Author: Justus Ranvier 2015-05-09 12:53:48
Published on: 2015-05-09T12:53:48+00:00
In a forum post, Andrew argues that the 1 MB block size limit in Bitcoin is good because it allows for all relevant transactions to be stored on a single 5 TB hard drive for a person's entire lifetime. On the other hand, if the block size were increased to 10 MB, a person would need a 50 TB hard drive just for their own transactions, which would be difficult for most people to afford and store. Andrew believes that being able to review all transactions relevant to one's lifetime is an important property of Bitcoin, as it enables auditing of financial transactions and promotes transparency. He also notes that storage technology may improve over time, but human life expectancy will also increase, so the 1 MB limit may still be sufficient in the future. Andrew then poses a question about the number of individuals and companies that would use Bitcoin, and asks how many lifetime transactions each entity can perform with the 1 MB limit.
Updated on: 2023-06-09T19:38:51.794022+00:00