On the wake of Bitcoin XT “introduction”, Gavin Andresen sat down with Tom Simonite from the MIT Technology Review to talk for a while about Bitcoin and the changes he’s implemented.
By now Gavin’s views on the need for a bigger blocksize should be familiar to any regular Bitcoin user, as he puts it, the switch to Bitcoin XT is a necessity in order to prevent Bitcoin from strangling itself due to its inability to process more than 7 transactions per second, which is a laughable sum when compared to other payment system providers but has sufficed to get it this far.
Andresen makes a point of how urgent the transition is; according to his calculations, the network will start to become routinely bottlenecked within the next 4-5 months, which would in turn prompt congestion, long confirmation times and ever-rising fees in order to stay a step ahead.
The decision to release Bitcoin XT was, according to him, very difficult and it took a great deal of lobbying to even get the idea off the floor:
“It was a difficult decision.