30 Jun '16, 8pm

How a handful of Chinese companies took control of Bitcoin

The American companies that journeyed to the Grand Hyatt — including venture capital-funded start-ups like Coinbase and Circle — are fighting to make Bitcoin bigger. They hope to expand the capacity of the Bitcoin network so that it can process more transactions and compete with the PayPals and Visas of the world. The current size of the network goes back to the early days, when Bitcoin’s founder, Satoshi Nakamoto, limited the amount of data that could travel through the network, essentially capping it at about seven transactions a second. As Bitcoin has grown more popular, those limits have caused severe congestion and led to lengthy transaction delays. The American delegation in China had a software proposal, known as Bitcoin Classic , that would change all that. The Chinese companies, though, had the ultimate decision-making power over any changes in the software, and t...

Full article: http://www.nytimes.com/2016/07/03/business/dealbook/bitco...

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