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Wednesday, April 5, 2017

Charts: Determining the Ideal Block Size for Bitcoin

Charts: Determining the Ideal Block Size for Bitcoin

Willy Woo is an entrepreneur, investor, trader and cryptocurrency enthusiast.

In this guest piece, Woo weighs in on the block size, analyzing the charts to offer a novel take on bitcoin's big debate. Ultimately, he finds that there's little evidence to suggest current network congestion is a fatal flaw.

Bitcoin has been operating for eight years, from the early days when we only saw a few transactions in each block, through to today, where blocks are crammed packed and congestion is the norm.

One benefit of seeing congestion this early in bitcoin's life is we get a great set of data of the network under load. In this study, we'll take a look at bitcoin's transactional data to see if it points to an ideal block size (if there even is such a thing).

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