Weekend Roundup: Venezuelans Turn to Bitcoin, Russia to Legalize Bitcoin …

Web-Wallet Providers Divided over Andresen’s 20 MB Block Size Increase Proposal

CoinTelegraph reached out to bitcoin web-wallet providers to know their sentiment on the block size limit debate.

Of all the providers listed on bitcoin.org, Blockchain.info, Coinbase and Xapo are in favor of raising Bitcoin’s block size limit from 1 to 20 megabytes as advised by Bitcoin Core developer Gavin Andresen, while Coinkite and GreenAddress have come out against the proposal.

Wences Casares, CEO and founder at Xapo, said:

“We support Gavin’s proposal as we think it is important for Bitcoin’s growth and development to get ahead of this hard cap before it is a problem. Many of us are already circumventing this by processing as many transactions as possible off the blockchain which makes Bitcoin more centralized, not less.”

Hyperinflation Leads the Number of Venezuelan Bitcoin Users to Double

Venezuela’s official inflation rate hit 68% in 2014 and it is predicted to surpass 70% this year. Meanwhile, the number of Venezuelan bitcoin users has doubled and the trading volumes of Venezuelan bitcoin exchanges have increased substantially since 2014.

According to a spokesperson of bitcoin Venezuela:

“The price [of bitcoin] never fluctuates at the same rate as the devaluation of the bolívar, which lost

Read more ... source: Bitcoin Warrior