[Blockchain Today Reporter Park Yohan] Early this year, Tesla added Bitcoin to its balance sheet, and CEO Elon Musk became a hero of the cryptocurrency community. But after that, he started posting tweets about Dogecoin, who parodied everything, and from heroes to’trolls’.
Last week, Tesla announced that it would no longer accept Bitcoin as a payment method because of energy consumption, which completely reversed its position. In response, BNN Bloomberg reported that “his announcement for Dogecoin is a remedy of bitcoin’s old wounds.”
His comments regarding the environment seem harmless enough. There is no reason not to like faster and cheaper deals. However, it was actually a sniper at the center of the old battle for the scale of money in the Bitcoin world. From 2015 to 2017, the bitcoin world nearly split in two due to a vision that was contrary to the currency.
On the one hand, small blockers argued that bitcoin should be a decentralized repository of value, even with high fees and slow transaction times. On the other side, on the one side, which was supported by more companies at the time, they wanted Bitcoin to develop as a platform for fast and inexpensive payments. Their vision is to increase the size of the bitcoin block to increase the space for transactions, and theoretically lower the cost paid to miners.
The small block forces argued that there is a better way to scale Bitcoin for payments using so-called Layer 2 solutions, and paying more directly to the chain itself allows individuals to run entire nodes to monitor the network. It was argued that it would cost a lot of money and hinder decentralization. After all, if you are willing to give up decentralization for speed, you already have great tools like credit card networks or PayPal.
Eventually, the small blockers won, the giant blockers scattered, and Bitcoin Cash was released. Bitcoin Cash has mostly weakened over the past three years.
Among them, Musk ignited a long-sleeping fight with a recent tweet.
Jihan Wu, former CEO of Bitcoin chip mining company Bitmain, who was a major big block advocate at the time, and one of the background forces behind Bitcoin Cash, took action by posting tweets on the subject one after another.
Other Bitcoin users took it to Twitter to attack Musk’s seemingly contributing to the cryptocurrency expansion controversy.
The cryptocurrency world is operated based on memes. Already, a significant portion of Bitcoin preferences are moving to’DeFi’ with Meme Coins, which were more active in Ethereum (ETH) and other competing chains. With Bitcoin recently setting a new record, it’s just another headache for the community to resurrect Musk’s fight against block size, Bloomberg said.
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