Author: Andrew Johnson 2017-02-08 19:56:19
Published on: 2017-02-08T19:56:19+00:00
The topic of Bitcoin's blocksize increase has resurfaced in the community, with dissenting opinions on whether or not to raise it. One argument against raising it is that a small minority can block all forward progress, making Bitcoin uninteresting. However, proponents argue that when the 1MB cap was implemented, it was stated specifically that we could increase it when necessary. The white paper even talks about scaling to huge capacity. Furthermore, doing nothing is also a choice, and it is important to consider the majority opinion. A poll showed that 63% of votes want a larger than 1 MB block by this summer. However, some argue that incentivizing full node operation would fix the problem instead of making blocks smaller. Ultimately, the decision to raise the blocksize cap requires a significant consensus among the community.
Updated on: 2023-06-11T21:26:36.355798+00:00