Solving the Bitcoin block size problem has been a top priority for developers over the past few months. Multiple solutions have been proposed, although only two of them are in actual “contention” right now. Bitcoin Core developers have begun development of a third solution that would shift the block size to 2MB. It is always good to have options on the table.
Even though Segregated Witness has not been denied by the mining community yet, it is due time to consider alternatives. Bitcoin Core developers acknowledge the need for a plan B if plan A does not come to fruition. Increasing the block size is an absolute must, but it remains unclear as to how Bitcoin will get there in the end.
While Bitcoin Unlimited is another solution to consider, there is a third player emerging soon. Or to be more precise, Bitcoin Core devs have come up with another solution to this problem. Their new hardfork proposal will double the block size, without requiring major changes by service providers. This solution has been in active development for nearly a full year now.
A New Bitcoin Core Proposal Arises
Do keep in mind this new proposal is far from finished and needs some polishing. In fact, it’s not even completely developed either, although an early version is running on a separate testnet. It is good to see the developers acknowledge that, while SegWit has significant support, it may ultimately fail to activate on the network.
In the end, the Bitcoin block size will need to be adjusted in one way or another. For Bitcoin to scale, larger blocks are the only valid option on the table right now. An increase to 2 MB would be a start, and the sooner, the better. Having multiple options available is the best course of action right now.
At the same time, it remains to be seen when this new hardfork proposal is ready for deployment. An incomplete version is a start, but there is still a lot of work to be done. Moreover, this new proposal would not diminish the success rate for SegWit either, as both solutions can complement one another.
Many people are keeping a close eye on the block size debate for very different reasons. A scalable global currency will not lead to a new all-time high price per BTC, though. It is possible the effect will give the price a small nudge, but no one should expect miracles.