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BIP119: Is It an Attack on Bitcoin?

After crypto plunge, Bitcoin enthusiasts monitor US stocks

Peter McCormack, a cryptocurrency enthusiast, and investor, recently tweeted against BIP119.

He said that although he does not know much about tech, he feels that BIP119 is an attack on bitcoin.

What is BIP119?

The BIP-119 proposal for Bitcoin seeks to improve the network’s scalability and facilitate quick payments in huge amounts, something that will be required when the use of Bitcoin becomes widespread.

Last year, Jeremy Rubin, an MIT computer programmer, proposed the BIP-119 scalability standard. The idea aims to expand Bitcoin’s internal capacity by enabling a greater number of simultaneous transactions with less effort and lower network emission costs.

Is the BIP-119 suggestion a feasible option?

For the time being, despite the positive response from the community, the proposal is still in its early stages as Rubin himself has stated that work on restructuring the Bitcoin “mempool,” creating a language for smart contracts, developing open software in this language to enhance interfaces, and safeguarding funds with CTV still needs to be done.

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