Author: Will Madden 2015-08-21 13:34:45
Published on: 2015-08-21T13:34:45+00:00
The cap of 1MB on block size is detrimental to the growth and health of Bitcoin. The protocol's success is due to its network effect, which is hindered by capping the block size. This cap limits the number of active users to 100,000 who transact twice a day on blockchain. If the cap remains in place, it will prevent new users from joining and freeze the economic incentive to mine, hurting the price of Bitcoin. Freezing Bitcoin's growth for a prolonged period could threaten its position as the leading cryptocurrency. Controlled growth through the implementation of BIP101 is necessary for the continued success of the protocol. Other competing protocols could gain an advantage if Bitcoin's growth is stalled. There are also concerns that a 20-year plan to increase the block size may not be successful. The pressure to seek durable solutions will disappear with a block size increase, but this could turn out differently than expected. Oliver Egginger via bitcoin-dev mentions that he cannot imagine a successful 20-year plan and hopes that the current protocol and blockchain will continue, possibly with fewer people.
Updated on: 2023-06-10T20:26:54.391258+00:00