The bitcoin scalability problem is a consequence of the fact that blocks in the blockchain are limited to one megabyte in size. Blocks larger than one megabyte are automatically rejected by the network as invalid. Bitcoin blocks carry the transactions on the bitcoin network since the last block has been created. This allows for around three transactions per second maximum capacity rate.
The one-megabyte limit has created a bottleneck in bitcoin, resulting in increasing transaction fees and delayed processing of transactions that cannot be fit into a block. Various proposals have come forth on how to scale bitcoin and a contentious debate has resulted. Business Insider in 2017 characterized this debate as an “ideological battle over bitcoin’s future.”
On 21 July 2017 bitcoin miners locked-in a software upgrade referred to as Bitcoin Improvement Proposal (BIP) 91, meaning that the controversial Segregated Witness upgrade was scheduled to activate at block 477,120.
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Transactional leadership, also known as managerial leadership, focuses on supervision, organization, and performance; transactional leadership is a style of leadership in which leaders promote compliance by followers through both rewards and punishments. Unlike transformational leaders, those using the transactional approach are not looking to change the future, they look to keep things the same. Leaders using transactional leadership as a model pay attention to followers’ work in order to find faults and deviations.
This type of leadership is effective in crisis and emergency situations, as well as for projects that need to be carried out in a specific way.
Bitcoin is a cryptocurrency and worldwide payment system; it is the first decentralized digital currency, as the system works without a central repository or single administrator. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
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Bitcoin Cash (BCH) is a hard fork of the cryptocurrency bitcoin. The fork occurred on August 1, 2017.
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Leader is both a research area and a practical skill encompassing the ability of an individual or organization to “lead” or guide other individuals, teams, or entire organizations. The literature debates various viewpoints: contrasting Eastern and Western approaches to leadership, and also (within the West) US vs. European approaches. US academic environments define leadership as “a process of social influence in which a person can enlist the aid and support of others in the accomplishment of a common task”. Leadership seen from a European and non-academic perspective encompasses a view of a leader who can be moved not only by communitarian goals but also by the search for personal power. Leadership can derive from a combination of several factors, as the European researcher Daniele Trevisani highlights:
“Leadership is a holistic spectrum that can arise from: (1) higher levels of physical power, need to display power and control others, force superiority, ability to generate fear, or group-member’s need for a powerful group protector (Primal Leadership), (2) superior mental energies, superior motivational forces, perceivable in communication and behaviors, lack of fear, courage, determination (Psychoenergetic Leadership), (3) higher abilities in managing the overall picture (Macro-Leadership), (4) higher abilities in specialized tasks (Micro-Leadership), (5) higher ability in managing the execution of a task (Project Leadership), and (6) higher level of values, wisdom, and spirituality (Spiritual Leadership), where any Leader derives its Leadership Style from a unique mix of one or more of the former factors”.
Studies of leadership have produced theories involving traits, situational interaction, function, behavior, power, vision and values, charisma, and intelligence, among others.
LocalBitcoins is a bitcoin startup company based in Helsinki, Finland. Its service facilitates over-the-counter trading of local currency for bitcoins. Users post advertisements on the website, where they state exchange rates and payment methods for buying or selling bitcoins. Other users reply to these advertisements and agree to meet the person to buy bitcoins with cash or pay with online banking. LocalBitcoins has a reputation and feedback mechanism for users and an escrow and conflict-resolution service. As of December 2013, LocalBitcoins has around 110,000 active traders with a trade volume of 1400–3000 bitcoins per day.
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The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Whilst the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.
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A leadership style is a leader’s style of providing direction, implementing plans, and motivating people. Various authors have proposed identifying many different leadership styles as exhibited by leaders in the political, business or other fields. Studies on leadership style are conducted in the military field, expressing an approach that stresses a holistic view of leadership, including how a leader’s physical presence determines how others perceive that leader. The factors of physical presence in this context include military bearing, physical fitness, confidence, and resilience. The leader’s intellectual capacity helps to conceptualize solutions and to acquire knowledge to do the job. A leader’s conceptual abilities apply agility, judgment, innovation, interpersonal tact, and domain knowledge. Domain knowledge encompasses tactical and technical knowledge as well as cultural and geopolitical awareness. Daniel Goleman (2000) in his article “Leadership that Gets Results” talks about six styles of leadership.
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The legal position of bitcoin varies greatly from country to country and continues to be undefined or changing in most of them. Whilst nearly all countries do not make the consumption of bitcoin itself outlawed, its position as money (or a product) varies, with differing regulatory implications. Although some countries have explicitly allowed its use and trade, others have prohibited or limited it. In the same way, various government companies, departments, and courts have categorized bitcoins in different ways. While this content supplies the legal position of bitcoin, legislation and bans that connect with this cryptocurrency likely extend to similar systems as well.
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Servant leadership is a leadership philosophy. Traditional leadership generally involves the exercise of power by one at the “top of the pyramid.” By comparison, the servant-leader shares power, puts the needs of others first and helps people develop and perform as highly as possible. Servant leadership turns the power pyramid upside down; instead of the people working to serve the leader, the leader exists to serve the people. When leaders shift their mindset and serve first, they unlock purpose and ingenuity in those around them, resulting in higher performance and engaged, fulfilled employees.
