Author: Alan Reiner 2015-05-08 17:51:51
Published on: 2015-05-08T17:51:51+00:00
The discussion revolves around the scalability of the Bitcoin network and the need for side chains and off-main-chain transactions. The current block size limit of 1MB is deemed insufficient, with Alan Reiner stating that even 7TPS (transactions per second) is a failure if Bitcoin aims to be a global transaction network. He suggests that 5% of the world's population using Bitcoin for one transaction per month would require over 100 TPS. Jeff Garzik, however, argues that scaling up to handle all of the world's coffees is unrealistic and that a global transaction system cannot be fully audited by everyone. He adds that fee pressure at 1MB is a bad idea and that Bitcoin should not be centralized. Andrew provides his thoughts on the matter, suggesting that relying on side chains and treechains is necessary to keep Bitcoin decentralized while supporting a large number of users at once in one transaction.
Updated on: 2023-06-09T19:37:04.843562+00:00