A few select miners remind the community that the bitcoin blockchain still has a long way to go. Therefore, they continue to urge support for the Bitcoin8M campaign. This is not the first time miners have asked the public for support for Bitcoin8M.
In February, miners proclaimed the campaign’s great potential to solve blockchain’s current scalability problems.
Bitcoin8M is a project that encourages the active participation of miners and stakeholders to increase the block limit to 8 megabytes, which should significantly reduce transaction costs.
- Blocking transactions takes too long because of the size limit.
- A lot of time is spent on consensus building, which is needed to confirm transactions before they are actually embedded in the blockchain.
Part of the problem is that it’s hard to accept bitcoin as a global currency when it’s limited to a single megabyte. This means that payment platforms like Visa and Paypal, which process faster transactions per second, will continue to have a competitive advantage over bitcoin.
Another problem with the 1MB size is that the number of unconfirmed transactions in a block increases as users take turns waiting. Both customers and mine operators are affected by this increase.
Who is affected?
First: Bitcoin users and investors.
Does it bother you that bitcoin requires 1 megabyte of storage to process multiple transactions? No, I don’t, because I have nothing to lose and there is some practical value in keeping a 1MB capacity.
Let’s say you can submit a bitcoin transaction for free. But if some users are willing to pay high rates to minors, why yours?
It’s nothing, right? Well, think again.
If the capacity of 1 megabyte can be used only 3 to 7 times, the average speed becomes too high, even for small transactions. For example, the 1. February 2021: average transaction fee of $15 per transaction.
This is not suitable for users who want to send bitcoins for just a few dollars. Imagine paying $15 for a $20 operation. If nothing changes, transaction costs will continue to rise.
In the future, incentives for miners will decrease, as blockchain rewards will be halved after each bitcoin reduction.
There is a clear correlation between the number of cases that are not closed and the committees for the cases. The more unfinished business there is, the higher the transaction costs (also because the miners have to compensate for their meager wages).
Bitcoin8M as an awareness tool
Bitcoin8m is a project with the sole purpose of closing the bitcoin power gap.
Using the hashtag #BlockSizeMatters, the initiative aims to bring the benefits of larger block sizes to the attention of the mining community and stakeholders.
It should be noted that Bitcoin8M does not cause a complicated fork, as some have misunderstood.
Learn how bitcoin8m came about and why a hard fork won’t happen.
Benefits of increasing the blocking limit
As Remitano explains:
Scaling up the Bitcoin blockchain is more important than ever. It is extremely important to know that the 1MB limit for bitcoins can be extended. If more people support Remitano’s Bitcoin8M, we can improve the transaction information per block, reducing the average time it takes to publish a transaction on the blockchain.
Here are the other benefits of scaling bitcoin:
Minors also inform other members and users of their role in all this.
For example, miners can support Bitcoin8M by uploading a signature from Remitano and signing the block they mine with that signature.
Users or stakeholders can show solidarity in three ways:
- Create posts that raise awareness of blockchain scaling and tag them with the hashtag #Bitcoin8m #BlockSizeMatters.
- Bitcoin8M Shares
- Join the Reddit discussion
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