Author: Jim Phillips 2015-05-26 03:23:35
Published on: 2015-05-26T03:23:35+00:00
The debate over Bitcoin's block size increase and how it could affect the network continues. James G. Phillips IV, a member of the Bitcoin development community, believes that increasing the block size to 20MB will not harm the network as long as most relays are not as slow as his 2Mbps connection. He argues that he is just one node in thousands and there is no reason for him to run a full node from his home unless he wants to have his own trusted and validated copy of the blockchain on a computer he controls directly. Phillips also mentions that businesses can easily afford a server and bandwidth to run a full node, adding that the cost is a drop in the bucket. He claims that those nodes could handle 20MB blocks today without thinking about it. While some believe that datacenter-sized nodes would be necessary to keep up with VISA, Phillips disagrees. He points out that "too many users" is simply not a problem Bitcoin has and may never have. However, Phillips does believe that we need to solve the capacity problem soon if we want to avoid this becoming an issue.
Updated on: 2023-06-09T21:05:13.507278+00:00