Categories: News

Ecosystem Recovery Goes Well Beyond The Current Bitcoin Price

With so much negativity going on the Bitcoin world right now, the fear mongers are once again calling for the demise of this popular digital currency. Nothing could be further from the truth, however, as Bitcoin will keep trucking on just like it has survived previous events that would have killed off any other digital form of payment. But where do we go from here, other than by looking at the current Bitcoin price?

Also read: Cryptocurrency Exchange Operators Need To Vet Altcoin Source Code Before Adding Coins

Get The Block Size Issue Sorted in The Next Few Weeks

One of the most pressing issues haunting the Bitcoin ecosystem right now is coming to an agreement on how the block size will be increased. Even though the proposal by Gregory Maxwell has gotten a lot of support, there was still no official consensus reached on whether or not this is the right way forward.

On the opposite side of the fence, there was a group of developers and Bitcoin enthusiasts who created Bitcoin XT, as an alternative way to solve the block size issue. Mike Hearn spearheaded the development and communication regarding Bitcoin XT and built up quite the following of community members who saw a lot of value in his proposal.

However, now that Mike Hearn has officially left the Bitcoin community to venture into the world of bankchains and other forms of private blockchains, a solution needs to be found sooner rather than later. If the Blockchain debate can be settled in the next few weeks, the Bitcoin ecosystem can start to show signs of recovery.

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Looking Beyond The Bitcoin Price

When talking about recovery, I mean more than just looking at the current Bitcoin price. For the time being, this will be the main center of attention for traders and mainstream media all over the world once again, as the Bitcoin price is very volatile at the moment. After a very stable year, a volatile year could follow, depending on how fast Bitcoin Core developers can come up with solutions to pressing matters.

Granted, it will be hard for a lot of people to look beyond the current Bitcoin price right now. With a close to 15% drop in value in just a few hours, the popular digital currency is looking as unstable as it has been up until the end of 2014. However, people need to keep in mind bad news will happen at certain times, and by banding together as a true community, Bitcoin will come out stronger than ever before.

It is not the first time the Bitcoin ecosystem has to recover from a major setback Back in 2013 when the Mt. Gox exchange artificially boosted the Bitcoin price and then became insolvent, many people feared the worst for the popular digital currency. But Bitcoin is still here despite all of the obstacles along the way so far, and this minor setback will not sway true believers from their path.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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