Author: Jorge Timón 2015-08-12 10:28:39
Published on: 2015-08-12T10:28:39+00:00
The debate over the maximum block size in Bitcoin has revealed a fundamental disagreement. While some believe that increasing the block size could lead to further centralization of mining, others argue that formal proofs show this is not the case. However, there are concerns related to increasing the block size, including the potential for mining centralization to worsen and for government control to enforce transaction censorship. This could lead to irreversible transactions being destroyed, making some use cases that rely on a decentralized chain impractical. In addition, reversible transactions will have proportional fees rather than flat ones, which could affect certain use cases like remittance. Another concern is that trying to avoid "hitting the limit" permanently minimizes minimum fees, which are currently set at zero. If fees and the block reward do not increase enough, the subsidy block reward may eventually become insufficient to protect the irreversibility of the system. Miners may also continue to run noncompetitive block creation policies, and unsustainable Bitcoin businesses may be created as a result. Finally, "free transactions bitcoin marketing" may mislead users, leading to anger when they discover the unsustainability of that property and the unreliability of free transactions. Overall, these concerns suggest that an increase in the block size could have negative consequences for the Bitcoin network.
Updated on: 2023-06-10T19:18:44.990299+00:00