The crypto-community is looking forward to bitcoin [BTC] reaching its glory days as expectations of a bull run strengthen. However, there is an ongoing conversation among Bitcoiners about the block size of the coin.
Twitter user, @CobraBitcoin, Co-owner of bitcoin.org and Bitcointalk.org, shed some light on this issue by talking about increasing the block size of bitcoin to support Lightning function. However, he also pointed out a looming problem in the community.
“The reality: bitcoin’s block size eventually needs to be increased as even Lightning can’t function with high fees.
The problem: A good chunk of the community has ideologically trapped itself into small block mentality and will find it difficult to crawl out.”
The user countered bitcoin enthusiasts who argued that bitcoin did not exist to serve Lightning, to which @CobraBitcoin responded by stating that the use of the coin is to enable people to transact without large fees. He added,
“If we get to a point where high fees are consistent, bitcoin will be upgraded to bigger blocks.”
bitcoin enthusiasts also brought up the risks associated with increased block size such as censorship. @jordanBTCplz said,
“Speak for yourself. Abhorrent fees are much more acceptable to me than any incremental risk of censorship or confiscation.”
Initially, bitcoin’s block size was limited by the number of database locks that was required to process it and this limit was around 500-750k in serialized bytes. However, an explicit size of 1MB was introduced in 2010 by Satoshi Nakamoto, the creator of bitcoin. The conflict over increased block size mainly revolves around the security part of bitcoin, and an increased block size could lead to major security concerns.
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Published at Fri, 26 Apr 2019 20:08:14 +0000
