Author: Michael Naber 2015-08-11 21:18:49
Published on: 2015-08-11T21:18:49+00:00
The growth of Bitcoin is due to its inexpensive transaction fees, making it more desirable than traditional money. However, if Bitcoin's low transaction fees are no longer a characteristic, then the currency will be replaced by better options. It is crucial to reach a consensus regarding the block size issue to determine whether Bitcoin can continue to grow or not. The issue of hitting the limit is not necessarily a bad thing, but constraining the limit below technology capabilities may result in centralization pressures. Consensus rules keep the system together, and changes must be made carefully to avoid disagreement and potential risks. Bitcoin should aim to increase block size for the right reasons rather than out of fear of rising fees or unreliability.
Updated on: 2023-06-10T18:32:58.540197+00:00