Unlike the mainstream focus on Bitcoin’s price dynamics, around 100 Bitcoin enthusiasts convened at Fidelity Investments’ headquarters to discuss how to advance the original cryptocurrency while safeguarding its integrity.
The gathering marked what organizers claimed as the first significant Bitcoin scaling conference in five years. Will Foxley, the emcee, highlighted the aim as “getting Bitcoin to the next billion people,” steering clear of the commercial flair found in other crypto conferences.
Attendees, primarily developers, engaged in serious discussions about enhancing Bitcoin’s functionality while ensuring it remains robust against potential disruptions. Paul Sztorc, from Layer2 Labs, emphasized the need for rapid innovation to prevent Bitcoin’s obsolescence. Participants acknowledged Bitcoin’s decentralized nature, recognizing the challenge in forming consensus among its diverse stakeholders.
Historically, Bitcoin has experienced soft forks, which are backward-compatible upgrades that allow for enhancements while maintaining previous functionalities. Recent soft forks—Taproot and Segwit—have introduced features beyond simple transactions, such as complex financial contracts akin to those seen on Ethereum. However, the rate of these upgrades is slowing, and discussions about future developments like covenants (which restrict how Bitcoin can be spent) and the proposal, which would revive earlier functionalities, faced skepticism and lengthy debates.
Despite a general desire for progress, consensus on the pace and extent of these upgrades is elusive. Attendees expressed concern over maintaining Bitcoin’s core values and stability, with one developer evoking humor when asking about who gets to decide the future of Bitcoin, acknowledging the collective nature of governance in the community.
While the technical discussions may not resonate with everyday investors—most of whom focus on accumulating Bitcoin without delving into these debates—there remains a clear interest in ensuring that Bitcoin not only thrives but evolves responsibly without compromising its foundational principles.
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