For those people looking to see the Bitcoin block size debate coming to an end, that will not be happening anytime soon, unfortunately. Things have gotten more interesting a few weeks ago when rumours started appearing about BitPay looking to implement their own Bitcoin block size solution. This new adaptive block size solution holds some interesting merit, although it remains to be seen whether or not this solution will ever be implemented. Also read: Bitcoin Price Technical Analysis For 03/22/2016 – Can BTC Make It? The BitPay Median Block Size-based Solution Although both Bitcoin Core and Bitcoin Classic each have their own benefits and drawbacks regarding creating a block size solution on the software side, the BitPay option is kind of interesting as well….
The bitcoin block size debate is one that has raged for a considerable amount of time now, and it looks set to continue further. Just yesterday, prominent bitcoin exchange Coinbase revealed it would be running Bitcoin Classic nodes. The announcement was met with a mixed response, slightly weighted to the negative side of things, but perhaps the most interesting response was that of the Bitcoin Round Table via this Medium post, titled “A Call For Consensus” (of course, that it comes as a response to Coinbase’s move is speculative, but it’s far from an unreasonable conclusion). For those that haven’t heard of the Bitcoin Round Table, it’s a group of industry leaders that ranges from exchange CEOs to mining pool operators. The latter accounts for at least 70% of the…
There is a lot of focus on the future of Bitcoin right now, as the upcoming block size is still being discussed by various developers. At the same time, there seems to be a fractured community, with various people supporting different solutions to this problem. For a digital currency built around reaching consensus, Bitcoin is in a fragile state right now. But at the same time, most people realize this is how the system was designed to work from day one, and all of the different opinions show a genuine interest in the project. Also read: Bitcoin Price Looks Positive as It Hits the 400 Mark Bitcoin Is A Consensus Democracy Even though there does not seem to be a clear majority consensus on whether Bitcoin Core, Bitcoin Classic or Bitcoin XT has the solution for…
Scaling Bitcoin network seems to have turned into a much harder task than anyone had ever anticipated. The Bitcoin network is growing each passing day with new members joining the community. The increase in the number of users translates to increased transactions over the network. In the current state, the Bitcoin network will not be able to process all the transactions immediately as they are generated. This will lead to an increase in backlogs, leaving many users waiting for confirmations of their transactions over the blockchain. In order to overcome this issue, the block-size has to be increased so that it can accommodate more transaction data. There have been numerous Bitcoin Improvement Proposals suggesting an increase in the block-size. But so far, none of…
The Satoshi Roundtable Conference held recently opened a can of worms. The Bitcoin community clearly showcased their differences of opinion in terms of Bitcoin scalability and the approaches to attain it. Everyone is entitled to their opinion and they rightfully displayed it in a series of blog posts. Since the conclusion of Satoshi Roundtable conference, three big names in the crypto industry have written about the meeting in their respective blogs. Their opinions range from the tough stance taken by the Bitcoin Core developers group and Bitcoin companies to the confusion among the miners regarding both the stances. Bitcoin companies are concerned about the growth of Bitcoin network in terms of a number of users and transactions, as that is the true measure of…