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What Is the Bitcoin Block Size Limit?

Raoul Pal, a former Goldman Sachs manager, believes that BTC will be worth $1 million in three years, as outlined in his Global Macro Investor guide.

With so many factors now like COVID-19, it doesn’t seem like Bitcoin block size and blocks weight matters. Wrong

Block size and weight control how many transactions can go through and how.

In such volatile times economically or otherwise, the maximum block size for Bitcoin blocks matters.

Keep reading to get the low-down.

When Bitcoin was launched with “Block 0” in January of 2009, the block size was a max of 36 MB, although the actual size of the block sent was only 285 bytes.

In 2010, before Satoshi Nakamoto left the project, he/she/they reduced the block size to 1MB and then enforced it in two separate commits.

Miners try to stuff as many transactions as possible into a block.

Difficult-to-complete blocks are adjusted by the Bitcoin Core Clients to keep a block to a 10-minute solution cycle.

One of the arguments favouring larger blocks is that there can be more transactions in each block.

This means that more transactions can be completed in 10 minutes and lower transaction costs.

However, the flip side of this argument is that with an increase in size, only those with the most powerful machines will be able to maintain Bitcoin clients.

Talks on increasing the blocksize started in June of 2015 with suggestions ranging from keeping 1 MB to high as the original 32 MB.

No one could agree on a size that worked for everyone, except that all the major Chinese mining pools were onboard for larger blocks.

Another proposal, BIP 101, suggested a max block size that increased predictably—much like the bitcoin reward halves approximately every four years.

It was well-received by most and would increase the limits to 8 MB.

The real fun started when Segregated Witness (SegWit) was released in October 2016, with Bitcoin Core 0.13.1.

This move changed the game, and the first hard forks of Bitcoin came in 2017 as an opposition to SegWit.

This allows for retro-compatibility with all the previous Bitcoin Core clients, composing the Bitcoin network.

SegWit included scaling improvements to optimize bitcoin block sizes.

SegWit splits a transaction on a block into two parts.

It takes the signature (Witness) and appends it separately at the end of the block.

The original section continues to hold the receiver and sender data intact.

The way the data for the signatures compresses to about one-quarter of its original size.

This means that a 1 MB block can be 4 MB in size.

It does this by manipulating the Merkle tree transaction record.

Not all transactions in the world can happen on the Bitcoin base layer, and you could argue that it has never been the intent.

The Lightning Network is a “layer 2” or second layer system.

This provides off-chain functionality without losing the trustless operation that is Bitcoin’s foundation.

It will combine on-chain and off-chain innovations that improve Bitcoin’s scalability and push it past the seven transactions per second bottleneck.

At D-Central, we strongly believe in the core ideals of Bitcoin.

That is to say, the decentralization of economic power.