Author: Luv Khemani 2017-03-31 04:21:17
Published on: 2017-03-31T04:21:17+00:00
The debate around the blocksize of Bitcoin is a waste of time, as even if it were to be increased, it would still not be enough for global usage in the medium-long term. Nodes define which network to follow and without them, there is no control over which segment to be on. The ability for users to run a node is essential as it keeps the miners honest and prevents them from rewriting any of Bitcoin's rules. Full nodes protect the user from any changes to Bitcoin that they do not agree with. The market is storing 10s of billions of dollars in Bitcoin because of its trustless properties. Increasing the blocksize introduces limitations similar to those of Visa/Cash, which goes against Bitcoin's primary proposition of removing such limitations. Lightning offers a solution that potentially allows for a couple of orders of magnitude of scaling and will make blocksize a non-issue for years to come.
Updated on: 2023-06-11T22:46:32.966410+00:00