It should come as no surprise to find out various governments around the world are keeping a close eye on the ongoing Bitcoin block size debate. If an alternative solution would be adopted, developers might need to register with FinCEN as they would effectively become money transmitters. While it is good to have governments take a keen interest in this technology, the outcome of the block size debate could shake up the Bitcoin landscape for good.
Also read: Royal Bank of Canada Expands Experimentation with Blockchain Tech
US Government Interest In Block Size Debate
Even though the US government is taking a keen interest in the evolution of the Bitcoin block size, they are not actively looking to participate in the discussion for now. This is a positive piece of information for all Bitcoin community members, as it would work counter effective to have a government meddle in the affairs of digital currency at the developmental level.
Especially US Deputy Chief Technology Officer Ed Felton is a big supporter of the concept of Bitcoin and the blockchain, although it’s hard for anyone to grasp the full notion of this project in its current state. To many people, Bitcoin and the blockchain are “new things of interest, and it only makes sense he is keeping an eye on the evolution of this technology.
What is of more interest is how Ed Felton acknowledges the potential digital currencies present, as Bitcoin can contribute to various aspects of our society. Both social and legislative goals are just two examples of industries Bitcoin can disrupt in a positive manner over time.
It goes without saying the ongoing block size debate is an interesting milestone in the history of governance associated with Bitcoin and blockchain technology. Reaching a consensus on a global scale in a very technological field is proving to be quite a challenge. Especially when taking into account how high the stakes are, as well as the valid arguments made by all parties looking to address this issue.
There is one key factor that could have major ramifications for solving the block size debate, though. Assuming the legal implications of creating a Bitcoin hard fork would force developers to register with FinCEN are valid, soft forking Bitcoin might become a far more preferable solution all of a sudden, rendering the Bitcoin Classic proposal less attractive.
It will be interesting to see how the Bitcoin block size debate evolves in the coming weeks. With the release of the Bitcoin Classic client last week, and a new release candidate for Bitcoin Core announced earlier today, things are bound to heat up in the very near future. A solution has to be found sooner rather than later, though, but there is no telling which implementation will be the victor in the end.
Source; Econotimes
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