This week after a few months of controversy, the owners of Bitcoin.org reverted its descriptions about what Bitcoin is on the website’s front page back to “fast peer-to-peer transactions” and “low processing fees” after removing the descriptions this past January. The front page descriptions were changed by the website’s co-owner, a pseudonym called ‘Cobra Bitcoin,’ who has been a very controversial character in the cryptocurrency community.
Bitcoin.org Reverts Back to 2010 BTC Descriptions After Removing Them This Past January
Back in December, as the BTC chain started to see a lot more usage than previously, the miner fees for the Bitcoin Core (BTC) network were incredibly high, rising to $40-60 per 225-byte transaction. BTC network fees dramatically jumped throughout the entire year of 2017. A trend that caused cryptocurrency enthusiasts to get upset because they either had to wait a really long time to send a transaction, or pay through the nose using a BTC network fee. On December 24 the developers of Bitcoin.org decided to discuss making specific changes to the BTC network descriptions on Bitcoin.org’s front page to reflect the high fees, and slow confirmation times. Then in January of 2018, the front page descriptions of BTC attributes were changed and “peer-to-peer transactions” and “fast” was removed. Further the description “low processing fees” were replaced with “fraud protection.” When the pull request on Bitcoin.org’s Github repository was merged the co-owner Cobra seemed pretty upset.
“I feel like I’ve lost a piece of my soul after merging this pull request,” Cobra explains to his followers on Twitter.
At some point we all forgot that Bitcoin was supposed to be decentralized money, and we became OK with outrageous fees and centralized mining, all to chase the $$$.
BTC Fees and Congestion Times Decline
A few months later during the beginning of 2018’s spring months, BTC fees had dropped significantly alongside the network’s transactions (tx) per day. After network fees touched a high of $60 per tx last December, on April 28 the average median BTC fee for a 225-byte transaction is 6,750 satoshis or $1.90 USD. Transactions per day slashed in half from its high of 400,000 this past December to 190,000 today. Some speculators believe the ‘Crypto Winter’ over the past four months where cryptocurrencies lost an incredible amount of value may have led to mainstream investors losing interest, to which, also may have caused a decline in BTC network demand. On the other hand, BTC proponents believe the network fees and congestion time have been remedied by the adoption of the Segregated Witness (Segwit) protocol and a controversial process called transaction batching…