Bitcoin Community Discusses Blockchain’s Block Size And Crypto Censorship Concerns
Bitcoin Community Discusses Crypto Block Size And Censorship Concerns
Bitcoin is the ultimate crypto king, be it having the largest dominance on different exchanges in terms of trading volume or driving the trends of the market. However, as time has progressed the density on the network has increased alarmingly as well, and this is where it has started to hurt the pioneers. Bitcoin is currently facing a massive scalability crisis and its second layer solution in the form of the Lightning Network (LN) does not look very optimistic as per the current scenario. Apart from off-chain solutions like the LN, which does not look very promising, many have even proposed increasing as well as decreasing the block size.
Twitter user, @CobraBitcoin, Co-owner of Bitcoin.org and Bitcointalk.org addressed the issue and talked about increasing the block size of Bitcoin to incorporate lightning solutions, however, he duly mentions that many Bitcoin proponents have trapped themselves in ideological belief and does not really want to interfere with the original protocols created by Satoshi. He wrote on his Twitter,
“The reality: Bitcoin’s block size eventually needs to be increased as even Lightning can’t function with high fees.
The problem: A good chunk of the community has ideologically trapped itself into small block mentality and will find it difficult to crawl out.”
As soon as Cobra posted his thoughts he came across the exact same problem which he mentioned in his tweet, as one of the Bitcoin proponents replied that Bitcoin was not created to incorporate or work with Lightning. To which cobra replied that Bitcoin was supposed to avail faster transaction at cheaper transaction fee as well, and the scalability issue is clearly a big problem right now.
The other Bitcoin proponent jumped into list the problems associated with large block size, one of the crucial one being censorship. @cobrabitcoin replied,
“Speak for yourself. Abhorrent fees are much more acceptable to me than any incremental risk of censorship or confiscation. If we get to a point where high fees are consistent, Bitcoin will be upgraded to bigger blocks.”
Why There Is A Dilemma Over Increasing Block Size Of Bitcoin
Bitcoin has become more than just a digital asset and it enjoys a fandom level of following from its supporters. Many analysts believe that since the crypto space is still highly governed by speculation and media hype, a change in the original protocol might make many Bitcoin proponents not so happy about it. This is why they went for an off-chain solution in the form of the lightning network in the first place.
At the earlier stages, Bitcoin’s Block size was governed by the number of transaction data and the limit was around 500-700 kb. However, Satoshi increased the size to 1 MB in 2010. The major concern related to bitcoin is over the security as developers believe larger the size of the block easier it is to manipulate.