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

Read more ... source: TheBitcoinNews