Author: Pieter Wuille 2015-06-26 18:34:31
Published on: 2015-06-26T18:34:31+00:00
The author of this context disagrees with the notion that there will be a need to increase block size for Bitcoin. They argue that Bitcoin provides utility at any block size and potentially even more with larger blocks. They believe that the economy will adapt to whatever is available, but setting a precedent for increasing block size due to a perceived need is essentially saying that the size should scale indefinitely. The author also argues that the most important effect of block size limits is people deciding not to use Bitcoin transactions on-chain, which is already happening and will continue to happen regardless of block size. The resulting market may either live with high variability in confirmation times, leading to nearly full blocks, or accept the current fill level as acceptable and only see a change in usage.
Updated on: 2023-05-19T20:50:10.171518+00:00