When Bitcoin was first invented in 2009 under the leadership of Satoshi Nakamoto, the creator seemed to have an almost insurmountable problem with blockchain technology that has to do with spam attacks. Satoshi was unable to figure out how to deal with spam transactions on the network and thought it could lead to Bitcoin's eventual and definitive decline. And then, with a brilliant hit in his mind, he decided to put a rate limit on the blockchain output by limiting each block size to a rather arbitrary 1MB, then to determine how to deal with the problem. 1MB was sufficient block size due to Bitcoin's low network usage, being able to quite comfortably accommodate around 1,500 transactions per 10-minute period, and nowhere near so many transactions at that time. But Satoshi knew that for Bitcoin to be able to rule anything in the form of a global economy, this number would need to be significantly higher than 1MB in the future.
Fast forward to 2014-2015 and marked the beginning of the first and last discussion of Bitcoin block size growth. Ultimately the Bitcoin network broke away from the software to incorporate Segwit technology, Bitcoin Cash and a number of other spin-offs generally created Bitcoin variants with larger block sizes that proved to be much less popular than the original Bitcoin blockchain, while a moderate 1.7x increase in network throughput to the blockchain. provide. from this point in time. And the grapple with innovation in Bitcoin's underlying technology has created a kind of elephant in the room-type problem that is largely ignored by society, often using post-derived explanations to eliminate lingering issues or future dilemmas. This creates a number of problems, mostly seen when filling the mempool, both during the 2017-2018 run and during the current Bitcoin price spikes during the late 2020 Bitcoin bull run.
During Bitcoin price fluctuations that pushed Bitcoin above $ 16,000, Bitcoin's popularity in both interest and actual use correlates at a frequency close to 1: 1. With the increasing use of Bitcoin on the Bitcoin blockchain network, there is an irreplaceable transaction demand. The blockchain network runs entirely on a supply / demand constraint. As the blockchain network fills up, users have one of two options: Wait hours or days for your transaction to process for cents, or potentially pay multiple dollars to get your transaction processed in a faster 10-minute to 2-hour period.
