Archived Censorship /r/Bitcoin Reddit is deleting any comments or posts about BitcoinXL (reddit.com)
submitted ago by OrionBlastar
Posted by: OrionBlastar
Posting time: 5.3 years ago on
Last edit time: never edited.
Archived on: 2/12/2017 1:51:00 AM
Views: 1957
SCP: 80
93 upvotes, 13 downvotes (88% upvoted it)
Archived Censorship /r/Bitcoin Reddit is deleting any comments or posts about BitcoinXL (reddit.com)
submitted ago by OrionBlastar
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[–] shizleforizle 0 points 2 points 2 points (+2|-0) ago
Can you please explain to me the benefits of the bitcoin system using larger block sizes?
[–] rob_white 0 points 2 points 2 points (+2|-0) ago (edited ago)
Current bitcoin is flawed big time as it doesn't scale well. This is nothing new to people that know the technical limits but like XT, it has been suppressed by some or waved away when in reality it's a serious issue for bitcoin.
Already there can only be one global bitcoin transaction every few seconds, it's bad. Imagine Mastercard only being able to process one transaction globally every 8 seconds and you see the issue, as the block chain fills this time gets much longer, at 100% full this can be many hours for a confirmation! We are heading for 100% full at least by 2017 if not sooner.
A solution some had was what they called "Lightning network", this was nothing more than a power / profit grab to centralize bitcoin so it was more like banking and to insert a middle man, no thanks.
Larger block sizes simply will take away those limits and speed up transactions.