All About BTC, LTC, ETH mining as well as other alternative crypto currencies
One of the main things that has pushed the development of alternatives to the Bitcoin Core software is the ongoing debate about the blocksize and more specifically if and how it should evolve over time in order to cope up with the growing number of Bitcoin users and the increase of the number of transactions. So now apart from Bitcoin Core we also have Bitcoin Classic, Bitcoin Unlimited and Bitcoin XT as major alternatives and there are already quite a lot of nodes running a different software than the Core one. The website Node Counter allows you to easily keep track of the number of different nodes in the Bitcoin network and what version of the Bitcoin software they are running as well as how things are changing over time. Looking at the graphs we can clearly see that the support for 2MB or larger blocksize is growing, but still the number of Core nodes that are keeping the 1MB blocksize is a few times larger. Bitcoin Classic is getting significant increase in support and is currently with about 1/4 of the size of the number of Core nodes, followed by Bitcoin XT and Bitcoin Unlimited that have been recently loosing support most likely in favor of the Classic implementation. If you are interested in how thing are developing you can keep track on Node Counter or another of the many new websites with similar goal that have popped up recently.
The Bitcoin Blocksize debate has been going on for quite some time already with different opinions on how it should be increased from the current limit of 1 MB, one thing is clear however in all the discussions – we must increase the Blocksize in order to accommodate the increasing number of transactions. Looking at the average BTC Blocksize we are already seeing that at peak periods with more transactions we are easily hitting 0.8 MB with 500-700 KB seeming quite normal sizes for blocks in the last few months, so we are looking at 1 MB Blocksize to become too small pretty soon and we need a solution for that problem fast in order to avoid possible issues with the Bitcoin network. While there might not be a consensus on how the Blocksize should grow in the future and what should the Blocksize change over time, we need to increase the limit now.
Doubling the Bitcoin Blocksize to 2 MB with a hard fork what the Bitcoin Classic project has as a goal is something that can be the immediate solution that we need, but still this will not be enough for the long term future of BTC. Increasing the Blocksize to 2 MB is the short term solution that could allow the Bitcoin network to continue growing and functioning normally while we figure out what should the next step be in order to ensure the future of Bitcoin. Bitcoin Classic is already supported by major developers, many of the large mining operators, mining hardware makers and Bitcoin-oriented companies. The project has not yet made a release, but the source code is available on GitHub, so you might want to keep a track on how things are developing.