Bitcoin ended 2015 with some of the most spectacular achievements the community has long awaited for. Bitcoin transactions have surpassed the 100 million mark and the 15 millionth Bitcoin was mined in the past year.
However, despite these technological milestones, the Bitcoin network was left with some criticisms regarding the capacity of the network to handle large amounts of transactions.
For example, two of the world’s most popular payment networks Visa and Paypal settle around 4,000 and 100 transactions per second, surpassing the confirmation rate of Bitcoin by a huge extent.
In an attempt to overtake traditional and conventional payment network and financial service providers, an increasing number of bitcoin startups, core developers and key players in the industry including Coinbase CEO Brian Armstrong have been suggesting the increase of the Bitcoin block size to handle larger amounts of transactions quickly.
Armstrong explained in a statement that using bitcoin’s built-in upgrade mechanism which allows miners to vote for an upgrade, the bitcoin network can increase its size to handle bigger blocks of transactions.
“Luckily, bitcoin has a built in upgrade mechanism with an elegant design. If a majority of bitcoin miners “vote” for a particular upgrade then by definition this is the new version