It never seems to end with the battle of bitcoin. Lets face it we all figured nothing would ever change in bitcoin land since they have never updated the blockchain.
Well now we have been thrown for a loop as bitcoin main developers want to change the block size from 1MB down to 300kb to reduce the storage cost of housing the entire bitcoin blockchain which is currently at 200 GB.
But lets be honest with how fast storage is growing 200GB really is not all that much and storage space will continue to increase as we continue forward. Will reduction to 300kb really do anything ?
This also seems to be sparking debates now which always leads up to a hard fork of bitcoin. Well bitcoin is not new to hard forks, its been hard forks so many times now there is a bitcoin (NAME) for just about everything you can think of.
The real question will be which one ends up being supported by the majority of the network and it would seem those housing the block would opt for the lower size.
It also does not make sense in terms of scaling. It would in fact from what I understand reduce the amount of transactions in each block which would increase fees. This might be deliberate though as they want to push more transactions off chain. But will this actually help or hurt the bitcoin price? I guess only time will tell.
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I agree that it doesn’t really make sense as there are more than enough transactions to fill the current sized block whereas other iterations are having issues using their space. The problem is that it could lead to a clog up in the chain similar to 2017 as even small transactions take up space.
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