Author: Aaron Voisine 2015-06-26 19:05:52
Published on: 2015-06-26T19:05:52+00:00
The discussion in this context is centered around the block size limit and its effects on fee pressure in Bitcoin. The claim that block size limits large enough to prevent fee pressure is unsustainable is countered by the fact that there is already fee pressure in the system, despite blocks typically being below the limit. This fee pressure is induced by standard minimum relay rules and transaction selection rules for blocks, which are built into all Bitcoin software and handle the situation well. The debate revolves around when and how to increase the block size limit. One perspective is that increases in advance of fee pressure only delay the problem and that careful planning now is required to build infrastructure to support a world with full blocks while still having room to grow fast if things unexpectedly break. It is argued that waiting until the need to increase block size is acute will lead to businesses permanently shelving plans to use Bitcoin and larger disruption to the fee market. Another perspective is that economic change is inevitable, independent of whether larger blocks happen or not. While larger blocks may be necessary in the long term, it is emphasized that there should be no rush and that acting because of fear of economic change is a bad reason. People who argue for a change in economic policy are advised to admit that they are arguing for a delta from current market expectations and behavior. In conclusion, there is ongoing discussion about when and how to increase the block size limit without causing disruption to the fee market and Bitcoin's growth and adoption. While some argue for careful planning now to deal with future changes, others suggest that change is inevitable and that rushing to increase the block size limit is not the solution.
Updated on: 2023-06-10T01:11:51.848178+00:00