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Will the Bitcoin block size be reduced to 300KB?


www.chepicap.com 15 February 2019 02:05, UTC
Reading time: ~2 m

A Bitcoin Core developer has recently put forward a proposal to reduce the Bitcoin block size to 300KB. The block size is currently 1MB, and a smaller block size could help get more users to run a full node.

Running a full node on the Bitcoin network currently requires a user to download over 200GB of data, and this figure will only increase with time. If the block size was reduced by three times, this would slow the growth of the network by this same amount. A developer with the Twitter handle @LukeDashjr has written the code for a soft fork of BTC, which would impose this new 300KB limit on blocks.

The bigger hurdle is how to get 7.5B people to run their own full node.

Until someone is using their own full node, they shouldn't be transacting.

— Luke Dashjr (@LukeDashjr) February 11, 2019

The obvious problem with these smaller blocks would be that the BTC blockchain would be much less useful. Transaction speed would decrease significantly, probably leading to a maximum of around 100,000 transactions per day, thus further limiting its adoption as a payment method.

There's a movement stirring to lower block weight limits. A soft fork to lower the block weight would be a possible testing ground for a dynamic block size scheme. Successfully testing a dynamically adjusting block size could actually help pave the way to a hard forking increase.

— Alex Bosworth ☇ (@alexbosworth) February 5, 2019

Bitcoin Cash (BCH) originally forked from the main Bitcoin blockchain due to a disagreement over block size, which has been described by many including Roger Ver as a conflict between two opposing ideas about Bitcoin's purpose - whether it should be a digital asset for long-term investment or an everyday payment instrument. Regardless of where individuals stand on BTC's function, the current situation is looking increasingly less sustainable, and more drastic ideas like the 300KB block size could end up gaining significant support.

Read more: Research indicates Bitcoin Cash has never made use of its 8 MB block sizeIs Bitcoin dead? 8 reasons why it is NOT

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