What Is Bitcoin Block Size and Why Does It Matter ...
Bitcoin block size limit debate: An overview
Bitcoin block size limit debate: An overview Cryptopolitan
Block size – In Blockchain, Mining, Bitcoin, 1Mb, 2Mb ...
Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/r/Bitcoin has many discussions over whether the Bitcoin block size limit should be raised.
Tonight, on your special edition of SubredditDrama we will debate on the block size limit and watch the arguments unfold. Grab your popcorn and welcome to Sub Reddit Drama! *cue intro music*
First, some context for the uninitiated.
Bitcoin is a decentralized cryptocurrency, which processes transactions in blocks. Typically, these take about 10 minutes to process, and this is how transaction verification works. Currently, the limit on the size of each block is 1 megabyte, to prevent people from create gigantic blocks that would take a lot of data to store in the long run. Because of this, only so many transactions can be processed in a block. Recently, there has been a proposal to increase this size to 20 MB. This would make the maximum size of each block larger, which could make the network able to process more transactions in a shorter amount of time. Many people have their opinions, and everyone knows that duty calls.
Though the block size limit of these three blockchains, namely Bitcoin, Bitcoin SV, and Bitcoin Cash is different from each having ten minutes block time, roughly. So, in order to observe their performance, it is best to do it indirectly rather than Bitcoin block size limit. The Bitcoin block size limit is a parameter in the Bitcoin protocol that limits the size of Bitcoin blocks, and, therefore, the number of transactions that can be confirmed on the network approximately every 10 minutes. With a 1MB block size limit, the Bitcoin network processes a maximum of around seven transactions per second (there are anomalies). For comparison, Ethereum processes about 15 transactions per second, Bitcoin Cash process around 65 transactions per second, and the Visa network can process over 1,700 fiat transactions per second. Originally, Bitcoin's block size was limited by the number of database locks required to process it (at most 10000). This limit was effectively around 500-750k in serialized bytes, and was forgotten until 2013 March. In 2010, an explicit block size limit of 1 MB was introduced into Bitcoin by Satoshi Nakamoto. Though the block size limit of these three blockchains, namely Bitcoin, Bitcoin SV, and Bitcoin Cash is different from each having ten minutes block time, roughly. So, in order to observe their performance, it is best to do it indirectly rather than Bitcoin block size limit.
Satoshi Nakamoto's reasons for sneaking a maximum block size into the bitcoin source code are not well known by many cryptocurrency enthusiasts. In this video, we dig into a bit of blockchain history. This explainer video shows you how certain 'entities' have strangled the bitcoin network and block size limit at 1mb. Creating a need for the bitcoin lightning network and off-chain solutions. Top Bitcoin Core Dev Greg Maxwell DevCore: Must watch talk on mining, block size, and more - Duration: 55:04. The Bitcoin Foundation 19,937 views When Bitcoin was first created, Satoshi Nakamoto did not intentionally limit the block size, with the largest block reaching up to 32MB. At that time, an average block size is around 1 to 2 KB. A talk on the Bitcoin block size debate and a discussion of arguments for both larger and smaller block sizes give by Leonhard Weese on 18 November, 2015 at Tuspark's Causeway Bay location in Hong ...