Over the past six months, the bitcoin scaling debate has been going on relentlessly as many cryptocurrency proponents are trying to figure the best solution to improve the network’s fees and transaction throughput. There have been many ideas brought to the table, but this summer there are some specific plans that all bitcoin holders should keep on their radar.Bitcoin Scaling Changes and Three Possibilities
The block size debate has been going on since Satoshi Nakamoto put a 1MB limit on blocks in 2010, which only allows for a certain amount of transactions per block. More recently the ‘community’ has been divided talking about a variety of ideas that could help blocks hold more transactions as bitcoin becomes increasingly more popular.
One of the ideas right now is Segregated Witness (Segwit), a soft fork protocol designed to remove witness data from transactions which theoretically will add more space for additional transactions. Then the other side of the community wants to implement a hard fork that would change the 1MB block size limit to either 2MB, 4MB, 8MB, or even unlimited block space.
For a long time now Bitcoin proponents have yet to implement any of these plans. There has been a stalemate for quite some time between businesses, users, miners, and many individuals involved in the bitcoin economy. Now certain members of the bitcoin community seem to be moving a lot closer to attempts towards activating their plans on the bitcoin network.
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