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?

/u/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 /u/Mccawsleftfoot
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from Bitcoin - The Currency of the Internet https://ift.tt/2Jrrqfo

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