Block size – In Blockchain, Mining, Bitcoin, 1Mb, 2Mb ...

BitcoinABC

https://bitcoinabc.org
[link]

Bitcoins block chain's size is doubling exponentially!

Chart of Bitcoin blockchain size
Note the year on year doubling exponential growth trend, if you extrapolate that trend you get this...
GB Gigabytes, TB Terabytes, PB Petabytes (steps of 1000x).
Which is not too bad you can buy 16TB hard drives the thing is that the network bandwidth, processing bandwidth and time taken to run the Bitcoin currency will start to grow.
Also it moves from a peer to peer system to a cloud/data centre system as it's processing and storage needs grow.
So Bitcoin the free peer to peer currency will become a monopoly where only a few large data banks can process it's transactions in reasonable time.
Also it is currently estimated to be using 250MW(1), if it doubles every year how long before it needs a large nations power levels and eventually the worlds power needs for itself?
Note China uses about 6PW and the US about 4PW(2)
It has to be the most inefficient banking/currency system ever invented and when you look at what it is supposed to be 'a free digital currency' then forecast what it is becoming a huge inefficient monopoly that looks like it will collapse under it's own weight.
Anyway I thought you might like this long view of the new 'wonder' currency everyone is talking about.
(1) https://motherboard.vice.com/en_us/article/ae3p7e/bitcoin-is-unsustainable
(2) https://en.wikipedia.org/wiki/List_of_countries_by_electricity_consumption
submitted by Arowx to collapse [link] [comments]

06-28 21:14 - 'you realize that bch is the same chain started by satoshi and satoshi planned on increasing block size right? how low is your iq? the only scammers are blockstream. and you are the victim of this very scam. your iq is j...' by /u/gotbannedagain__ removed from /r/Bitcoin within 4-14min

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you realize that bch is the same chain started by satoshi and satoshi planned on increasing block size right? how low is your iq? the only scammers are blockstream. and you are the victim of this very scam. your iq is just too low to realize it
the proof is I will get banned for this post because this subreddit censors facts to push their agenda through force, rather than through facts and argument.
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05-19 18:15 - 'To elaborate, with your full node wallet, you get to choose what size block chain you support. You can choose to run the full node software that follows the 1mb (BTC) chain, or the full node software that follows the 32m...' by /u/buttonstraddle removed from /r/Bitcoin within 80-90min

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To elaborate, with your full node wallet, you get to choose what size block chain you support. You can choose to run the full node software that follows the 1mb (BTC) chain, or the full node software that follows the 32mb (BCH) chain, or the full node software that follows the 128mb (BSV) chain, or you can start your own chain at whatever blocksize you want and start mining it yourself.
The point is, by using your own software, you vote with your intentions. If I refuse to accept coins from the 32mb rulechain, then that's my preference. Just the same as if I refuse to accept MS Office documents, and only plain .txt files, then I am voting for my preference. "Sorry my text editor can't read your .docx file" is the same as "Sorry my node isn't showing your txn". Its not what some web block explorer says. Its not whether some Google docs website can read your MS Office document. Its what your software can recognize, because you only trust the software that you choose to run.
If enough people are like me, and want and choose the same thing, then a community/network starts to emerge. That's how this thing works. No one in control; each individual choosing. Developers are irrelevant if no one is going to choose to run that software. Yes, that means you need to have a technical understanding of the tradeoffs of both sides, so that you can make a conscious choice. You want to disrupt central banks, then you have the responsibility of educating yourself.
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05-13 16:14 - 'Block size was not increased so Blockstream can make money with off-chains.' (self.Bitcoin) by /u/Leader92 removed from /r/Bitcoin within 2-12min

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I'd like to hear the community's input on that one, especially when major exchanges voted for a bigger blocksize. Another Bullrun is coming up at any time. Are we going to experience the same 3-figure fees and weeks of confirmation periods? isn't convenient for Dr.Adam to be against a bigger block size since he's working on Liquid and LN?
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Block size was not increased so Blockstream can make money with off-chains.
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submitted by removalbot to removalbot [link] [comments]

Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes.

Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes. submitted by Badrush to btc [link] [comments]

Showerthought: If the Bitcoin BTC Chain Had Kept Unlimited Size and Part of Community Protested and Forked to Smaller Blocks, Using Bitcoin in Their New Name I'd Say: You go.

I'd be like, I disagree but respect you have the right to disagree. I also respect you're passionate enough to back up your belief with action. Prove me wrong in the free market.
If they used the name Bitcoin Cool, I wouldn't be like "BCool!" "BFOOL!" "TRASH" "SCAM!!"
I would still argue strong points about why they were wrong but I wouldn't name call. Why do I get the impression if things were flipped there wouldn't be the same level, maybe even zero, palpable hatred toward the fork? Why does it seem Core's side needs to nearly force and lie to subscribers while trashtalking opponents to make their model work?
All this hatred toward BCH and we simply put things back on the original plan. Does this seem weird to anyone else?
submitted by cryptos4pz to btc [link] [comments]

Binance DEX (decentralized exchange) could kill the dominance of Bitcoin BTC, since all transactions are done on-chain. This will expose the flaw in BTC's small block size limit, and cause BTC transaction fees to skyrocket.

Demo for Binance DEX (decentralized exchange):
Currently, everyone holds Bitcoin BTC as their reserve trading currency.
That's because:
  1. BTC has legacy status as the default trading pair.
  2. Trading costs at traditional crypto exchanges are the same, regardless of cryptocurrency. Ex: Binance trading fee is 0.1%, regardless of coin. That's because transactions are done off-chain.
But we've all known the flaw in traditional crypto exchanges: if the exchange collapses or disappears, you lose all your coins, since you don't have any seed words or private keys.
With a DEX, you hold your seed words & private keys. If the exchange collapses or disappears, you should still be able to access your coins on the respective blockchains.
If DEX exchanges take off, that could be a fatal blow to Bitcoin BTC's legacy status as a reserve trading currency.
That's because:
  1. Bitcoin BTC's on-chain transaction costs are 20-200 times more expensive than for other cryptocurrencies (like BCH, LTC, DASH).
  2. Bitcoin BTC has a small block size limit, and can't scale on-chain, so as DEX trading volume increases, Bitcoin BTC's mempool & transaction costs will skyrocket, making it unusable.
RESULT: If decentralized exchanges - like Binance DEX - become popular, Bitcoin BTC on-chain transaction fees will become ridiculously expensive, and people will start looking for a new default cryptocurrency to hold / trade / spend. It will be the end of Bitcoin BTC dominance.
submitted by normal_rc to CryptoCurrency [link] [comments]

BitMEX Research:" Our Bitcoin SV node experienced a 2 block chain re-organisation today, at around 4am UTC One of the orphaned blocks was around 62.6MB in size, which may have caused the issue"

BitMEX Research: submitted by money78 to bsv [link] [comments]

Olivier Janssens on Twitter: "I'm pro blocking segwit. We should increase block size with HF, fix malleability other ways. Focus on-chain, increase privacy, grow Bitcoin."

Olivier Janssens on Twitter: submitted by sandakersmann to btc [link] [comments]

Artificially limiting the block size decreases Bitcoin's censorship resistance by pushing users into off chain centralized Bitcoin banks.

Artificially limiting the block size decreases Bitcoin's censorship resistance by pushing users into off chain centralized Bitcoin banks. submitted by MemoryDealers to btc [link] [comments]

Bitcoin needs to upgrade to at least 4MB on-chain block size

If Bitcoin does an upgrade to 2MB now, we will
The result would be that Bitcoin will look even more ridiculous than it does due to the current blocksize war.
Miners, do us a favor - do not accept anything below an upgrade to 4MB . Even if actual usage was at 1MB, that would put the upgraded network at 25% of capacity - a comfortable space from where to resume growth.
P.S. that would be 1/4 of what a BU node with default settings would accept. In the big scheme of things, 4MB is nothing, but it's been shown to be something the network could handle without great loss a while back. The network can handle more, but 4MB is also what SegWit blocks+witness data would use, so the argument that the network could not handle them does not apply.
submitted by LovelyDay to btc [link] [comments]

Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes.

Now I understand why Bitcoin Developers hate on-chain solutions like increasing block sizes. submitted by vegasbooty to Cryptoandme [link] [comments]

Bitcoin [BTC] Core developer proposes reduction of Bitcoin chain’s block size to 300KB - AMBCrypto News

Bitcoin [BTC] Core developer proposes reduction of Bitcoin chain’s block size to 300KB - AMBCrypto News submitted by ulros to fbitcoin [link] [comments]

What is the current size of the bitcoin block chain?

submitted by Sfbob to BitcoinBeginners [link] [comments]

Bitcoin [BTC] Core developer proposes reduction of Bitcoin chain’s block size to 300KB

Bitcoin [BTC] Core developer proposes reduction of Bitcoin chain’s block size to 300KB submitted by leftok to atbitcoin [link] [comments]

Bitcoin Unlimited will win because it will service the most transactions. As a smaller and smaller minority of transactions occur on a chain with a centrally capped block size, the chain will become less and less relevant.

Am I wrong? I don't see a way around it.
submitted by jsprogrammer to btc [link] [comments]

Theymos: "Chain-forks [='hardforks'] are not inherently bad. If the network disagrees about a policy, a split is good. The better policy will win" ... "I disagree with the idea that changing the max block size is a violation of the 'Bitcoin currency guarantees'. Satoshi said it could be increased."

https://bitcointalk.org/index.php?topic=1865.msg23489#msg23489
Chain forks [aka "hard forks"] are not inherently bad. If the network disagrees about a policy, then a split is good. The better policy will win.
https://bitcointalk.org/index.php?topic=140233.msg1492629#msg1492629
I strongly disagree with the idea that changing the max block size is a violation of the "Bitcoin currency guarantees".
Satoshi said that the max block size could be increased, and the max block size is never mentioned in any of the standard descriptions of the Bitcoin system.
https://bitcointalk.org/index.php?topic=140233.msg1492629#msg1492629
Satoshi definitely intended to increase the hard max block size. See:
https://bitcointalk.org/index.php?topic=1347.0
I tend to prefer a max block size for Bitcoin.
The max block size would not truly be unlimited, since miners would always need to produce blocks that the vast majority of full nodes and other miners would be able and willing to process in a reasonable amount of time.
I'd like the limit to be set in a more decentralized, free-market way than a fixed constant in the code, though.
submitted by ydtm to btc [link] [comments]

How far can we scale bitcoin on-chain without increasing the block size limit? /r/Bitcoin

How far can we scale bitcoin on-chain without increasing the block size limit? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

How far can we scale bitcoin on-chain without increasing the block size limit? /r/Bitcoin

How far can we scale bitcoin on-chain without increasing the block size limit? /Bitcoin submitted by cryptoanalyticabot to cryptoall [link] [comments]

01-08 08:42 - 'How far can we scale bitcoin on-chain without increasing the block size limit?' (self.Bitcoin) by /u/ComfortableCommon removed from /r/Bitcoin within 694-704min

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I understand that segwit can potentially reach the equivalent of a 4MB block size. Is any work being done to further increase that to allow the equivalent of an 8MB, or 16 or 32MB blocksize without increasing the blocksize?
I'm worried because you need to open a channel on-chain in order to open a lightning network node.
'''
How far can we scale bitcoin on-chain without increasing the block size limit?
Go1dfish undelete link
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Author: ComfortableCommon
submitted by removalbot to removalbot [link] [comments]

Binance DEX (decentralized exchange) could kill the dominance of Bitcoin BTC, since all transactions are done on-chain. This will expose the flaw in BTC's small block size limit, and cause BTC transaction fees to skyrocket.

Binance DEX (decentralized exchange) could kill the dominance of Bitcoin BTC, since all transactions are done on-chain. This will expose the flaw in BTC's small block size limit, and cause BTC transaction fees to skyrocket. submitted by scgco to GGCrypto [link] [comments]

Roger Ver interview: Bitcoin Unlimited—scaling on-chain & an end to the block size debate?

Roger Ver interview: Bitcoin Unlimited—scaling on-chain & an end to the block size debate? submitted by randyclemens to btc [link] [comments]

Bitcoin Block Size Hits New Record bitcoin blockchain size Resolve Bitcoin Core Blockchain size problem Blockchain pruning How to limit the blockchain size securely Bitcoin block size limit concept: history of its establishment

Blockchain Size: Blockchain Ledger Size, A Big Problem. However, blockchain is not free from problems. Initially, the blockchain size was not as big, as only a small amount of peers are connected to the network. For example, bitcoin blockchain size was 614 MB in size in 2012. But now, the bitcoin blockchain size gb has grown tremendously to the ... The current Bitcoin blockchain size is more than 200 GB which is immense and not everyone is ready to allocate such a huge space for Bitcoin. In order to lower this storage requirements there is a function called pruning mode. With the help of this option users can run a core wallet without having to worry about disk space. Here in this beginners guide we’ll show you how to reduce Bitcoin ... 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. He added it hidden in two commits in secret. This limit was effectively a no-op due ... Blockchain market size ; Blockchain companies; Blockchain, the underlying technology of bitcoin, was once just a buzzword but is now an irreversible trend that has the potential to reshape human society. 1. What is blockchain? There is no consensus on the definition of blockchain. Technically speaking, blockchain is an ever-growing append-only chain of blocks, where blocks are chained together ... Bitcoin Blockchain Size – Das Wachstum 2017 , 2018 und 2019. Die ausgeklügelte Mechanik des Bitcoins hat sich in den letzten zehn Jahren kaum verändert. Das trägt natürlich zur Stabilität und zum Vertrauen in das Netzwerk bei, zeigt aber auf der anderen Seite, dass wesentliche technische Herausforderungen noch ungelöst sind. Abgesehen von der Proof-of-Work Difficulty, die für das ...

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Bitcoin Block Size Hits New Record

Growing demand for Bitcoin increased the size of cryptocurrency blockchain. Bitcoins’ blockchain has exceeded 100 GB for the first time on Monday, the 19th of December. According to forklog.com ... 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 ... The level of traffic on the bitcoin blockchain took a sharp dive during the price crash of 2018, but a gradual and steady recovery has already taken us to new heights. Learn more about Segwit's ... See if you could imagine the amount of Gigs it takes from your HD. What will you do if Blockchain size on Bitcoin Core software is more bigger and bigger in future? it will occupy a lot of your disk space, so we need to reduce the Blockchain size with prune ...

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