The cryptocurrency community is still divided on the bitcoin block size debate, as many have argued that it’s about time to increase the limit from the current 1MB in order to allow the network to process more transactions at a time.
Leading bitcoin developers Gavin Andressen and Mike Hearn have already created a new version of the bitcoin software called Bitcoin XT in order to force the network to come up with a consensus-based decision by next year, although some say that this isn’t the right approach.
What’s the problem about the current block size?
Simply put, the 1MB cap on the block size means that fewer transactions are confirmed for each block, as miners verify transactions gathered in blocks. With the growing volume of transactions, miners are having difficulties keeping up with the number of entries that need to be processed, causing transaction times to slow down.
Some say that bitcoin creator Satoshi Nakamoto set the 1MB limit initially in order to keep the blockchain small, as previous versions of the software require wallets to download the entire chain every time it is opened. As the upgraded versions catered to web-based wallets with more efficient means of loading the blockchain, some