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Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Cryptocurrency News & Discussion

The official source for CryptoCurrency News, Discussion & Analysis.
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The Bitcoin Block Size Limit, Artificial Scarcity, and Code-Enhanced Public Club Governance

submitted by cointastical to Bitcoin [link] [comments]

Mike Hearn's prediction from May 2015 that fees would skyrocket if Bitcoin's block size limit wasn't raised, and its aftermath, were spot on

Mike Hearn's prediction from May 2015 that fees would skyrocket if Bitcoin's block size limit wasn't raised, and its aftermath, were spot on submitted by aminok to CryptoCurrency [link] [comments]

/r/Bitcoin has many discussions over whether the Bitcoin block size limit should be raised.

Tonight, on your special edition of SubredditDrama we will debate on the block size limit and watch the arguments unfold. Grab your popcorn and welcome to Sub Reddit Drama!
*cue intro music*

First, some context for the uninitiated.

Bitcoin is a decentralized cryptocurrency, which processes transactions in blocks. Typically, these take about 10 minutes to process, and this is how transaction verification works.
Currently, the limit on the size of each block is 1 megabyte, to prevent people from create gigantic blocks that would take a lot of data to store in the long run. Because of this, only so many transactions can be processed in a block.
Recently, there has been a proposal to increase this size to 20 MB. This would make the maximum size of each block larger, which could make the network able to process more transactions in a shorter amount of time.
Many people have their opinions, and everyone knows that duty calls.

Now, for the drama...

First, someone expresses their support for the block size increase. This starts a few subthreads of drama. A debate is started over what the current transaction limit is. Arguments are had over whether Bitcoin is scalable also come out of that.
In another subthread, a few want to remove the limit altogether, while some want to let the free market sort it out.
Arguments over whether Lightning would help or increase centralization also occur.
After the break, we'll put the butter in your bowl.
Okay, we're back, dramanauts, and we have more drama from another (related) thread. On Twitter, Nick Szabo made this tweet. It has been linked on /Bitcoin, and this is good, because people are arguing already. Here is this thread on whether Satoshi is a god. A small slapfight occurs over whether Gavin Anderseen is in charge.
In a third thread, someone says that most of the developers disagree about a larger block size.
Additionally, in this thread, another user points out that some arguments were based on economic fallacies. Someone else in a different subthread points out that reddit's hivemind was saying "because Satoshi said so". Users disagree.
Some argue over Gavin's activity. Arguments over how this will affect Tor, a way to privately connect, by tunneling through a few nodes (I believe) also arise.
This is getting argued to the death, and I'm running out of things to say about it.
I think this is all the drama I can find for now, but the mailing list has additional drama. This is definitely a developing story though.
We'll see you next time on Sub Reddit Drama!
submitted by justcool393 to SubredditDrama [link] [comments]

GreenAddress: Increasing Bitcoin's Block-size Limit is not Scaling; it's Pivoting

GreenAddress: Increasing Bitcoin's Block-size Limit is not Scaling; it's Pivoting submitted by desantis to Bitcoin [link] [comments]

BitPay Supports Increase in Bitcoin Block Size Limit

BitPay Supports Increase in Bitcoin Block Size Limit submitted by kostialevin to Bitcoin [link] [comments]

"Should the Bitcoin block size limit be raised?" Online poll.

submitted by bitcoin_block_poll to Bitcoin [link] [comments]

@jbrukh Agree, we saw the same re: Bitcoin's block size limit https://t.co/jHmPbjYWtO - Crypto Insider Info - Whales's

Posted at: October 19, 2018 at 04:03AM
By:
@jbrukh Agree, we saw the same re: Bitcoin's block size limit https://t.co/jHmPbjYWtO
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submitted by cryptotradingbot to cryptobots [link] [comments]

BitPay Supports Increase in Bitcoin Block Size Limit

BitPay Supports Increase in Bitcoin Block Size Limit submitted by knight222 to bitcoinxt [link] [comments]

Roger Ver is Still Determined to Increase the Bitcoin Block Size Limit via a Hard Fork

Roger Ver is Still Determined to Increase the Bitcoin Block Size Limit via a Hard Fork submitted by jackabon to Bitcoin [link] [comments]

7 Bitcoin Leaders Speak Up On The Bitcoin Block Size Limit Debate

7 Bitcoin Leaders Speak Up On The Bitcoin Block Size Limit Debate submitted by bobbyong to Bitcoin [link] [comments]

6 Proposals for Increasing the Bitcoin Block Size Limit

6 Proposals for Increasing the Bitcoin Block Size Limit submitted by kyletorpey to Bitcoin [link] [comments]

What Will Be More Impactful: The Litecoin Halving, Ethereum Frontier, Bitcoin Block Size Limit Debate?

There are a few potentially major events either on the horizon, or happening now. Which even do you think will have the biggest impact on the cryptocurrency space in the coming months?
If you think something else will have a bigger impact, let's hear it!
submitted by CryptoJunky to CryptoCurrency [link] [comments]

F2POOL, BW: Bitcoin Block Size Limit - Pick a Side - Sign the Petition!

F2POOL: Bitcoin Block Size Limit - Pick a Side - Sign the Petition!
https://www.change.org/p/f2pool-bitcoin-block-size-limit-pick-a-side?recruiter=538932437&utm_source=share_petition&utm_medium=copylink&utm_campaign=share_petition
Please share this to average bitcoin users maybe we can get more people informed to apply some real pressure
submitted by dzagey to Bitcoin [link] [comments]

The Lightning Network Could Solve The Bitcoin Block Size Limit - CCN: Financial Bitcoin & Cryptocurrency News

The Lightning Network Could Solve The Bitcoin Block Size Limit - CCN: Financial Bitcoin & Cryptocurrency News submitted by dragger2k to Bitcoin [link] [comments]

F2POOL, BW: Bitcoin Block Size Limit - Pick a Side - Sign the Petition! /r/btc

F2POOL, BW: Bitcoin Block Size Limit - Pick a Side - Sign the Petition! /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

F2POOL, BW: Bitcoin Block Size Limit - Pick a Side - Sign the Petition!

F2POOL: Bitcoin Block Size Limit - Pick a Side - Sign the Petition!
https://www.change.org/p/f2pool-bitcoin-block-size-limit-pick-a-side?recruiter=538932437&utm_source=share_petition&utm_medium=copylink&utm_campaign=share_petition
Please share this to average bitcoin users maybe we can get more people informed to apply some real pressure
submitted by dzagey to btc [link] [comments]

Roger Ver is Still Determined to Increase the Bitcoin Block Size Limit via a Hard Fork

Roger Ver is Still Determined to Increase the Bitcoin Block Size Limit via a Hard Fork submitted by kyletorpey to btc [link] [comments]

Gallus and Simo Debate Whether the Bitcoin Block Size Limit Should be Increased

submitted by kevalaarkaananda to CryptoMarkets [link] [comments]

6 Proposals for Increasing the Bitcoin Block Size Limit

6 Proposals for Increasing the Bitcoin Block Size Limit submitted by tmlee to CryptoCurrency [link] [comments]

On the emerging consensus regarding Bitcoins block size limit: insights from my visit with Coinbase and Bitpay

On the emerging consensus regarding Bitcoins block size limit: insights from my visit with Coinbase and Bitpay submitted by BitcoinAllBot to BitcoinAll [link] [comments]

GreenAddress: Increasing Bitcoin's Block-size Limit is not Scaling; it's Pivoting

GreenAddress: Increasing Bitcoin's Block-size Limit is not Scaling; it's Pivoting submitted by desantis to bitcoinxt [link] [comments]

F2POOL, BW: Bitcoin Block Size Limit - Pick a Side - Sign the Petition! /r/Bitcoin

F2POOL, BW: Bitcoin Block Size Limit - Pick a Side - Sign the Petition! /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Peter Rizun: A Bitcoin Fee Market Without A Blocksize Limit (Episode 172) Riccardo Spagni talking the bitcoin blocksize @ On-chain scaling event BITCOIN CASH: Amazing things about BTCH (FULLY EXPLAINED) Bitcoin Cash new cryptocurrency explained! Bitcoin August Fork Split Bitcoin Scaling Debate - Big Blocks, Hard Fork - Roger Ver, Phil Potter, Petrov, Lombrozo - Dec 2016

Originally, Bitcoin's block size was limited by the number of database locks required to process it (at most 10000). This limit was effectively around 500-750k in serialized bytes, and was forgotten until 2013 March. In 2010, an explicit block size limit of 1 MB was introduced into Bitcoin by Satoshi Nakamoto. That would certainly be in tandem with the other record being broken: Bitcoin block size. Thanks to growing adoption of the Segregated Witness (SegWit) upgrade first introduced in 2014 and more actively adopted in 2017, Bitcoin transaction data has been significantly reduced, allowing more efficient use of space in the Bitcoin blocks to store transaction data, and effectively expanding the ... The Bitcoin block size limit is a parameter in the Bitcoin protocol that limits the size of Bitcoin blocks, and, therefore, the number of transactions that can be confirmed on the network approximately every 10 minutes. Although Bitcoin launched without this parameter, Satoshi Nakamoto added a 1 megabyte block size limit back when he was still the lead developer of the project. This translated ... When did the Bitcoin block size limit debate start? However, back in 2008 when Satoshi Nakamoto first created Bitcoin, the block size limit was not introduced. It was introduced in 2010 when one megabyte (1MB) limit was instituted by him, giving birth to the debate. It started gaining momentum over a period of five years as the transaction volume of Bitcoin started to rise. After several ... With a 1MB block size limit, the Bitcoin network processes a maximum of around seven transactions per second (there are anomalies). For comparison, Ethereum processes about 15 transactions per second, Bitcoin Cash process around 65 transactions per second, and the Visa network can process over 1,700 fiat transactions per second.

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Peter Rizun: A Bitcoin Fee Market Without A Blocksize Limit (Episode 172)

- Roger Ver from Bitcoin.com, an entrepreneur who has invested in many alternative cryptocurrencies and supports hardforking Bitcoin to create bigger block size limit - Phil Potter from Bitfinex ... However, the bitcoin's block size limit allowed maximum of 7 transactions a minute. And as Bitcoin grows in number of users, this cap was soon to be hit, which resulted in slow down of ... Monero developer Riccardo Spagni (@fluffyponyza) at the on-chain scaling event talking about the Bitcoin blocksize limit and solutions (Flexible blocksize) - Recorded at 2016-06-24 with Snagit. The block size limit was added to the cryptocurrency to prevent spam attacks on the network at a time when the value of Bitcoin was relatively low. As the popularity of Bitcoin was increasing, the ... The capacity of the bitcoin network is limited by a hard-coded limit inside its protocol. As technology advances, this limit becomes increasingly absurd. When will it be updated to be more ...

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