As a Bitcoin user, I care more about my transaction size and how I can reduce it by better usage of my inputs, outputs, address types because it will help me to reduce transaction fees.
I don't care about block size because it is not out of my control and if anything can be changed for Bitcoin block size, it must be from a fork like Segwit in 2017. Because it needs a massive consensus for Bitcoin communities so I focus more on customization from my side.
Transaction size calculator https://bitcoinops.org/en/tools/calc-size/
Topic: Block Size in Bitcoin? A Simple Guide. (Read 92 times)
Nothing is perfect in this world, and decentralized nature of open source apps such as Bitcoin has made it worse, people truly don't know how and for what reason they should use Bitcoin.
P2P electronic cash, to be used without a third party, that is what Satoshi said and that is what it is. But something as fascinating as BTC couldn't serve only one use case, so it has evolved into many use cases, but the best part is that it is permissionless and censorship resistant, so whosoever owns their key can do anything with their coins, without needing any permission from me or you. I don't think there is a problem with what to use BTC for, each person can choose for themselves what they want to use it for. Off chain solutions like lightening network is what can be used to easily and affordably buy a cup of coffee.
Why are we obsessed with coffee, there must be other things to buy with LN, though it's not like we have no money processing services in place already which are more efficient and cheaper, off chain/ second layers are a failed attempt IMO, nobody is going to Nothing is perfect in this world, and decentralized nature of open source apps such as Bitcoin has made it worse, people truly don't know how and for what reason they should use Bitcoin. Here people are fighting over block size, out there people have difficulty understanding what is the use of cryptocurrency.😂
larger block size would allow for more transactions to be processed, making Bitcoin more accessible for everyday transactions such as buying a cup of coffee.
A large block size does not make Bitcoin more accessible it increases the amount of transactions confirmed every ~10 minutes. This does not make transactions cheaper or faster. All txs in a block will have to wait the average time for confirmation. Off chain solutions like lightening network is what can be used to easily and affordably buy a cucp of coffee. The Bitcoin community split sharply over this block size controversy. Due to disagreements among some, a new cryptocurrency named Bitcoin Cash (BCH) was created. The block size limit was raised by Bitcoin Cash to 8 MB, enabling for more transactions per block.
There was no community split or anything, just a few greedy individuals wanted their own throne, now look what they got, 8 mb block size was supposed to help their coin become internationally adopted, I wonder what happened?All in all, such forks will give bitcoiners some extra cash, so thanks for that.
Now regarding block size bump, as more tech (spam) emerges trying to work with Bitcoin blockchain, we will have to think about another size bump in the near future.
Some argue that a larger block size would increase the speed and cost of Bitcoin for everyday transactions.
For the sake of technical accuracy, it wouldn't "increase the speed". It would allow more space for traffic within a block, but doesn't make blocks faster.
The cost of making transactions might be cheaper at times. However, the resource cost for relaying and storing the blockchain (i.e. running a node) would be greater.
Hello there! I'm writing this article because I was once in your shoes, not having a clue about what "block size" meant in the Bitcoin world. But I've learned a thing or two, and I'm here to share my newfound knowledge in simple terms. So, let's explore Bitcoin's block size together.
What is Block Size in Bitcoin?
First, let’s get into the nitty-gritty. In the Bitcoin world, “block size” is the maximum number of bytes that can be stored in a single block on the blockchain.
What is a blockchain? A blockchain is a digital ledger in which all Bitcoin transactions are recorded. Each page in the blockchain is a block. The block size is the page’s space limit for each transaction.
The Original Block Size Limit
When Bitcoin first came to life, the block size was set at 1 megabyte (MB). This limit wasn't just random; it served a couple of important purposes:
Security: The block size limit of 1 MB acted as a watchdog on the network. It prevented anyone from flooding the network with large numbers of transactions at the same time, which could lead to issues.
Decentralization: Maintaining a small block size was about fairness. It was about allowing everyday people (like you and me) to participate in the Bitcoin ecosystem. If blocks were too large, it would only be possible for big players with a lot of computing power to participate in the network, which would be unfair.
Debate about the size of large blocks in Bitcoin
Now comes where it gets interesting: the block size debate.
Proponents of Larger Blocks: Some argue that a larger block size would increase the speed and cost of Bitcoin for everyday transactions. A larger block size would allow for more transactions to be processed, making Bitcoin more accessible for everyday transactions such as buying a cup of coffee.
Critics of Larger Blocks: On the other hand, there are those who fear that increasing the size of blocks will result in centralized control. Simply put, it would mean that a few big players would have control over everything, which is not what Bitcoin is about.
Segregated Witness (SegWit) and Other Solutions
To solve this conundrum, clever people came up with an elegant solution: Segregated Witness (or SegWit, for short). Instead of increasing the block size, SegWit decouples transaction data from signature data, allowing more transactions to fit in the same tiny block. As a result, transactions become faster and cheaper.
The Bitcoin Cash Fork
The Bitcoin community split sharply over this block size controversy. Due to disagreements among some, a new cryptocurrency named Bitcoin Cash (BCH) was created. The block size limit was raised by Bitcoin Cash to 8 MB, enabling for more transactions per block.
The Ongoing Debate and What's Next for Bitcoin
Bitcoin's block size is still a topic of discussion. Bitcoin's speed, cost, and accessibility can still be improved while maintaining its security and fairness.
So, to put it simply, the Bitcoin block size determines how many transactions can be completed in a block. It plays a crucial role in how Bitcoin functions and evolves. This block size argument will influence Bitcoin's future, making it more user-friendly while adhering to its fundamental principles, as technology advances.
Since I'm a beginner, I didn't include any images.
What is Block Size in Bitcoin?
First, let’s get into the nitty-gritty. In the Bitcoin world, “block size” is the maximum number of bytes that can be stored in a single block on the blockchain.
What is a blockchain? A blockchain is a digital ledger in which all Bitcoin transactions are recorded. Each page in the blockchain is a block. The block size is the page’s space limit for each transaction.
The Original Block Size Limit
When Bitcoin first came to life, the block size was set at 1 megabyte (MB). This limit wasn't just random; it served a couple of important purposes:
Security: The block size limit of 1 MB acted as a watchdog on the network. It prevented anyone from flooding the network with large numbers of transactions at the same time, which could lead to issues.
Decentralization: Maintaining a small block size was about fairness. It was about allowing everyday people (like you and me) to participate in the Bitcoin ecosystem. If blocks were too large, it would only be possible for big players with a lot of computing power to participate in the network, which would be unfair.
Debate about the size of large blocks in Bitcoin
Now comes where it gets interesting: the block size debate.
Proponents of Larger Blocks: Some argue that a larger block size would increase the speed and cost of Bitcoin for everyday transactions. A larger block size would allow for more transactions to be processed, making Bitcoin more accessible for everyday transactions such as buying a cup of coffee.
Critics of Larger Blocks: On the other hand, there are those who fear that increasing the size of blocks will result in centralized control. Simply put, it would mean that a few big players would have control over everything, which is not what Bitcoin is about.
Segregated Witness (SegWit) and Other Solutions
To solve this conundrum, clever people came up with an elegant solution: Segregated Witness (or SegWit, for short). Instead of increasing the block size, SegWit decouples transaction data from signature data, allowing more transactions to fit in the same tiny block. As a result, transactions become faster and cheaper.
The Bitcoin Cash Fork
The Bitcoin community split sharply over this block size controversy. Due to disagreements among some, a new cryptocurrency named Bitcoin Cash (BCH) was created. The block size limit was raised by Bitcoin Cash to 8 MB, enabling for more transactions per block.
The Ongoing Debate and What's Next for Bitcoin
Bitcoin's block size is still a topic of discussion. Bitcoin's speed, cost, and accessibility can still be improved while maintaining its security and fairness.
So, to put it simply, the Bitcoin block size determines how many transactions can be completed in a block. It plays a crucial role in how Bitcoin functions and evolves. This block size argument will influence Bitcoin's future, making it more user-friendly while adhering to its fundamental principles, as technology advances.
Since I'm a beginner, I didn't include any images.
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