Ongoing Debate on Proposal to Increase Bitcoin Block Size to 20MB
Bitcoin developers have been debating whether or not to increase the allowable block size to 20MB, as the network is struggling with verifying transactions now that volumes are growing. At the moment, there is a limit of 1MB per block, which limits the number of transactions that the network can handle per second. According to lead bitcoin developer Gavin Andresen, the best solution might be to develop a code that would allow for a larger block size. His proposal features a bitcoin hard fork that would allow any block with a timestamp on or after March 1, 2016 to be up to 20 megabytes.....
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The debate to increase the bitcoin block size from its current 1MB has been going on for quite some time now. Those who are calling for a larger limit say that the current size of the network can no longer handle the transactions efficiently with such a small block size. Some say that it should be increased to 20MB while others think that 8MB would suffice. According to lead bitcoin developer Gavin Andresen, the best solution to the limited transactions of the bitcoin network is to increase the maximum block size. He even pointed out that if solution isn't implemented right away, the....
As much as most people would like to think otherwise, the Bitcoin block size debate is far from over. Various new proposals have been suggested in the past, and another interesting concept was posted on Reddit earlier today. According to this user, a small block size increase should be done first, followed by the integration of Segregated Witness. Addressing the key issue as soon as possible should be the top priority for all Bitcoin developers. Based on the findings of the Reddit in question, Segregated Witness should not be the first and foremost solution to settling the Bitcoin block....
The need to increase the blockchain limit has been an ongoing debate these days, as the current size limits the network's capacity to verify transactions. At the moment, the protocol restricts the size to 1MB for every block mined on the network, making it too long to complete. The lack of central authority to make this kind of decision for the bitcoin industry has been one of the biggest reasons why this debate hasn't progressed, although some groups have started discussions. Some have even proposed increasing the block size to 20MB while a cartel of Chinese bitcoin miners say that 8MB....
The block size debate, long one of the defining challenges hanging over bitcoin's tech community, took an interesting twist late last month. A years-long discussion about how best to scale the functioning $15bn economic network mid-flight, the debate has largely been characterized by a face-off between those who would increase the 1MB block size via an efficiency improvement called SegWit, and those who want to change the hard-coded block size limit to 2MB or more. You'll notice that, so far, neither side has called for a block size decrease. But that was exactly the view represented in a....
Bobby Lee, CEO of the world’s 2nd largest bitcoin exchange BTCChina and board member of the Bitcoin Foundation has recently publicized his strong belief regarding the great block size debate. Over the past year, leading bitcoin startups, experts and the community have weighed in on the block size debate, to discuss which bitcoin improvement proposal is most viable for the network. Many factors have been considered; the economical advantage, technological capability and the effect on miners and users across the globe. While leading bitcoin firms including BitPay, Blockchain.info, KnCMiner....