12  As Bitcoin usage increased, developers proposed modifying the protocol that supports the technology to make it easier to process larger volumes of transactions, but Bitcoin’s decentralized governance system has made it difficult to agree on proposed changes. See R. Waters, “Bitcoin’s Future Threatened by Software Schism,” Financial Times, 11 February 2016.
4  BIS central bankers’ speeches  flock to the service that their friends use – and it is no small challenge to compete with a system that is already established. 13 The final hurdle DLT has to overcome is to gain regulatory acceptance and comply with domestic and cross-border laws and regulations.