Bitcoin: My thoughts on block size and B2X

#Bitcoin: My thoughts on block size and B2X

There are more than 3 million active bitcoin users today. Those users make an average of 5 transactions a month and our blocks are full with an average fee of 5 USD.

In 5 years from now we expect 300 million (2 orders of magnitude) people using this technology. We would need a 100 MB block size to have the same fees as we do today.

In 10 years, we expect 3 billion users using bitcoin and that means 1 GB block size.

By that time we will use bitcoin as a day to day tool and that means instead of 5 tx/month, we will make 50 tx/month. To fit this purpose we will need to decrease fees at least by 10 times. All of this add up to a 100 GB block size.

That 100 GB block needs to propagate through the network to all nodes. Nodes will have to process and validate the 100 GB block in less than 10 minutes. Using Moore's' Law, technology will not catch up and nodes will become sparse given that fewer and fewer people will be able to participate. We would lose one of bitcoin's main principles: decentralization and censorship resistance.

B2X and every proposal that include a block size increase are direct threats to the future of bitcoin. #no2x

There is a solution that does not include centralizing bitcoin, that solution is called by some developers lightning network or drive chain. This solution suggest that many transactions will happen in different layers, also called side chains. This will allow us to make thousands of millions to hundreds of billions of transactions a second if we do it right. More Info: https://lightning.network/lightning-network-paper.pdf

I hope my words reach some of you and that you make the right choice on this upcoming #B2X hard fork. As the future of bitcoin is decided by all of us we must take decisions that will define our path on this new technology. Keep your money on your principles as will I. And go #Bitcoin!

-chelo