Interview
Can Bitcoin's network handle mainstream adoption?
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Bitcoin Block Size News
All transactions made with Bitcoin are recorded into a blockchain block, the size of which is 1 MB. Initially, there was no limit, but as Bitcoin’s technology spread into the public, there were a number of hacking attacks in 2010 and containing the storage size of a block was something that could help make blocks more sustainable and protected from them. When making transactions with a small amount of data, such as in case of creating a new block, users didn’t even notice the limit. Nevertheless, as a number of miners, sellers and buyers increases every day, problems due to the size of the blockchain are becoming more evident. Nowadays, some are considering expanding the Bitcoin block size. However, it will take miners much more time to create a new block and amending the code is a complex process, so such an improvement might take a lot of time and money.
- Explained
The block size debate is among the most contentious discourse in Bitcoin, having spawned numerous community rifts and contested proposals.
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Bitcoin’s scaling crisis was one of several things Satoshi and earlier Bitcoiners never anticipated. Here’s how that 1 MB blocksize limit got put there.
55098 A Bitcoin fork means a “likely” loss of value, an investment source has said, regardless whether it is hard or soft.
26052Lightning Network payment channels will likely only compete with traditional processors when worth over $150, Ryan X. Charles has calculated.
10954Detractors are coming out among members of Barry Silbert’s SegWit activation meeting, including Bitcoin.com’s Roger Ver.
13532Bitcoin scaling solution consensus has been reached among key industry players. SegWit and 2MB block size increase to be implemented.
26368Antpool, Bitcoin’s largest mining pool, has begun mining blocks supporting Bitcoin Unlimited, cementing deadlock in the scaling debate as transaction issues worsen.
2325Bitcoin’s unprocessed transaction pool size spiked again last week, prompting fears the network is nearing operational capacity.
1302Bitcoin Unlimited blocks mined have reached a new high, passing SegWit and indicating that a hard fork may be just around the corner.
2686Roger Ver, the owner of Bitcoin.com, believes that there is good reason to think that 2017 will be the best year for Bitcoin.
2197What if you could add almost 2500 transactions a second to the Bitcoin protocol without the major network changes required by SegWit and Lightning?
2022Bitcoin’s scaling issues have long caused a deep divide within the community as well as transaction delays. Unfortunately, there is a human cost to these delays.
1252Chandler Guo, a known Bitcoin and Ethereum startups investor, compares Bitcoin with Trump, Ether with Hillary and suggests block size could be raised to avoid a war and losses.
7254 days in, 13.7% of Bitcoin nodes has already upgraded to Bitcoin Core 0.13.1, supporting the activation of SegWit.
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