BitQuick.co, and the community, support a blocksize increase. We have the data to prove it!

Home / Uncategorized / BitQuick.co, and the community, support a blocksize increase. We have the data to prove it!

Edit on 1/19/2016 – BitQuick.co has officially put its support behind Bitcoin Classic, following suit with other industry leaders. We believe that Bitcoin Classic is the most suitable candidate for increasing the current block size.

The blocksize debate has recently become a very hot topic amongst the Bitcoin community, even resulting in /r/Bitcoin going completely unmoderated for almost 2 days. This issue affects all of us in the Bitcoin community, whether we are Bitcoin users, businesses or anything in between. As such, I felt that it was an important time for us to figure out how our users feel, combined with our own company philosophies, to develop a formal position regarding the issue. Part of that involved issuing a survey to all our users from the past 3 months. Hopefully this can shed some light on the issue for many folks, as well as provide some objective statistics to the current state of the debate. It has been hard to find fair coverage of the recent debate because BitcoinXT is considered an altcoin by the /r/Bitcoin administrator, and BitcoinXT is one of the leading solutions in the blocksize debate right now.

The Survey
As a business, I feel it’s important that our values not only reflect those of our employees, but even more importantly, of our customer base. To figure out how our customer’s felt about the blocksize debate, we issued a simple poll to anyone who had used the platform in the past 3 months. The question, as well as the results are displayed below:

It is clear that over 70% of our users are in support of increasing the blocksize. Even more surprising was the amount of users who felt informed enough to vote on the issue itself. Out of 111 responses, only 11 did not know what the blocksize debate involved.

Framing the Blocksize Debate
For those who aren’t familiar what exactly the blocksize debate entails, essentially the issue surrounds the scalability of the Bitcoin network. Currently each block added to the blockchain is restricted to 1MB of transactions, which limits the network to only a handful of transactions per second. During a spam attack, this can greatly reduce the speed at which transactions are confirmed, as well as increase the required fee for expedient delivery of a transaction.

During the CoinWallet.eu spam transaction attacks, even we here at BitQuick.co were affected. It took users awhile to be able to deposit funds, and we also had to manually increase fees on our transactions so that they were propagated on the network in time.

Those against an increase in blocksize have stated that it could lead to increased centralization of Bitcoin mining, since bandwidth requirements would increase. Critics also state that since the blockchain would increase at a faster size, many nodes would be unable to accommodate the additional storage, leading to centralization of the overall network.

The debate has come to a practical standstill between the core developers against the increase, and those in favor. Gavin Andresen has come up with a unique solution by creating his own fork of the Bitcoin software, BitcoinXT. For BitcoinXT, once 75% of the network is running this version of Bitcoin, a hard fork will occur, and larger block sizes will be enabled. To be specific, block size would increase to 8MB at first, and then would continue to gradually increase over time.

 

BitQuick.co’s position, and launching of BitcoinXT node

After considering our user’s positions, and the effect that the blocksize debate has on the Bitcoin ecosystem, we have taken a strong position in favor of blocksize increase. We now join Xapo, Coinbase, Blockchain.info, BitPay, CoinKite and Bitpagos in sharing that opinion. I believe that BitcoinXT is a fair way to survey the Bitcoin network for consensus of the blocksize increase.

Some are trying to make misleading statements by calling BitcoinXT an altcoin, but that is simply not true. This type of rhetoric is dangerous, and is heavily flouted by those with economic interests against a blocksize increase. If 75% of the network agrees that BitcoinXT has the rules that Bitcoin ought to have, then BitcoinXT is of course the clear winner. This best aligns with consensus as well. A few developers should not be able to hold the network hostage.

In response to this, we have also launched our own Bitcoin node, with the BitcoinXT software installed. Check it out: 107.170.240.156. If you want to launch your own node (which we urge you do), just buy a VPS server and download BitcoinXT from XTNodes.com and let it run!

In summary I believe that BitcoinXT is one of many possible solutions to increase the blocksize, and by launching a BitcoinXT node, it is a tangible way of letting the network know we are in favor of an increase. Ideally the core developers will quickly introduce a blocksize increase solution. One thing that is certain though is that the blocksize should not remain the current size.

Jad Mubaslat

CEO/Founder

[email protected]

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