Author: Ryan Butler 2015-08-07 17:47:22
Published on: 2015-08-07T17:47:22+00:00
The debate on whether to increase the block size of Bitcoin in response to the fear of running out of capacity has been ongoing for some time. One argument against increasing the block size is that it could lead to centralization, while another is that it may not be necessary if off-chain systems are used. However, Gavin Andresen, a Bitcoin developer, believes that raising the block size is necessary to support more users and transactions without disrupting the system. He argues that the demand for Bitcoin is infinite, and if fees are not set at a minimum, the market will eventually fill whatever capacity is available. Andresen acknowledges that there are costs associated with increasing the block size, such as higher operating costs for full-nodes, but he believes the benefits outweigh these costs. He also notes that future Bitcoin engineers should consider raising the block size if needed and if the benefits outweigh the costs. Pieter Wuille, another Bitcoin developer, disagrees with this approach, arguing that making technical decisions based on a fear of economic change is dangerous. In conclusion, there are differing opinions on the need to increase the block size of Bitcoin, with some advocating for it to support more users and transactions, while others fear it could lead to centralization and disrupt the system.
Updated on: 2023-06-10T18:25:48.908034+00:00