{"id":782,"date":"2022-05-02T16:27:50","date_gmt":"2022-05-02T16:27:50","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=782"},"modified":"2022-05-02T16:27:52","modified_gmt":"2022-05-02T16:27:52","slug":"bip-119-a-controversial-bitcoin-fork","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/bip-119-a-controversial-bitcoin-fork\/","title":{"rendered":"BIP 119: A Controversial Bitcoin Fork"},"content":{"rendered":"\n

tl;dr Summary<\/strong>: A new proposal for a change to Bitcoin’s code would make it so users could only send bitcoin to addresses they whitelisted. This has stirred a controversy with some claiming that it creates a way for tighter regulations from governments and removes the privacy aspect so fundamental to the blockchain.<\/em><\/p>\n\n\n\n

Every country has its own currency. That currency is typically controlled by specific government organizations responsible for setting specific parameters about it such as supply count, distribution and development, to name a few. Bitcoin is seen as the currency free from control and having no single governing body. It is distributed peer-to-peer and depends on the blockchain that underlies it for its function. But some mechanism has to exist to allow development and change for it to progress with user needs. This mechanism is called a Bitcoin Improvement Protocol (BIP).\u00a0<\/p>\n\n\n\n

What is a BIP and where does it come from?<\/strong><\/p>\n\n\n\n

Basically, a BIP is a text document that describes a proposed feature or an existing feature that is written with the intention to make improvements in Bitcoin. It is stored in a GitHub repository, which is the platform to access all of Bitcoin\u2019s code and see how it works. Anyone can make this document and then present it in the repository. After you make it, it is viewed by the editor and then given a BIP number. From there on it is contested by everyone who is a part of the Bitcoin network, so just scribbling some features by yourself won\u2019t effect change!<\/p>\n\n\n\n

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Source: https:\/\/github.com\/bitcoin\/bips\/blob\/master\/bip-0119.mediawiki<\/figcaption><\/figure><\/div>\n\n\n\n

Bitcoin is the people\u2019s network, so not a single party will contest your proposal. Rather, the parties responsible for checking and analyzing your proposal are the miners, developers, node devs, user wallets, merchants, and exchanges. Each one of them is responsible for auditing the proposal and deciding if it would benefit Bitcoin in any way. All of the types of people mentioned must agree on the changes and a majority must be in favor for the proposal to become a feature. It is often believed by beginners in the space that the miners dictate the changes which is absolutely false as all the different types of people have a vote. These changes are called forks, which you can learn more about here<\/a>.<\/p>\n\n\n\n

The BIPs are important such that they allow Bitcoin to move with the progressing world and better function for the people. As a matter of fact, the code written by Satoshi in 2009 is now only 15% of the whole Bitcoin code today with new features, updates and improvements being made progressively. This shows how important these protocols are and how diligently the people involved in accepting the proposals make sure it benefits the network.<\/p>\n\n\n\n

What\u2019s so special about BIP119?<\/strong><\/p>\n\n\n\n

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I've been trying to understand BIP119. From a non-technical person's perspective, here are some thoughts.

For context, #bitcoin<\/a> is something I buy, hodl and sometimes sell with a simple wallet strategy. I don't even like thinking about the tech stuff.

\ud83d\udc47\ud83d\udc47\ud83d\udc47<\/p>— Peter McCormack \u2b1b (@PeterMcCormack) May 1, 2022<\/a><\/blockquote>