Author: Jeff Garzik 2015-05-07 19:54:13
Published on: 2015-05-07T19:54:13+00:00
The reliability of the Bitcoin network is about to be impacted negatively as blocks are nearing "full", meaning fees will no longer be zero. This change will prevent spam from being dumped into the blockchain for free. However, relying on fee pressure at 1MB to solve the problem is a bad idea as it severely impacts the attractiveness and adoption potential of Bitcoin due to high fees and unreliability. Bitcoin's cap of 7 tps is too low for any meaningful commercial activity to occur, and if it continues to remain this way, Bitcoin will fail or become useless for the majority of the world. The issue with scaling up to handle all the world's coffees is that it is unrealistic as it requires 100MB blocks, 14.4 GB/day, which would result in a tiny, highly centralized network node count. Finally, while wanting to see Bitcoin adoption, one must not sacrifice every decentralized principle and become a central banker in order to get there.
Updated on: 2023-06-09T19:40:58.663255+00:00