Author: Venzen Khaosan 2015-08-14 02:26:33
Published on: 2015-08-14T02:26:33+00:00
In a discussion on the Bitcoin-dev mailing list, Geir Harald Hansen argues that if the current block size limit of 1MB is not increased, more people using bitcoin could result in full blocks and a backlog of transactions. This, in turn, could cause people to abandon bitcoin and migrate to other systems with lower fees. Hansen suggests that increasing the block size limit would have allowed mining pools to react quickly by upping their own soft limit, thereby making it possible to prevent such a situation. However, increasing the limit also runs the risk of delaying the development of the transaction fee market. Jorge Timón, another member of the mailing list, classifies concerns related to block size increase into two categories: potential indirect consequences of rising fees and software problems independent of a concrete block size that need to be solved anyway. He suggests that the lowest fee transactions will become unreliable and people may move to other systems with lower fees if fees increase. Additionally, Bitcoin Core's mempool is unbounded in size and there's no good way to increase the fee of a transaction that is taking too long to be mined without the "double spending" transaction.
Updated on: 2023-06-10T19:13:31.032488+00:00