In the second part of this episode, Emmanuel Alamu and Elia Yousif explore the multiple layers and components that make up the Bitcoin system. Miners, developers, users and merchants all play a unique role, and everyone is incentivised to work together. “The moment you try to work against the system, you’ll be found out. The beauty of that is that it keeps everyone in line, because nobody wants to burn a hole in their own pocket.”

 

The different node implementations (BTC, BCH, and BSV) have each taken a different stand on the role of miners and the block size limit. Bitcoin Core insists on keeping the block size low and developers in charge. Bitcoin Cash is considering a proposal to tax miners to fund development. Bitcoin SV, sticking to the original vision of Bitcoin, has lifted the block size limit entirely, putting miners in charge of finding the equilibrium between the market’s demand with their own capacity, to create a scenario where growth and innovation is encouraged.