Posts Tagged ‘Blocksize consensus


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.

For more details about the Bitcoin Classic project for increased 2 MB Blocksize…