The Evolution Of Bitcoins

By Etanllah | Bitcoin News

Oct 27

Bitcoin Chain IMG_9152

Bitcoin usage is still a relatively new thing in history with tweaking and debates about changes to the core of bitcoin still going on. There has been a long ongoing debate in whether or not to raise the limit on data in bitcoin transactions. Those for it recognize that doing so will likely encourage more users who buy with and accept bitcoin. Those opposed to such a change, also recognize that it will encourage more users. However, they are afraid that of the harsh consequences of this such as centralization and instability. But the limit of data in transactions is only one area of bitcoin usage that can be tweaked; there are many with there be those for and against changing any one of them.

People who have extensively researched the subject of bitcoins say that one of the most important of these proposed changes involves block time reduction from 10 to one minute which most of these experts agree can be done securely and effectively. A very positive outcome of such a change is that it will greatly boost the number of transactions possible on a network. And all of the researchers agree that of the many possible tweaks to bitcoin usage, this tweak seems the most plausible and the most beneficial.

These findings are a result of these researchers particularly seeking ways to increase bitcoins transaction capacity. But the researchers say that if any of these changes to come about, they must be made extremely carefully and meticulously gauging every step of the procedure so that future bitcoin researchers can make better decisions. In fact, the ability to make future and better decisions is why there are dedicated researchers of bitcoin at all. Their research of the possible tweaks has found that many do not have enough benefits to outweigh the very possible adverse effects.

A huge adverse effect involves security. If security is greatly hurt, the possible tweak will most probably be abandoned. There has been a lot of progress made as a result of this research, but the researchers say there is much more to do. There are also tighter security measures being made to ensure that unethical acts like double spending or selfish mining aren’t going on. Bitcoin engineers have found that they can detect stuff like this by carefully monitoring the blockchains. A stale block will usually make it easier for these unethical acts to go down.

This is why it is harder and thus more insecure to have bigger 10-minute blocks. And that is why one-minute blocks are more effective for security reasons. There are still the skeptic experts who say bigger block-times are better. They do have good reason for this because although a too high a block time is bad for security, a too low block time is bad for it as well. Those for a higher block time also arguing that larger blocks move across a network faster. While the debate lingers, it is clear that changes of some sort will be arriving in the bitcoin sector in the future.

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