• Bitcoin Developers rely primarily on donations to stay afloat.
• Without enough funds, the developers could start looking for other jobs, which would be bad for the network.
• Steven Lee believes that once crypto prices shoot up again, the money O’Beirne is looking for should pile in like it has in previous years.
Bitcoin Network Needs Financial Support
Bitcoin is still the world’s biggest crypto network, however James O’Beirne – one of its top developers – claims that if people don’t donate enough money to pay remaining developers for their work, the blockchain behind BTC could falter in the coming weeks.
Dependence On Donations
The individuals working hard to bring bitcoin to fruition mainly rely on grants and donations from supporters to maintain their livings and their jobs. This can be difficult as not everyone has the money required to ensure the future of bitcoin’s blockchain, and those that do must choose whether or not they want to donate their funds. If present developers don’t get enough money, they will need to search for new job opportunities which could potentially cause bitcoin to lag behind its competitors.
Hopes Of Price Growth
Steven Lee, who leads a division of Jack Dorsey’s Block firm believes that with a rise in crypto prices more people will be willing and able to donate funds towards bitcoin development. Gloria Zhao helps maintain Bitcoin Core software and states that most of changes are just bug fixes with a small minority consisting of protocol changes such as Taproot or Package Relay.
Bear Market Challenges
Due to financial pressures caused by bear market conditions some companies have had no choice but reduce funding given towards development teams which makes it even harder for them stay afloat during these times.
The Future Of Bitcoin
Despite this challenging period for bitcoin there is still hope amongst industry heads such as Steen Lee who believe that once cryptos prices increase again so too will donor amounts helping ensure security and longevity of this popular digital asset.