BTCChina CEO Recommends 2 Megabyte Block Size Increase
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....
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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....
Blockchain is the ledger in Bitcoin network which records all transaction details. These transactions are registered in 10 minute blocks of 1 megabyte each. The Blockchain grows as the number of blocks increase. New blocks are created each time after the previous block exceeds the block size. The block size was limited to 1 MB during the initial days of Bitcoin when the number of transactions were less and the Blockchain didn't have much use apart from recording the transactions. But now, as the number of bitcoins and bitcoin users increase, the number of transactions also rise. Apart from....
Bitcoin Core Developer Jeff Garzik has introduced Bitcoin Improvement Proposal (BIP) 202, proposing that the Bitcoin community and miners take small and economically sound steps in increasing the maximum Bitcoin block size to 2 megabytes. Over the past few months, bitcoin core developers have proposed a number of BIPs including BIP 100 and 101, to increase the Bitcoin block size up to 8 megabytes. However, Bitcoin experts have criticized such proposals with concerns that it may "break" the Bitcoin code. "Bitcoin's block size limit needs to be increased in order to achieve wide Bitcoin....
Bitcoin has entered into a new phase of its existence. Prominent developers Mike Hearn and Gavin Andresen have made changes to the alternative Bitcoin implementation Bitcoin XT, designed to fork Bitcoin's blockchain in order to allow for bigger blocks. Bitcoin users and - in particular - miners are, therefore, faced with a choice. Will they support Bitcoin XT and vote for an 8 megabyte block-size limit - doubling every other year? Or will they stick to Bitcoin Core with 1 megabyte blocks, limiting the Bitcoin network to a maximum of seven transactions per second? Or at least that is the....