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Between 2015 and 2017, Bitcoin experienced an internal conflict known as the “block size war.” This was a key conflict in Bitcoin’s history, with both sides arguing over what they believed to be the correct scaling strategy for the Bitcoin network to ensure it could meet growing demand over time. The two factions in this debate were known as big blockers and small blockers. Big blockers advocated for increasing the original size of Bitcoin blocks from 1MB to 8MB. This would increase Bitcoin transaction throughput by eight times while reducing transaction costs. Small blockers advocated for keeping the block size unchanged, arguing that increasing the block size would jeopardize Bitcoin’s decentralization because it would make the Bitcoin blockchain more difficult for regular users to run and verify. Small blockers ultimately proposed an alternative path called Segregated Witness (SegWit), which would optimize the number of transactions that could fit into a block rather than directly increasing the block size. Segregated Witness would also open the door to scaling solutions outside of the core Bitcoin protocol, known as Layer 2 scaling. To better support these views, small blockers wanted to scale in two ways:

With the constant changes of the "atypical bear market", the "halving" narrative that has never faded in the crypto world has arrived. On April 20, 2024, the block reward will be reduced from 6.25 BTC to 3.125 BTC. Everything in the past is a prologue. As one of the most important narratives in the crypto industry, "Bitcoin halving" has always been a good medicine to boost market confidence. Now that the bull market seems to be within reach, will this round of halving cycle follow the same rhyme as before?

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The historical cycle of halving is a grand event for the crypto industry. In particular, the first two halving cycles of Bitcoin have seen an astonishing increase of dozens of times (in the short term, after the two halvings, both There was a short-term decline as the profits were exhausted, but then the adjustment was completed and a long-term rise emerged). However, starting from the third halving in 2020, as the number of industry practitioners, market attention and the improvement of supporting infrastructure have all improved significantly than before, Bitcoin is no longer a niche product limited to geek circles. linkage with more external factors. Briefly summarized: before the first two halvings (2012, 50BTC to 25BTC; 2016, 25BTC to 12.5BTC), geeks in the circle were more concerned about the possibility of Bitcoin as electronic cash; the third halving (2020, 12.5BTC to 6.25BTC) During the cycle, the focus on Bitcoin shifted to its attributes as a payment tool, which also triggered a series of debates (the subsequent BCH fork was almost the top trend in the circle); and In the fourth halving cycle (2024, 6.25 BTC to 3.125 BTC), with the approval of the application for Bitcoin spot ETF, Bitcoin has become an alternative asset, and focusing on traditional institutions and capital layout has begun to become the main theme; so compared After the first two halvings, the popularity of Bitcoin’s third halving was also unprecedented. At the same time, the overall political and economic environment of the world during Bitcoin’s third halving also affected its performance: