Daily Crypto News

How BIP Bounties Will Supercharge The Bitcoin Network

This is an opinion editorial by Ariel Deschapell, co-founder of multi-cloud hosting platform Hydra Host, senior fellow at Lincoln Network and a team member at BIPBounty.org.

The idea that Bitcoin lacks innovation compared to other cryptocurrencies is pervasive, but is it true?

The Bitcoin protocol undergoes significant changes much more slowly than other cryptocurrencies, the latest, of course, being the implementation and activation of Taproot. But this is a feature, not a bug.

As the foundation of a massive open-source ecosystem, changes should be well thought out and should consistently demonstrate widespread consensus that the benefits of the change outweigh costs. While true and generally accepted, this line of thinking can also be a cop out. It’s important to recognize the necessity of consensus, but we must think deeply about what consensus means, how it is achieved and how we could potentially improve upon how it happens.

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