August 1 marked the eighth anniversary of a major moment at Bitcoin’s (Btc) History -the initial activation of a separate Witness (Segwit) in 2017, a major software upgrade that reshapes the future of the network and triggers a tough fork.
The move, known as “Bitcoin Independence Day,” reduced the miner’s influence on the protocol and led to the creation of Bitcoin’s cash (Bch), the highlighting of community divisions about how bitcoin should be measured to support global use.
The “I -block the size of wars”Has been fought between those who want to keep the Bitcoin Block size Small and “large blockers,” a coalition of miners and businesses who want to include more transactions in each block to make BTC suitable for day -to -day payment and commercial transactions.
Big blockers, Led by “Bitcoin Jesus,” Roger Verbeating that bitcoin fell in the eyes of Satoshi Nakamoto of a Peer-to-peer electronic cash system Because its limited ledger block space cannot be measured enough to accommodate world transactions.
Node operators, developers and users of BTC have mounted a strong opposition to the larger block proposals, focusing that increasing block size will also increase storage requirements for node operators.
A potential increase in storage requirements will make the operation of a node prohibited for the average user, thus Centralization The Bitcoin network In the hands of some large players who can run the required hardware.
The proposal of Bitcoin (BIP) 91 improvement is Active In August 2017, setting the way for scaling by BTC Lightning NetworkA way of facilitating offchain payment channels between two or more users, with a final negotiation with the Bitcoin ledger.
On August 1, 2017, the Big Blockers separated from the Bitcoin Network, resulting in the creation of BCH and changing the history of Bitcoin forever.
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Bitcoin and BCH, where are they now?
Because the Bitcoin cash hard fork In August 2017, the price was oscillated, which hit a full time high of about $ 1,600 on May 2021 in the previous rotation of the bull market.
However, the price soon collapsed, hitting a full time low at about $ 90 during the 2022 bear market. Currently, the BCH is trading nearly $ 552 – both of these price levels are trade eight years ago, immediately following its debut.
Meanwhile, the price of Bitcoin is appreciated by nearly 4,200% in the same eight years. On August 1, 2017, the BTC traded hands at about $ 2,718 and currently traded nearly $ 115,000, from all times nearly $ 122,000 recorded in July.
Today, Bitcoin boasts a market cap of over $ 2.2 trillion, while Bitcoin Cash has a total market cap of nearly $ 10.9 billion.
Schism between the two networks features a debate between those who wish to use a BTC network for a variety of purposes, including retail purchases and file storage, compared to BTC defines as a decentralized value store – A Conflict is still angry Now.
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