Cryptocurrency Opinion

Is Adding Functionality to Bitcoin a Problem?

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We have this as a big question in the Bitcoin circle, and you need to answer it correctly. By adding functionality, you can do it with the help of adding proper operation codes to Bitcoin. It can only help boost the kinds of functions the users can carry out—many things for them. However, choosing their size limits is a problem, which remains a big topic of debate. Earlier, we saw people only use Bitcoin for transactions. They have gone beyond that with several applications and uses in this regard. For example, we have seen some development with Bitcoin, and many more things are seen in this regard. The BitMEX is one of the examples wherein we have seen something happening. This article will try to understand why adding certain functionalities to Bitcoin is not a problem. However, some people object to this idea and are unwilling to see such things happening in their circle. You can easily create an account and invest in Bitcoin right away, you can visit the Official BitIQ site. While here, we will take an overview of it: 

The debate 

We see a tug of war between the two camps – one that supports adding functionality in Bitcoin, and the next the one that seems anti for the same. People call Bitcoin virtual money with limitations, which has some features of fiat money and not the entire one. However, the other group claims that Bitcoin will evolve as unlimited money and that we can go beyond transacting it. You can use Bitcoin for many reasons, claims this group. However, with the difference in opinion, the two seem to be fighting in this regard. Both groups claim that they will settle this debate. Specific investigations are going on in this regard, claiming that you will get the answer. Once you see how Bitcoin is added with functionalities, we will understand how things would move smoothly with it. Now, we will talk about this in the following paragraphs.

Adding functionality 

We have a post from BiMEX that details this example. It says how this debate moves ahead with this example. The company was seen uploading the complete Bitcoin white paper over Blokchcians. The BitMEX post can talk about the second layer protocols, including the counterparty rolling over the decentralized application on the Blockchain. Perhaps this kind of non-transaction data came stuck to the missing transactions. However, this only means that not all Bitcoin nodes have the option to download, process and even store the required data forever, which can remain too costly in the market. We have experts like Provoost and Van Wirdum who came forwards to explain the transactions in detail. In 2014, we saw many Bitcoin developers agree to work on it as a single node process that carried out the transaction with the Op Return output. It only helped in mitigating this problem in a big way. All these transactions can help upload the data and even help their production to get over the UTXO set. 

It also talks about the debate that has gone in full swing with Bitcoin developers and even the counterparty developer who had a considerable size of transactions. They explained how they could add a maximum level of buyers to choose things in the initial stage. It went on to boost up the trade that can carry out items under the said consideration. We have seen Bitcoin emerging as a digital currency with free and fair central control. It helps in taking oversight of banks and other government agencies. Instead, the coin relies more on P2P technologies like cryptography and software. We see the transactions taking place in the right network that went on to share about it on a single note. Virtual currencies are not working with the book of Bitcoin. The digital coins are further divided into different categories, and one of these is called Satoshis. 

What next? 

When we talk about adding functionality, will it create a problem? That is our concern. Cryptography that seems to remain behind is based on a particular algorithm. Various agencies design these, and cracking will help add to the people’s purposes and intents. Many more impossible moves are coming along with it. You can find atoms are now working as a universe that works smoothly. There are many more high-profile cases of Bitcoin having remained the funds and hacked option, which can help in working on behalf of the consumers. In this case, we have seen instances of hacking only to gain the same within the Bitcoin network.

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