The post Fork Theory—Joshua Henslee wonders if BTC will fork again appeared on BitcoinEthereumNews.com.

Bitcoin philosopher and developer Joshua Henslee recently released a new video titled ‘Fork Theory.’ He discussed how the on-chain economy is driving BTC to breaking point, but it won’t be easy for them to raise the block size limit to deal with it. width=”562″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”> How the on-chain economy broke BTC in May 2023 Henslee starts by noting how, back in May 2023, the ORDI token hit an all-time high of almost $20. Back then, BitMap wasn’t around yet, and the on-chain economy was smaller, but even in its infancy, it drove BTC to the point it was unusable. Interest in all of this has picked up, and ORDI has surpassed its previous high. Even Binance has listed it, and other exchanges will likely do the same to capture some of the market. There are now many Ordinals inscriptions on the blockchain, and there’s now a lot more awareness about and enthusiasm for them, Henslee says. Fees are rising, but there’s no easy solution Henslee points out that this time, users want to do computation and put data on-chain. This has all left BTC developers wondering how to deal with it; there’s even talk of reenabling opcodes that BTC Core disabled. As the fees increase dramatically, there’s only one real way to fix it: raising the block size. However, this isn’t so simple or easy as it leads to a fork. Why wouldn’t BTC Core developers risk a fork right now? Aside from killing many businesses, as we saw before when it happened, BTC maximalists know parties like BlackRock are watching. They’re desperate for a fresh injection of fiat to pump the price, and the BlackRock ETF paperwork directly spoke about the risk of forks, so there’s direct evidence they’re concerned about it. All of this puts BTC in a dilemma; they can’t raise the block size because a)…

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Filed under: News - @ November 14, 2023 10:18 am