As most of our readers are probably well aware of, Bitcoin [BTC] is currently the largest cryptocurrency in the world (in terms of its total market capitalization). In this regard, ever since the digital token market took off in a big way some years back, a lot of people have been quick to adopt BTC. However, folks like Roger Ver are of the opinion that the premier asset’s limited block size is preventing the currency from being adopted widely across the globe.
— Roger Ver (@rogerkver) May 5, 2019
More On The Matter
Since its inception, BTCs blocksize has been limited to just 1MB — a block limit that worked well back in the day when the premier altcoin’s native tx rate was much smaller. However, since then more and more people have begun to make use of the asset, as a result of which the currency’s block capacity has become exhausted (which has, in turn, led to an increase in native tx fee rates).
- Statistical studies have shown that Bitcoin’s 1MB block size was exhausted all the way back in January 2017. As a result of this, the “asset’s market cap percent as fees increased due to a halt in adoption”.
- Additionally, due to BTCs limited block size, the currency had to be forked a couple of years back — which resulted in the creation of Bitcoin Cash [BCH].
In closing out this piece, it should be pointed out that since Ver is a strong supporter of BCH he probably has vested interests in slandering BTC.
Lastly, in a recent interview with a respected media outlet, the crypto savant stated that BTC’s core dev team has time and again refused to increase the token’s block size because of selfish reasons.