BTCC Chief Operating Officer Samson Mow indicated that the leading Chinese mining pool and exchange supports an incremental increase of Bitcoin’s block-size limit to 8 megabytes in order to buy time for alternative solutions to be developed.
Moreover, Mow believes the Bitcoin industry might opt to raise Bitcoin’s block-size limit even if no consensus is found among the Bitcoin Core development community.
“If there is no consensus soon, I could see a situation where stakeholders make a decision to implement a small increase,” Mow said. “Without bigger blocks, a fee market will develop, increasing the cost of transactions, and we believe it’s too soon for that to happen.”
Speaking to Bitcoin Magazine , the COO of the prominent Chinese Bitcoin company formerly known as BTCChina, explained that he believes the long-lasting block-size limit debate is more than a debate regarding the specific block-size parameter. Rather, Mow says, there is a deeper issue at play.
“The core of the issue is actually about what Bitcoin will be,” Mow said. “If we can answer the question of what we all want Bitcoin to be, then the answer to the question of whether the block size needs to be increased will come naturally. Bitcoin can’t be free (as in zero cost), secure, and decentralized all at once and in perpetuity. An extreme view would be: free, secure, decentralized; pick two.”
Given this trade-off, and much like Bitcoin’s “ decentralists ,” Mow considers “secure and decentralized” the most sensible choice in the long term. However, and more closely aligned with proponents of a block-size limit increase, Mow believes that Bitcoin transactions should remain cheap and accessible for now, in order to attract new users. Meanwhile, developers can improve Bitcoin’s fee market mechanisms and alternative scalability solutions, such as the Lightning Network .
“Being free and secure is great for […]
