Bitcoin 1mb Transaction Limit Archives - Dbimmer Reliefnett

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?
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 Mccawsleftfoot to Bitcoin [link] [comments]

"To those arguing that Bitcoin Core fees are no longer "through the roof". It only reached this point because you destroyed your user base with an artificial 1MB block size limit. The data speaks for itself - transactions/block down to 2 year lows with dominance at all time lows."

submitted by MemoryDealers to btc [link] [comments]

ProHashing developer Steve Sokolowski: "I've been warning for years that bitcoin's future was in jeopardy due to the 1MB transaction limit ... Bitcoin is a broken, unusable, unaffordable network, and people are leaving it in droves."

submitted by DTanner to btc [link] [comments]

"To those arguing that Bitcoin (BTC) fees are "through the roof". The 1MB block size limit has not destroyed the user base. The data speaks for itself - transactions/block recently hit ATH and dominance hasn't been higher since December, 2017.

The last year has been good for BTC.
Average number of transactions per block set a new ATH a little over a month ago.
BTC dominance by market cap has reached a level not seen since December of 2017.
Estimated hash rate just hit an all time high, surging above 70 EH/s. Difficulty just underwent one of the largest % increases in the modern era.
Fees remain a bit high but haven't yet reached the same rates as the 2014 bull run.
submitted by NotGonnaGetBanned to btc [link] [comments]

"We do not believe that decentralization means a 1MB block size limit or a responsibility to constrain the block size so that a Raspberry Pi can run a full node while the fee per Bitcoin transaction is higher than the daily income in most developing countries."

Well said. https://blog.bitmain.com/en/uahf-contingency-plan-uasf-bip148/
submitted by poorbrokebastard to btc [link] [comments]

Security of the bitcoin network is funded by the reward miners get: Transaction fees + subsidy. Over time the subsidy drops to 0 and we are left with just fees. If you limit the block size to 1mb you limit miner reward to what fees can fit in 1MB of space. You limit the security of the network.

I've posted this before and was criticized because it was claimed this was a future problem. Actually, the block reward goes pretty low pretty fast. Already 80% of coins are already mined. This is a future problem, but guess what? So are cores hypothetical centralization problems that are supremely trumped by this problem.
Cores hypothetical in the future problem is that miners will geographically centralize because the latency of relaying large blocks will result in close miners having an advantage. The relay network which allows blocks to transmit without latency issues shouldn't count according to core because it is not "decentralized".
The other part of their "decentralization" argument is that we need to all run full nodes to make transactions, but then fail to give an example of anyone being defrauded by an SPV wallet. They then give statistics for how full nodes are dropping (without factoring in that the original bitcoin wallets were all full nodes which skews the statistics)
submitted by specialenmity to btc [link] [comments]

Bitcoins flood control is not the 1MB limit it is transaction fees.

I see this time and time again and now there is a post/podcast on bitcoin where Nick Szabo talks about the 1MB limit being the thing that stops people from flooding the network.
Nick: We could get into the whole block size issue because there is a parameter we shouldn’t but I probably will talk about it a little bit. There’s a there’s a technical security parameter called the block size how the general public glommed onto this I do not know. But there’s there’s an obsessive group of people who think of this as some kind of artificial barrier to more transactions per second on Bitcoin. Really it’s it’s job is it’s [sic] it’s a fence preventing people from overwhelming flooding the network with lots of transactions that the full nodes I talked about can’t handle that that transaction history keeps building and building.
This was only true when bitcoin was virtually worthless. When a single bitcoin was a couple of USD cents and fees were 5 sat/byte you could create a block filled with regular transactions that was 100MB for a dollar or so. If miners did not self impose a limit such a block the the network could be fragmented, so developers decided to take it upon themselves to introduce a protection.
In my opinion this attack doesn't really matter, people would just jump onto the longest chain when they figured out what happened.
This attack vector was only possible because bitcoin was virtually worthless. This is no longer the case.
Bitcoin is now valuable and losing the block reward because the block is too large for the rest of the network to process is now a significant risk to take. Further to that, building on a block that is taking too long to process is also a significant risk, this is due to wasted hashes and losing any block reward for a block that might be found while it is being validated. Transaction fees are now bitcoins flood control, this is the only thing that has changed since the block limit was introduced. Miners are now incentivised enough to impose these limits themselves. Embrace the economics of the system, don't ignore it.
Bitcoin is an socio-economic breakthrough that uses cryptographic tools. It is not a cryptographic breakthrough with an economy attached.
Edit: Talkings is not a word.
submitted by 2ndEntropy to btc [link] [comments]

Bitcoin’s transaction levels have been moving very much in a straight line due to a limited 1MB capacity. Although segregated witnesses (segwit) claimed to double it, in effect it has added as good as no capacity since its activation in August 2017.

source
submitted by mushner to btc [link] [comments]

1) BTC mempool gets clogged thanks to 1MB block size limit 2) Transaction fees rise 3) User experience gets worse 4) Users go elsewhere. People have been warning about this exact scenario for more than 5 years. Now we are "attacking Bitcoin" when we point it out. /r/Bitcoin

1) BTC mempool gets clogged thanks to 1MB block size limit 2) Transaction fees rise 3) User experience gets worse 4) Users go elsewhere. People have been warning about this exact scenario for more than 5 years. Now we are submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Core scaling Roadmap: 1) 1mb limit hit 2) Fees and delays increase, user experience degrades 3) Some users switch to alternative cyrptos 4) Transactions in bitcoin decrease5) Limit no longer hit, user experience improves 6) Repeat

stolen from vibr8gkiwi
Another funny one from Jeff Garzik on twitter today: Current #Bitcoin Core roadmap: Wait for SegWit experiment to succeed or fail, before considering any Plan B. https://twitter.com/jgarzik/status/842728546715996160
submitted by specialenmity to btc [link] [comments]

"To those arguing that Bitcoin Core fees are no longer "through the roof". It only reached this point because you destroyed your user base with an artificial 1MB block size limit. The data speaks for itself - transactions/block down to 2 year lows with dominance at all time lows."

submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Security of the bitcoin network is funded by the reward miners get: Transaction fees + subsidy. Over time the subsidy drops to 0 and we are left with just fees. If you limit the block size to 1mb you limit miner reward to what fees can fit in 1MB of space. You limit the security of the ne /r/btc

Security of the bitcoin network is funded by the reward miners get: Transaction fees + subsidy. Over time the subsidy drops to 0 and we are left with just fees. If you limit the block size to 1mb you limit miner reward to what fees can fit in 1MB of space. You limit the security of the ne /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Core scaling Roadmap: 1) 1mb limit hit 2) Fees and delays increase, user experience degrades 3) Some users switch to alternative cyrptos 4) Transactions in bitcoin decrease5) Limit no longer hit, user experience improves 6) Repeat /r/btc

Core scaling Roadmap: 1) 1mb limit hit 2) Fees and delays increase, user experience degrades 3) Some users switch to alternative cyrptos 4) Transactions in bitcoin decrease5) Limit no longer hit, user experience improves 6) Repeat /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoins flood control is not the 1MB limit it is transaction fees. /r/btc

Bitcoins flood control is not the 1MB limit it is transaction fees. /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

"We do not believe that decentralization means a 1MB block size limit or a responsibility to constrain the block size so that a Raspberry Pi can run a full node while the fee per Bitcoin transaction is higher than the daily income in most developing countries." /r/btc

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

08-14 20:02 - 'All blocks are full at the 1mb limit. Segwit2x might solve this in the future. Or just grab your bitcoin cash and have fast transaction times with its 8mb block size limit r/btc' by /u/CallinInstead removed from /r/Bitcoin within 37-47min

'''
All blocks are full at the 1mb limit. Segwit2x might solve this in the future. Or just grab your bitcoin cash and have fast transaction times with its 8mb block size limit /btc
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: CallinInstead
submitted by removalbot to removalbot [link] [comments]

09-02 15:12 - 'That's a cool looking page I must say. It clearly shows that after Bitcoin hit the 1mb limit the amount of transactions is actualy decreasing and not staying stable. Business/people are moving away from Bitcoin, sad times.' by /u/karlrais removed from /r/Bitcoin within 35-45min

'''
That's a cool looking page I must say. It clearly shows that after Bitcoin hit the 1mb limit the amount of transactions is actualy decreasing and not staying stable. Business/people are moving away from Bitcoin, sad times.
'''
Context Link
Go1dfish undelete link
unreddit undelete link
Author: karlrais
submitted by removalbot to removalbot [link] [comments]

ProHashing developer Steve Sokolowski: "I've been warning for years that bitcoin's future was in jeopardy due to the 1MB transaction limit ... Bitcoin is a broken, unusable, unaffordable network, and people are leaving it in droves."

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

with transactions increasing over time and blocks already full (at 1mb limit), does this mean that sending bitcoin will now be competitive? the more you pay the faster it will go through, and "nearly free of charge" will just be stuck in the back of the line? /r/Bitcoin

with transactions increasing over time and blocks already full (at 1mb limit), does this mean that sending bitcoin will now be competitive? the more you pay the faster it will go through, and submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoins transaction levels have been moving very much in a straight line due to a limited 1MB capacity. Although segregated witnesses (segwit) claimed to double it, in effect it has added as good as no capacity since its activation in August 2017. /r/btc

Bitcoins transaction levels have been moving very much in a straight line due to a limited 1MB capacity. Although segregated witnesses (segwit) claimed to double it, in effect it has added as good as no capacity since its activation in August 2017. /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

[uncensored-r/Bitcoin] Bitcoin’s transaction levels have been moving very much in a straight line due to a limited 1MB c...

The following post by mushner is being replicated because the post has been silently greylisted.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7ey9qd
The original post's content was as follows:
[removed]
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

"If no changes are made the current 1MB block size limit, the value of bitcoin as a quick, international transactional system would decrease due to longer transaction confirmation times and reduced network reliability." -Will Bitcoin Block Size Increase Cause XBT’s Next Price Move?

submitted by bitcoinik to Bitcoin [link] [comments]

How To Send Bitcoin Using Luno Without Paying Any ... Peter Rizun: A Bitcoin Fee Market Without A Blocksize Limit (Episode 172) Blockchain 101 Ep 62 - Why does Bitcoin need to scale? Bitcoins Erklärung: In nur 12 Min. Bitcoin verstehen ... Bitcoin Debit Card - E-coin.io

It is now not uncommon to see fees of 1 satoshi per byte, the smallest possible on-chain fee in Bitcoin. This means large amounts such as $10,000 in BTC can be sent for just 1 penny. Bitcoin is Scaling. Indeed, people are still using Bitcoin as the latest data shows that the average block size is now 1.06 MB, according to data from Blockchain.info. Blocks size in blockchain is limited to 1MB. Miners can mine blocks up to the 1MB fixed limit, but any block larger than 1MB is invalid. No issue in the history of cryptocurrencies has been debated as passionately, as often, or as forcefully as the bitcoin block size. Every ten minutes or so, a new Bitcoin block broadcasts to the Bitcoin network. Bitcoin network miners attempt to mine the block to claim the block reward, as well as any transaction fees. The Bitcoin block size limit is 1MB, but some argue it should increase. What is the Bitcoin block size, and why does it matter to so many Bitcoin users? Tag Archives: Bitcoin 1mb Transaction Limit Thеrе iѕ a Limit tо Bitcoin. Built intо thе bitcoin protocol frоm thе beginning wаѕ a limit tо thе number оf coins thаt will еvеr bе created. Thе limit iѕ 21 million. Technically, thе limit iѕ 20999999.9769, short оf 21 million bу 3 bitcents. Withоut a limit tо thе роѕѕiblе number оf bitcoins, thеу wоuld bесоmе ... Each transaction input requires at least 41 bytes for the previous transaction reference and other headers and each transaction output requires an additional 9 bytes of headers. Finally every transaction has a header at least 10 bytes long. Added up we get 166 bytes for the minimum-sized Bitcoin transaction. For 1MB (1,000,000 byte) blocks this implies a theoretical maximum rate of 10tx/s.

[index] [6211] [5909] [36776] [29826] [15455] [3756] [37402] [32711] [49996] [21678]

How To Send Bitcoin Using Luno Without Paying Any ...

How to send Bitcoin free. The video clip is about how one can send Bitcoin on Luno platform without paying any transaction/miners fee. Check the link below t... Dr Peter Rizun has been researching the economics of transaction fees in Bitcoin extensively and joined us to discuss what dynamics affect fees and why he thinks the blocksize limit will ... #HackBitcoin Ano ang BITCOIN for Beginners (tagalog) Bitcoin Basics "explained for Beginners Ano ang bitcoin at Paano Kumita sa bitcoin - Tagalog 2017 for be... Support our channel by using the Brave browser, browse up to 3 times faster, no ads, get rewarded for browsing: http://bit.ly/35vHo0M This is a complete begi... Bitcoin Debit Card - E-Card: https://www.e-coin.io Our members love how simple our E-card is. We know you're busy, whether you are shopping online or around town. So, our E-card makes your life ...

#