When Bitcoin was first created and didn’t have nearly the popularity that the coin has at this moment in time, it was believed that the standard system would be good enough for the future of the currency. However, on light of certain events and based on the increasing popularity of the cryptocurrency, it seems like the block size limit may actually need to be increased from 1 MB.
If you’re not really a fan of digesting the technical aspects of Bitcoin and how it works, this probably wouldn’t be of concern to you. However, chances are that most Bitcoin users from all around the world hope that Bitcoin will actually become the currency of the future, but how can that really happen in the case that it currently only handles 7 transactions per second? Yes, that’s right. Each second, only 7 people are able to make a transaction, which is mostly due to the block size limit of a Bitcoin. To put things into a better perspective, only 420 people can make a transaction during the same minute. While this may seem like a large number, it definitely isn’t as nobody wants to wait minutes or even seconds before a transaction is actually completed.
Now, the only plausible way to solve the issue at this moment in time would be to increase the block size from 1 MB to 20 MB. This would not only allow for a significantly higher number of transaction per second, but it will also be viable as more and more people decide to try out the cryptocurrency and make payments with it on a daily basis.
Reports have shown that most core developers actually want to increase the block size limit and while there is in fact a limit that the block size limit margin cannot get over, it definitely is higher than 1 MB. Many people now believe that it would be better to use sidechains, as research has shown that they can easily help in this regard. By providing the avenues needed to increase the scalability that is obtained when a block chain reaches its size limit, sidechains can actually do more good and be of crucial importance to a healthy currency.
While the benefits have been outlined, you may be wondering why the block size limits aren’t just increased. Well, things are a little bit more complicated than this as a limit increase would mean weeks of work for those behind the currency and all websites and companies that allow the use, including the well-known blockchain.info. However, if enough awareness is raised about the issue and Bitcoin gets more popular, the folks who have the power needed to change the block size limit may actually do it after all.
Based on everything that has been outlined so far, what do you personally think about the idea of increasing the block chain size limit from 1 MB to 20 MB as an effort to allow for more than 7 transactions per second? Let us know your thoughts in the comment section below.
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