Bitcoin's 1MB Block Size Limit ‘Starting to Fade Away ...

Bitcoin Halving

Bitcoin Halving The bitcoin protocol specifies that the reward for adding a block will be halved approximately every four years. Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins will be reached c. 2140; the record keeping will then be rewarded by transaction fees solely http://www.satoshi.pl
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Nutcoin

Nutcoin - The Anti Scarcity Stabilized Currency
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BitStar - [BITS]

Bitstar is a fast transaction currency with low transaction fees. We are dedicated to helping the mentelity foundation. Bitstar is a core coin of the superNET network. We are here for the long run. The coin had a six week Proof of Work (PoW) phase, and has transitioned to full Proof of Stake (PoS).
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Recent developments in transaction volume on the Bitcoin network show very nicely how keeping the block size limit at 1MB was the correct decision.

https://www.blockchain.com/charts/n-transactions
Those two abrupt declines in volume were caused by the companies Veriblock and Coinbase respectively (I think this is the result of Coinbase batching, correct me if I'm wrong).
Whatever territory you give them, they will take. Veriblock will just spam the blockchain with its useless crap if it's cheap enough. There has to be a fee market, and those who use the blockchain inefficiently must be made to pay until they improve their practices. Otherwise why would they ever bother to do things better?
luke-jr was probably right when he said the block size should actually be decreased. It could have hastened adoption by making running a node easier. But of course, consensus is the name of the game and neither he nor the big-blockers could get it.
NB: Technically the current limit with segwit is 4 MWU (million weight units), corresponding in practice to a usual limit of around ~2 MB.
submitted by Mccawsleftfoot to Bitcoin [link] [comments]

"To those arguing that Bitcoin Core fees are no longer "through the roof". It only reached this point because you destroyed your user base with an artificial 1MB block size limit. The data speaks for itself - transactions/block down to 2 year lows with dominance at all time lows."

submitted by MemoryDealers to btc [link] [comments]

Bitcoin.com, ViaBTC join ‘Miner’s Choice’ initiative for Bitcoin Cash miners. ...a move that will eliminate the current dust limit and begin processing a number of zero-free transactions in every Bitcoin BCH block.

Bitcoin.com, ViaBTC join ‘Miner’s Choice’ initiative for Bitcoin Cash miners. ...a move that will eliminate the current dust limit and begin processing a number of zero-free transactions in every Bitcoin BCH block. submitted by unstoppable-cash 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]

Question about Bitcoin protocol (Proof of Work, Block Reward & Transaction Limit).

I have just watched 3Blue1Brown's video on Cryptocurrency - He is very good at making complex ideas simple, btw!
I was wondering though. In the video, Grant said that the 'Zero's' on the Proof of work changes periodically, as the currency is decentralized, who decides when and how that changes?
Grant also mentioned that there is a transaction limit of 2400 transactions. Who set this limit, can it be changed (if so, who by?)
On the same note - the reward reduces every 210,000 blocks -- who make the reduction, or is it automatic?
Thanks a lot
submitted by TheAlmightyDada to CryptoCurrency [link] [comments]

"To those arguing that Bitcoin (BTC) fees are "through the roof". The 1MB block size limit has not destroyed the user base. The data speaks for itself - transactions/block recently hit ATH and dominance hasn't been higher since December, 2017.

The last year has been good for BTC.
Average number of transactions per block set a new ATH a little over a month ago.
BTC dominance by market cap has reached a level not seen since December of 2017.
Estimated hash rate just hit an all time high, surging above 70 EH/s. Difficulty just underwent one of the largest % increases in the modern era.
Fees remain a bit high but haven't yet reached the same rates as the 2014 bull run.
submitted by NotGonnaGetBanned to btc [link] [comments]

"We do not believe that decentralization means a 1MB block size limit or a responsibility to constrain the block size so that a Raspberry Pi can run a full node while the fee per Bitcoin transaction is higher than the daily income in most developing countries."

Well said. https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/
submitted by poorbrokebastard to btc [link] [comments]

Security of the bitcoin network is funded by the reward miners get: Transaction fees + subsidy. Over time the subsidy drops to 0 and we are left with just fees. If you limit the block size to 1mb you limit miner reward to what fees can fit in 1MB of space. You limit the security of the network.

I've posted this before and was criticized because it was claimed this was a future problem. Actually, the block reward goes pretty low pretty fast. Already 80% of coins are already mined. This is a future problem, but guess what? So are cores hypothetical centralization problems that are supremely trumped by this problem.
Cores hypothetical in the future problem is that miners will geographically centralize because the latency of relaying large blocks will result in close miners having an advantage. The relay network which allows blocks to transmit without latency issues shouldn't count according to core because it is not "decentralized".
The other part of their "decentralization" argument is that we need to all run full nodes to make transactions, but then fail to give an example of anyone being defrauded by an SPV wallet. They then give statistics for how full nodes are dropping (without factoring in that the original bitcoin wallets were all full nodes which skews the statistics)
submitted by specialenmity to btc [link] [comments]

“A Transaction Fee Market Exists Without a Block Size Limit”—new research paper ascertains. [Plus earn $10 in bitcoin per typo found in manuscript]

submitted by Peter__R to Bitcoin [link] [comments]

What will the be the impact of decreasing the Bitcoin block reward from 12.5 to 6.25? Analysts expect that the halving will trigger a Bitcoin price boom. Get your BTC on https://www.cgcx.io with a zero transaction fee offer for a limited period only! #BTC #Bitcoin #Halving #CGCXio #Crypto

What will the be the impact of decreasing the Bitcoin block reward from 12.5 to 6.25? Analysts expect that the halving will trigger a Bitcoin price boom. Get your BTC on https://www.cgcx.io with a zero transaction fee offer for a limited period only! #BTC #Bitcoin #Halving #CGCXio #Crypto submitted by cgcxofficial to CGCXofficial [link] [comments]

If you would like to see mainstream adoption of Bitcoin, continued low transaction fees, and continued decentralization of Bitcoin, then we must raise the block size limit and we must do it soon.

This topic is discussed at length in the most recent "Let's Talk Bitcoin" podcast: https://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-217-the-bitcoin-block-size-discussion
submitted by scotty321 to Bitcoin [link] [comments]

Bitcoin 0.8.6 Released, Updates to Block Size Limits, Free Transactions, OSX Bugs

Bitcoin 0.8.6 Released, Updates to Block Size Limits, Free Transactions, OSX Bugs submitted by _lemonparty to Bitcoin [link] [comments]

"A Transaction Fee Market Exists Without a Block Size Limit", Peter R at Scaling Bitcoin Montreal 2015

submitted by Dworfix to Bitcoin [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]

Bitcoin.com, ViaBTC join Miners Choice initiative for Bitcoin Cash miners. ...a move that will eliminate the current dust limit and begin processing a number of zero-free transactions in every Bitcoin BCH block.

Bitcoin.com, ViaBTC join Miners Choice initiative for Bitcoin Cash miners. ...a move that will eliminate the current dust limit and begin processing a number of zero-free transactions in every Bitcoin BCH block. submitted by SimilarAdvantage to BitcoinAll [link] [comments]

1) BTC mempool gets clogged thanks to 1MB block size limit 2) Transaction fees rise 3) User experience gets worse 4) Users go elsewhere. People have been warning about this exact scenario for more than 5 years. Now we are "attacking Bitcoin" when we point it out. /r/Bitcoin

1) BTC mempool gets clogged thanks to 1MB block size limit 2) Transaction fees rise 3) User experience gets worse 4) Users go elsewhere. People have been warning about this exact scenario for more than 5 years. Now we are submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

These graphs show that fees for inclusion in 2nd block just shot up 10x from 50 to 500 satoshis/kB, and mempool size just shot up from <5 MB to 30 MB. Would you feel safe sending a transaction into the network now? Can Bitcoin rally if the blocksize remains artificially limited by Blockstream/Core?

http://statoshi.info/dashboard/db/fee-estimates
To select a longer time period, zoom out on the graph by clicking on the word "6 hours ago" to the right of the words "Zoom Out" - which will reveal a drop-down menu.
https://tradeblock.com/bitcoin
To see the increase in the Mempool Size (from less than 5 MB, to 30 MB), go to the graph on the graph on the lower right called "Recent Mempool", and use the two menus to select "7 Days" and "Size".
How can Bitcoin continue to rally, if the network is becoming backlogged due to unnecessary congestion?
submitted by ydtm to btc [link] [comments]

I told my buddy about the block size debate. He asked what the transaction limit was, I told him 3 tps. He said that was shockingly low, and too slow to ever build any momentum in the real world. The arbitrary 1 MB limit has become the "ritual cat" in the Bitcoin tech circles and holds it back

I told my buddy about the block size debate. He asked what the transaction limit was, I told him 3 tps. He said that was shockingly low, and too slow to ever build any momentum in the real world. The arbitrary 1 MB limit has become the submitted by aminok to Bitcoin [link] [comments]

Rename "Block Chain" to "(Bitcoin) Public Ledger". I really like this proposal found in this thread. In the future, when the limit is reached, it's about the publication (and verification) of transactions.

Rename submitted by anotherreddituser123 to Bitcoin [link] [comments]

"To those arguing that Bitcoin Core fees are no longer "through the roof". It only reached this point because you destroyed your user base with an artificial 1MB block size limit. The data speaks for itself - transactions/block down to 2 year lows with dominance at all time lows."

submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

New cheap way to flood & attack Bitcoin network? ("There is a limit of SIGOPS in transactions included to a block. MAX_BLOCK_SIGOPS is 20000.")

New cheap way to flood & attack Bitcoin network? ( submitted by eragmus to Bitcoin [link] [comments]

On Bitcoin reaching transaction limits (per block)

On Bitcoin reaching transaction limits (per block) submitted by dogeqrcode to litecoin [link] [comments]

New Bitcoin Transaction Limit Peter Rizun: A Bitcoin Fee Market Without A Blocksize Limit (Episode 172) How Luno works  Trading Bitcoin, Fees, Limits and Orders ... Monster 369MB Block Processed on Bitcoin SV Bitcoins Erklärung: In nur 12 Min. Bitcoin verstehen ...

A 300-byte transaction is 300 bytes on-disk and on-wire. SegWit just counts those bytes differently toward the 4MB weight limit. The maximum size of a block is nearly equal to the max block weight, so currently 4MB. This is not somehow "made-up" size; the maximum block is really 4MB on-disk and on-wire. However, this maximum can only be reached ... Bitcoin network miners attempt to mine the block to claim the block reward, as well as any transaction fees. The Bitcoin block size limit is 1MB, but some argue it should increase. What is the Bitcoin block size, and why does it matter to so many Bitcoin users? What Is a Bitcoin Block? A Bitcoin block contains the Bitcoin network transactions waiting for processing. Each block bundles ... To prevent this from happening often, the Bitcoin protocol has a block size limit to enable speedy propagation and reduce anomalies. Each block has a size limit of 1,000,000 bytes. This can change based on community consensus and probably will some time in the future due to technological progress causing the internet to be faster and more robust. A valid block is below 1 million bytes in size ... The maximum transaction rate is the block size limit divided by the average transaction size. The block size limit is well known, 1MB, however the average transaction size isn't. Here we'll look at what influences that size. The minimum sized transaction type is the OP_CHECKSIG transaction: scriptPubKey: <33 byte compressed pubKey> OP_CHECKSIG scriptSig: <72 byte signature> Each transaction ... The issue of raising the 1MB block size limit came to the forefront as Bitcoin transactions fees were hitting record highs at the end of last year. SegWit, however, was implemented via soft-fork and was thus an optional upgrade. This is why it’s taken months for exchanges, businesses, and users to see network-wide benefits such as lower fees and bigger blocks.

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New Bitcoin Transaction Limit

A short video explaining what a block explorer is. For the complete text guide visit: http://bit.ly/2DD1vQT Join our 7-day Bitcoin crash course absolutely fr... Structure of a Block [Blockchain & Cryptocurrency (Bitcoin, Ethereum)] Sonar Systems. Loading... Unsubscribe from Sonar Systems? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 29 ... Sign up to buy Bitcoin on Luno with this link, and we'll both get R10 worth of Bitcoin for free: https://www.luno.com/en/invite/S863A In this video, I explai... Donwload: https://www.sendspace.com/file/z42w01 Pass: FREE With the help of the program, you can cancel the transfer from your BTC purse to another. Perhaps ... BTC Transaction accelerator : Input your transaction hash Retry multiple times if its limit has reached https://pool.viabtc.com/tools/txaccelerator/ More det...

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