• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
Scaling Bitcoin Workshop. Increase Block Size to 2-4MB. Newsbtc Bitcoin news

Will Block Size Debate Really Address Bitcoin Scalability?

Gautham by Gautham
7 years ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

Bitcoin was first introduced in the year 2009. Since then the digital currency’s network has been growing non-stop. Over the past few years, bitcoin network has grown over multiple times but not much changes have happened on the technical side since its inception.

The bitcoin block size has remained at 1 MB since the beginning and in order to ensure the survival of bitcoin, it is very important to increase the block size. The bitcoin community has realized the severity of the situation and there have been multiple attempts to increase the block sizes since then. However, being a distributed decentralized network any changes to the blockchain can be made only after a consensus is reached by a majority of the community.

Some of the Bitcoin Improvement Proposals for increasing block size includes BIP-100, BIP-101, BIP-102, Bitcoin Classic and more. However, all these proposals have been shot down by one segment of the bitcoin community or another. These proposals were rejected mainly due to self-serving reasons or apprehension about the validity and impact of  the proposed changes. The bitcoin mining community has been very vocal about block size increase since the beginning, at a cost of the whole bitcoin ecosystem.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Bitcoin miners are responsible for supplying the required processing power to keep the bitcoin network operational. The processing power contributed by miners is used to discover new blocks on the blockchain and process all bitcoin transactions happening over the network. For their contribution, they receive fresh bitcoins as a reward. As bitcoin network grows, the processing power required for mining bitcoin also increases. The increased processing power requirement is in direct correlation with the increasing complexity of mathematical problems that has to be solved to discover new blocks. Mining bitcoin is not possible with normal PCs or graphic processing units anymore like it was before. Most of the mining operations are now carried out by expensive and highly powerful application specific integrated circuits designed exclusively for that purpose.

Setting up a mining operation requires a lot of money and it is almost impossible to mine profitably with just one ASIC. This has led to companies with enough capital to set up data centers with hundreds of miners. This has led to massive commercialization of bitcoin mining, and a handful of such mining companies contribute almost all the mining power required to maintain the network.

Can Bitcoin Play Catch-up with Visa?

While everyone is busy debating about the proposals, no one is actually looking closely at the technical side of the equation. What needs to be done technically to increase the block size, or to increase the rate of transactions over the network. In the present state, the network is no capable of processing more than 7 transactions per second. According to an article in MIT Technology Review, the current bitcoin design is inefficient and it is capable of processing only 27 transactions per second, even with a block size of 4 MB. So, unless the developers pull up their socks and start working on redesigning bitcoin network, the digital currency will never live up to the expectations.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

If bitcoin has to become a mainstream mode of payment, then it should be a lot better than what we have in our hands today. Visa processes over 2000 transactions per second and it is capable of handling as many as 50000 per second if required. Will bitcoin ever be able to compete with that? From where we are standing it doesn’t seem so. But fret not, for there is still some hope, as long as someone is working hard enough to change it.

Blockstream is one such company that is currently developing parallel networks that can process bitcoin transactions. If these parallel networks can work in tandem with blockchain, then we may be able to reduce the load on blockchain by distributing the load across the parallel networks as well. However, it still needs to be tested and for bitcoin’s sake, we hope it works.

Ref: Technical Roadblock Might Shatter Bitcoin Dreams
Tags: ASICbitcoinbitcoin classicBitcoin Newsblock sizeblockchainblockchain technologyNewsOpinionscalability
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

Polygon MATIC MATICUSDT Price

MATIC Spikes As Ethereum Whales Show Interest, Buying Over 2 Million Tokens

26 mins ago
Litecoin

Litecoin Sets Eye On $107, But It Needs To Cross This Major Hurdle

3 hours ago
bitcoin

Another Bitcoin Metric Turns Bullish With Price At $23,000 And Forecasts More Profits

4 hours ago
Crypto Powerbridge Technologies mining

Bearish Signal? DCG Starts Selling Grayscale Crypto Shares At Almost 50% Discount

6 hours ago
crypto

This Little-Known Crypto Erupts 1,300% In Last 24 Hours – Find Out Here

10 hours ago
Bitcoin Whale

Cardano Whales Record Most Active Week In 9 Months, Bullish?

12 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

SEC Calls for Bitcoin (BTC) and Ethereum (ETH) Regulation As Snowfall Protocol (SNW) Presale Ends on a High Note

February 8, 2023

Chainlink (LINK) and Orbeon Protocol (ORBN) Outperform the Market, Experts Predict Big Growth in 2023

February 8, 2023

ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF CRYPTO” TV SHOW, KILLER WHALES

February 7, 2023

SinVerse Studios Announces $1 Million Buyback Program for the SIN token

February 7, 2023

Join the Revolution: Invest in STARSTAKING for 25% APY and the Chance to Win Big with the DeFi Lottery Program

February 7, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.