Prominent Bitcoin companies lend support to Bitcoin XT
Several prominent Bitcoin companies including BitPay, Blockchain, Circle, KnCMiner, Bitnet, Xapo, BitGo, and itBit have decided to back the concept of the network's increased block size. In a joint statement, the companies stated that they are convinced with the arguments of Bitcoin's lead developer Anderson regarding the increased block size while safeguarding Bitcoin&rsquo;s decentralisation. They further stated that it is time for the industry to unite behind this proposal, partly due to the momentum already gained by Bitcoin XT in the short time since it was released.
Several of the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term industry’s top companies have decidedly given their backing to increasing Bitcoin’s block size and adopting BIP101. They include BitPay, Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, Circle, KnCMiner, Bitnet, Xapo, BitGo and itBit.

BIP101 is core developer Gavin Andresen's iteration of the Bitcoin protocol that gradually increases the allowed block size to 8 MB. It is supported by Bitcoin XT, a patch on top of Bitcoin Core. If adopted by 75% of miners in early 2016, it would constitute a hard fork in the Bitcoin blockchain. The proposal has been the subject of heated debate in the community.

In a joint letter, the companies’ heads state:

“After lengthy conversations with core developers, miners, our own technical teams, and other industry participants, we believe it is imperative that we plan for success by raising the maximum block size.“We support the implementation of BIP101. We have found Gavin’s arguments on both the need for larger blocks and the feasibility of their implementation – while safeguarding Bitcoin’s decentralization – to be convincing. BIP101 and 8MB blocks are already supported by a majority of the miners and we feel it is time for the industry to unite behind this proposal.”

Indeed, the proportion of Bitcoin nodes supporting Bitcoin XT has been steadily increasing, and now stands at over 15% after only a few days.

Absent from the list of companies was Coinbase, one of the industry’s top heavyweights. The startup has been relatively quiet on the debate thus far. CEO Brian Armstrong seemed to favor a wait-and-see approach, indicating that hard forks (such as Bitcoin XT) aren’t so bad if infrequent. He tweeted:

5/ hard forks probably shouldn't happen frequently, but periodically they are an elegant solution that helps bitcoin keep growing — Brian Armstrong (@brian_armstrong) August 17, 2015

Also absent was Blockstream, a startup specializing in sidechains, and which last year secured $21 million in funding. It is believed by some that it opposes block size increases at this time.