A Primer on the Bitcoin Block Size Debate.
The cryptocurrency community is still divided on the bitcoin block size debate, as many have argued that it’s about time to increase the limit from the current 1MB in order to allow the network to process more transactions at a time. bitcoin investmentWhat’s the problem about the current block size?
Simply put, the 1MB cap on the block size means that fewer transactions are confirmed for each block, as miners verify transactions gathered in blocks. With the growing volume of transactions, miners are having difficulties keeping up with the number of entries that need to be processed, causing transaction times to slow down.
Some say that bitcoin creator Satoshi Nakamoto set the 1MB limit initially in order to keep the blockchain small, as previous versions of the software require wallets to download the entire chain every time it is opened. As the upgraded versions catered to web-based wallets with more efficient means of loading the blockchain, some say that Satoshi intended to have this 1MB cap removed. double btc
Aside from debating on whether or not this action might wind up favoring larger bitcoin mining companies since a larger block size would require more resources, the community is also divided on which approach to take. Here are some of the suggestions that have been raised.
