Author Topic: Thoughts On Scaling Bitcoin  (Read 3414 times)

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eBlob

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Thoughts On Scaling Bitcoin
« on: March 09, 2016, 11:59:44 AM »
Hello everyone,

I'm curious to know if others have been keeping a close watching on the scaling debate as it relates to bitcoin. It seems there is quite a bit of disagreement on how exactly this technology should be scaled sustain ably, or even what purpose bitcoin should serve in 10 years.

Some will claim that bitcoin needs to be scaled up so that it can accommodate faster, and a greater quantity of payments. This could come at the costs of a higher barrier to entry for the mining industry as it would increase the storage requirements for running a full node (a full copy of all transactions conducted). Increasing the block size would allow more payments to be included in a block, but that would make the barrier to entry higher for new miners.

The current block size is 1 MB.

After the Satoshi Roundtable event this last month (February), it seems like no definite path forward has been reached.

What do you think?

Should bitcoin be a platform for fast and quick micro-payment for everything from daily purchases to large movements of money? Or should it remain as decentralized as possible while keeping the barrier to entry low and the blockchain ledger an immutable record of financial information?

Yoshi Yoku

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Re: Thoughts On Scaling Bitcoin
« Reply #1 on: July 24, 2016, 01:10:24 AM »
Hello everyone,

I'm curious to know if others have been keeping a close watching on the scaling debate as it relates to bitcoin. It seems there is quite a bit of disagreement on how exactly this technology should be scaled sustain ably, or even what purpose bitcoin should serve in 10 years.

Some will claim that bitcoin needs to be scaled up so that it can accommodate faster, and a greater quantity of payments. This could come at the costs of a higher barrier to entry for the mining industry as it would increase the storage requirements for running a full node (a full copy of all transactions conducted). Increasing the block size would allow more payments to be included in a block, but that would make the barrier to entry higher for new miners.

The current block size is 1 MB.

After the Satoshi Roundtable event this last month (February), it seems like no definite path forward has been reached.

What do you think?

Should bitcoin be a platform for fast and quick micro-payment for everything from daily purchases to large movements of money? Or should it remain as decentralized as possible while keeping the barrier to entry low and the blockchain ledger an immutable record of financial information?

Scaling bitcoin has been an area of hot debate since the very first day bitcoin came online. I think it will continue to be a topic of debate for many more years, and I only hope that the principles of decentralization and privacy are respected.