Author: Aaron Voisine 2015-05-14 01:31:56
Published on: 2015-05-14T01:31:56+00:00
The discussion on the Bitcoin network upgrade revolves around increasing fees and the impact it would have on adoption as a store-of-value. According to Aaron Voisine, increased fees will cause people to find alternatives to Bitcoin, leading to lower adoption rates and thereby reducing its value. Pieter Wuille adds that unpredictable transaction failure is a far higher cost to the user than the actual fee. While increasing the block size allows for more growth space, it does not fundamentally add more use cases or increase adoption. The question then arises of when the fork should take effect, with Voisine recommending a supermajority of the previous 1000 blocks indicating they have upgraded as a safer alternative to a simple flag date. However, Wuille argues that measuring miner adoption is the least relevant and instead emphasizes the need for people using full nodes to upgrade.
Updated on: 2023-06-09T20:42:59.975656+00:00