Bitcoin.com’s Founder on Limited Bitcoin Adoption
When Bitcoin was created, the block size was limited to 1MB which was enough to allow transactions to happen in those early days. But since then, the block size has not been increased even after the increased amount of users and transactions. The bigger audience clearly demands a bigger block size because small blocks mean a bigger fee on them. Bitcoin.com’s founder Roger Ver says that it was due to this that Bitcoin’s adoption decreased.
He is a proponent of Bitcoin cash, the other piece of Bitcoin that came into existence when Bitcoin was split into two. The block size was the very issue that caused the split. When disagreements arose about the block size, whether it should be increased or no, those who believed it should increase made their way into the market with a new coin, a version of Bitcoin without the small block size.
Ver says that it was this reason that people became wary of Bitcoin. The adoption rates started to dwindle, and people were no longer willing to invest in it anymore. People were reluctant to pay the higher price when the Block size exhausted. If it’s about the prices, could it be that the Bitcoin developers are not increasing the block size to the capital on the fees? Ver says so too.
Deliberate Attempts at Keeping Company
There have been concrete studies that showed that the adoption of the Bitcoin decreased considerably and due to which the fees rose to new heights. The reduced adoption, however, was due to the fact that Bitcoin refused to increase the block size which brings us in a full circle. Afterwards, it only went into a downward spiral.
Bitcoin’s reluctance to increase the block size does point an ugly possibility that it’s being done for the money. If that’s the case, there are many cryptocurrencies in the market today that are offering bigger blocks, Bitcoin cash is among them. People would be more comfortable walking away than ever before. There would be a more intense demand for increasing the block size after last month’s developments.
Could the Recent Bitcoin Surge Help
Since the Bitcoin started hiking sometime in the previous month, there is a chance that the adoption of Bitcoin might rise. But does this mean that the block size would be increased too? Nothing could be said yet, but the thought seems highly unlikely. They have always been content with the current block size and seem that they still want to.
The Price hike would only bring more users, and the people in the Bitcoin economy would rise. Maybe that could hold the fees a little but only time will tell.