BitPay Supports Increase in Bitcoin Block Size Limit
BitPay, the largest bitcoin payment processor has sided with Gavin Andresen's court by showing its support towards incorporation of BIP 101. In other words, BitPay in one of their blog posts mentioned that the company supports the move to increase bitcoin block size from 1 MB to 8 MB (which is known as BIP 101). Bitcoin XT has been a topic of serious debate among the bitcoin community for a while now. The debate has ranged ever since Gavin Andresen, the Chief Scientist at Bitcoin Foundation and Mike Hearn proposed Bitcoin XT a few months ago. The Bitcoin XT proposal was later changed to....
Related News
BTCC COO Samson Mow: Without Consensus on Block-size Limit, Stakeholders Might Implement an Increase
BTCC Chief Operating Officer Samson Mow indicated that the leading Chinese mining pool and exchange supports an incremental increase of Bitcoin's block-size limit to 8 megabytes in order to buy time for alternative solutions to be developed. Moreover, Mow believes the Bitcoin industry might opt to raise Bitcoin's block-size limit even if no consensus is found among the Bitcoin Core development community. "If there is no consensus soon, I could see a situation where stakeholders make a decision to implement a small increase," Mow said. "Without bigger blocks, a fee market will develop,....
BitPay, one of the top funded companies and most-used payment processor in the Bitcoin industry, is open to alternative block-size proposals - not just BIP (Bitcoin Improvement Proposal) 101. Speaking to Bitcoin Magazine, CEO Stephen Pair reaffirmed that BitPay will adopt code to increase Bitcoin's block-size limit by December of this year, but said this no longer needs to be the proposal as implemented in alternative Bitcoin implementation Bitcoin XT. BIP 101 is programmed to increase the block-size limit to 8 megabytes, then doubling every other year for the next 20 years. This proposal....
BitPay introduced one potential fork of Bitcoin Core in a series of blog posts by CEO Stephen Pair. In the series, Pair describes an “adaptive block-size limit.” Pair expressed his belief on the Medium post’s that he believes Bitcoin does not need a fixed limit, though that would create uncertainty for miners. Pair believes there can be a “hard limit” – the maximum block size – and a “soft limit,” which miners could increase or decrease if they want. The soft limit will be the default limit for miners to create blocks. As Pair lays out in the fourth and final essay in a series: At BitPay,....
Both of Bitcoin's major payment processors — BitPay and Coinbase — have publicly defended an increase in the block size limit as proposed by Bitcoin core developer Gavin Andresen. While many payment processors refrained from commenting directly to CoinTelegraph on the block size debate, including BitPay and Coinbase, the available information suggests that the industry leaders will back an increase. Two payment processors that did respond to our inquiry, Coinkite and BitPagos, have indicated they support alternative solutions, such as core developer Jeff Garzik's BIP 100. Agreed (but....
Bitcoin Classic, a fork of Bitcoin with a doubled two-megabyte block size limit, appears to have failed. Now, many in the Bitcoin community have voiced fears that, with a continued one-megabyte limit, transaction confirmation times and fees will increase to the point where Bitcoin itself is untenable, potentially dooming the cryptocurrency. However, Steven Zeiler, Software Architect at Zen Software and former software architect for Ripple, holds a different view. He feels that the block size limit is at present a non-issue, and that the Bitcoin economy continues to work relatively....