[United We Stand, Divided We Fall] What Main Issues of Interest are Dividing the Crypto Community?
There are several topics that generate divisions across the crypto space. Although most of the cryptocurrency enthusiasts are very enthusiastic about the future of the space, there are some controversies that divide them. Some of these things include block size, fungibility and price, among others.
The age old adage, united we stand, divided we fall is definitely a hot topic amongst the crypto asset crowd. The first debate in the crypto community is related to Bitcoin’s block size. There are different opinions about his topic that are currently dividing enthusiasts in the space. This discussion has been affecting the space since 2010. Bitcoin currently has a block size of 1 MB that seems not to be enough to process a large number of transactions per second.
Bitcoin Core developers were against increasing the block size while Bitcoin Cash (BCH) supporters aimed at increasing the block size to allow the network to properly scale and process more transactions.
There is another point of view that is to reduce the block size even further. Luke Dashjr, Bitcoin Core developer, says that this would allow the network to be much more decentralized than with larger blocks. This block size reduction would have to be implemented via a soft fork. But as mentioned before, a block size reduction would also make the network less scalable and would end up with users paying large sums of money for processing simple transactions.
The second discussion that is affecting the space is related to fungibility. Currently, each Bitcoin is equal to another Bitcoin. However, in the future, Bitcoins that are involved in illegal activities may be worthless or prohibited.
There are some countries that have introduced AML policies and that affect virtual currencies that have been previously used for criminal purposes. Those virtual currencies that have been acquired through criminal means will be considered laundered. There are several firms that make blockchain analysis and that are able to identify dirty virtual currencies.
Finally, there are some discussions about Bitcoin’s price and how it can evolve in the future. Analysts are divided on whether the market has already bottomed or it has yet to reach new lows. There are many bitcoin price predictions floating around on twitter and reddit and other crypto news sites, and it's hard to believe anyone no matter how big their bags are or how long they have been in the space.
Thus, this shows that there is no clear information on whether the market is starting to grow or it has yet to reach new lows in the short term.
Currently, each Bitcoin can be purchased for $4,080 and it has a market capitalization of over $71 billion.