The debate around the block size of Bitcoin has long been a contentious topic for the Bitcoin community and has even led to divisive hardforks, with Bitcoin Cash [BCH] and Bitcoin [SV] being prominent examples.
Luke Dashjr, a Bitcoin Core Developer who recently fronted the idea of a decrease in Bitcoin [BTC] block size to 300KB, has sparked a heated debate in the community, leading to several influencers vehemently voicing their opinion.
“There is never any guarantee. We need to reduce the block size just to have a *realistic hope* of it remaining feasible and *becoming practical again*. The blockchain is *already* bigger than most people are willing to tolerate, and the situation is getting worse and worse.”
Bitcoin Jesus, Roger Ver, CEO of Bitcoin.com and major BCH proponent recently stated his opposition to Dashjr’s proposal on the latest episode of Bitcoin.com on YouTube.
Ver was noticeably opposed to Dashjr’s 300 KB idea and even stated that he would go as far as dumping his held Bitcoins if this proposal was implemented.
In the video, Roger Ver went on to say,
“I really really hope that Luke Jr. and all these other guys lower the BTC block size to 300 kilobytes if they do I will sell even more of my BTC. A lot more. Maybe, I would even sell all of it at that point. Absolute Insanity.”
Gabriel Cardona, a Bitcoin Cash developer and the man behind Badger Wallet and Bitbox, also featured in the aforementioned video and opposed Dashjr’s idea. Cardona’s argument against the reduction of the block size was that it would have a detrimental effect on user experience.
In his own words,
“The crazy mistake of shrinking the blocks, the mistake of, depending on the lighting network as a scaling solution, is that it’s just a poor user experience and there are solutions that are superior. And that’s just a fundamental misunderstanding on a deep level.”
On the other side, a firm advocate of the shrinkage solution is John Carvalho, better known in the cryptocurrency community as Bitcoin Error Log. Via a tweet, he said that the shrinkage would make sense because of the Lightning Network, and added that he will run the soft fork.
His tweet read,
“I agree with @LukeDashjr that the block size should be smaller. I feel more confidence to say it now that we have LN making strides. I’ll run the soft fork.
However, Cobra, the co-owner of Bitcoin.org and Bitcointalk.org also came out in vehement opposition to the idea of shrinkage, calling such soft forks ‘contentious.’
In response to the above tweet by Bitcoin Error Log, Cobra tweeted,
“Stop this madness! Last thing Bitcoin needs is yet more contentious forks in this key year for adoption! A soft fork to “reduce the block size” is a hard fork in all but name. This will split off from the established consensus, cause massive drama, and damage trust in Bitcoin.”
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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
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