26 Mar

The Block Size Debate Causes Bitcoin Price Fall

By Daniel Zo Bitcoin, Blocksize Read Comments

Chances are that you may have noticed Bitcoin’s recent value drop this week, which may be fuelled by the currency’s power struggle that has been going on for a while.

To put things better into perspective, the recent value drop is directly related to the block size debate, which has been going on for more than two years. With this in mind, the main players in the digital currency industry are debating the right way to scale the network, in order to help it accommodate more transactions, as bitcoin continues to grow, and be adopted by many more people and companies. At this moment in tie, the block data cap is of 1 MB, roughly every 10 minutes. Some people want to raise this limit, under what has been referred to as Bitcoin Unlimited, to a flexible cap that would allow more transactions to be carried out for each block in particular. At the other side of the spectrum, we have the developers behind Bitcoin Core, who want to go ahead and keep the 1 MB limit, yet attempt to make the system a bit more efficient, hence also processing more transactions per each block. While the scope behind each end of the debate seems noble, the side effects for both decisions can be quite dangerous, as they both can transform bitcoin to either digital gold, or electronic cash, as mentioned by Adam White.

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23 Feb

Has the Bitcoin community reached consensus over the blocksize limit?

By Daniel Zo Bitcoin, Blocksize, Blockchain, SegWit Read Comments

During the last couple of months, the bitcoin community has been stirring on which ideas should be chosen when it comes down to increasing the blocksize limit. While some believe that the limit should stay as it is, others believe that a gradual increase would be beneficial for the coin, whereas another group of people believe that increasing the block size by a lot, and as soon as possible is essential for the survival of the cryptocurrency.

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