Enlarge / A bitcoin token stands in this arranged photograph in London, U.K., on Wednesday, Jan. 4, 2017. (credit: Chris Ratcliffe/Bloomberg via Getty Images)
A group of prominent developers backing a plan to expand the capacity of the Bitcoin network threw in the towel on Wednesday. “It is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time,” wrote developer Mike Belshe in a Wednesday afternoon email.
In the short run, the announcement averts a looming crisis for the Bitcoin community, which faced the possibility that the payment network could be split into two rival, mutually incompatible versions.

But the announcement also prolongs the capacity problems that have been plaguing Bitcoin for years.
The Bitcoin network is no longer able to accommodate all the users who want to make Bitcoin transactions.

As a result, the price to make a Bitcoin transaction has soared.
In Bitcoin’s early years, the cost to make a Bitcoin transaction was $0 or close to it.

Today, you often have to pay a fee of more than $5 to get your payment accepted by the Bitcoin network.
Read 21 remaining paragraphs

Leave a Reply