Bitcoin: The Maximum Block Size Debate, Much Ado About Nothing?

Headlines Can Deceive News headlines can be like movie trailers. Too short to give an accurate picture of the full story—designed to grab attention and often deceptive. This article will explain in layman’s terms the issues surrounding one of the hottest Bitcoin * topics of late, known as “the maximum block size debate”. There is a lot of confusion swirling around the media. For those lacking insight into the mechanics of Bitcoin, simply scanning headlines can leave a misinformed impression. Mike Hearn, a former core developer, recently created major commotion with his blog post titled, The resolution of the Bitcoin experiment [1]. His post was followed by a prominent article in the New York Times, sounding a premature death knell

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Bitcoin Block Size Debate – Two sides to each coin.

by Albert Szmigielski As Bitcoin, the secure network and bitcoin, the currency gain in popularity, the number of transactions per time frame, and therefore per block increases. There is a limit to the number of transactions that can be included in a block. As the number of transactions is trending upwards, we are approaching the 1MB per block limit. A natural reaction would be to shrug and say: “so what, just raise the limit, problem solved”. However raising the limit has consequences on the economics of the network. Conversely, not changing the limit presents a different set of consequences. What follows is a summary and a review of arguments for and against the block size increase. Those in favour. The

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Bitcoin blocksize increase discussion – summary and analysis of proposals.

by Albert Szmigielski Introduction Currently Bitcoin blocks are limited to 1 MB. This limit implies a certain number of transactions per time frame. Bitcoin blocks are found on average every 10 minutes, therefore on average we can expect 7 transactions per second. In order to compete with established companies, Bitcoin must scale up and therefore increase the blocksize to allow more transactions per time frame. Increasing the blocksize would require a hard fork. Anytime major changes are required to the Bitcoin protocol different interest groups raise their concerns and lobby for their interest. Proposals There were four proposals for increasing the blocksize put forward. They can be found in BIPs 100 through 103, and BIPs 105, 106, the unofficial 248,

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