.
The first group was suspicious of the second group’s intentions. They argued that Satoshi had clearly said to increase the block size, which would solve the problem in the short term, so there was no need for the complex procedures proposed by the second group. They also accused the second group of deliberately preventing Bitcoin from becoming a global currency and keeping it confined.
In 2017, the two sides decided to split. The second group, which had more control, made a strategic move: they copied all Bitcoin transactions, modified the Bitcoin protocol, and created a new blockchain. This led to the creation of two versions of Bitcoin: the original Bitcoin and a new one.
The original version was the one created by Satoshi Nakamoto, but the second group named their version "BTC," while they renamed the original protocol as "Bitcoin Cash" (BCH).
It's like if you had a Microsoft Excel sheet named "Bitcoin" on your computer, and you copied it to another location and renamed the new copy "Bitcoin," while changing the original file’s name to "BCH" (Bitcoin Cash).
After one year, internal issues began within the Bitcoin Cash (BCH) community, leading to another split. The problem was over what the block size of Bitcoin Cash should be. One group wanted to follow Satoshi’s original direction, while another group wanted to make slight modifications to improve it. To resolve these issues, Bitcoin Cash eventually moved away from the BTC original protocol and started fresh.
The original protocol group called themselves "BSV" (Bitcoin Satoshi Vision). They discarded all the experiments that had been done on Bitcoin over the years, reverted to Satoshi Nakamoto's original Bitcoin code, and followed his vision of removing the block size limit as he had directed.
Now, you can understand that what we consider the "real Bitcoin" today is not the original one.
$BTC becomes $BCH
$BCH becomes $BSV
$BSV becomes the original Satoshi's Bitcoin
So, which one is the real Bitcoin?