Is Increasing the Bitcoin Block Size Really the Solution?

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The debate to increase the bitcoin block size from its current 1MB has been going on for quite some time now. Those who are calling for a larger limit say that the current size of the network can no longer handle the transactions efficiently with such a small block size. Some say that it should be increased to 20MB while others think that 8MB would suffice.

According to lead bitcoin developer Gavin Andresen, the best solution to the limited transactions of the bitcoin network is to increase the maximum block size. He even pointed out that if solution isn’t implemented right away, the bitcoin network would be oversaturated.

Block Size Arguments

However, BitTorrent creator Bram Cohen suggests that this might not be the best solution after all. He warned that bitcoin might be headed for an unexpected crisis of “being undermined by a developer who’s gone rogue, using his political influence to convince vendors that an upcoming minor problem will be a major crisis, getting them to accept his own extraordinarily bad pet solution to that problem, and as a result hurtling the whole ecosystem towards potential disaster” in referring to Andresen.

“Gavin didn’t invent Bitcoin,” said Cohen. ”He isn’t even a bitcoin developer anymore. He resigned his position as lead developer a year ago, and has been largely inactive since. Using a voting process, or even a system of rough consensus among core developers would cause his proposal to be quickly rejected. It’s only the exertion of outside political force which has forced it to be taken seriously.”

Cohen suggests that the bitcoin network first come up with a way to make proper decisions, such as a voting process where miners can also weigh in on the block size debate. He says that there are other problems that the bitcoin industry must focus on and that the block size issue isn’t really a pressing one.

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Source

TheBitcoinNews.com – leading Bitcoin News source since 2012