Jeff Garzik Proposes for Increasing Bitcoin Block Size Limit to 2MB

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Jeff Garzik Proposes for Increasing Bitcoin Block Size Limit to 2MB,

Jeff Garzik who makes up for a substantial portion of the Bitcoin development team, has proposed for increasing Bitcoin’s block size limit to 2MB. This self-described expert of Linux kernel, cloud computing, Bitcoin, etc. and armchair foreign policy nerd & kind of libertarian gave his views on the popular website Reddit.

Nonetheless, blocks which are created every 10 minutes currently hold only 1MB of transactions each have been matter of discussion for quite some time. It is being noticed that if the Bitcoin network is to scale competitively it will need to exceed the three to seven transactions per second it currently supports and for that blocks have to be increased.

Needless to say with the 1MB limit looking to be reached within the next few months, Garzik and several other people want and propose BIP 102, an emergency ‘fallback’ if consensus among Bitcoin’s stakeholders is not reached. Jeff Garzik says that if there is a more complete solution, yes, by all means, let’s throw BIP 102 in the trash.

As has been mentioned, Jeff Garzik is not the first person to propose increase in Bitcoin blocks and not even the last person to propose so, a lot of discussion will start taking place. Earlier, Gavin Andresen had proposed to increase the block size to 20MB and since then it has politicized debate among fellow core developers and the wider community has started.

Moreover, as a lot of people think the limited space for transactions in each block will create a market for fees, they are receiving support as well. On the other hand, there are some people who have warned doing nothing could disrupt the robustness of – and people’s trust in – Bitcoin. Nonetheless, no clear cut resolution has been reached so far.

Bitcoin is Just the Beginning of a Brand New Category of Algo

Jeff Garzik says that Bitcoin is just the beginning of a brand new category of algorithms and it may itself fail; however, it is the first of a new category of “crypto-currencies” based on the proof-of-work algorithm method.

He sees huge potential in Bitcoin and admits that along with the Euro, the US Dollar, China’s RMB it will exist on an even playing field and users may choose which type of currency they hold in their wallet, and transact with.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com