Bitcoin transaction overload

Have you recently made or attempted to make a Bitcoin transaction and it either took forever or still on unconfirmed? Well,  the Blockchain has finally been "overwhelmed by the continued growth of Bitcoin transactions".

As a result, massive delays have erupted and confirmation times have risen by 4x. Some Bitcoin users and Blockchain experts say that the 1MB blocks are to be blamed for only holding 1MB of information. With thousands or millions of blocks waiting to be confirmed, this causes a huge line up for miners who are doing their best to confirm but with the high difficulty and large amounts of transactions that need to be confirmed, this might be a problem that needs to be solved since Japan is ready to use Bitcoin as a regular currency.

This is where Bitcoin Classic comes in with 2MB blocks which are twice the size as a Bitcoin Core block which theoretically will cut down the transaction confirmation line by half (that is not how it works) and still work the same way as Bitcoin Core.

Today, a virtual civil war is being fought by the users of Bitcoin Core and Bitcoin Classic for supremacy but so far, Bitcoin Core is still dominating because Chinese miners are still going with Bitcoin Core and will most likely not change.

In an article by The Verge, it states that both Bitcoin Core and Bitcoin Classic have been accusing each other for attacking the other which could mean a gridlock in the Blockchain if they went full on spamming.

"The Core team says the network is congested because Classic advocates are spamming the network with low fee transactions miners can't be bothered to accept. Classic says that users who attempt to run nodes or mine blocks with their software have been hit with DDoS attacks that cripple their computer networks." -The Verge

Right now, the fate of the Blockchain is in the hands of the Miners and Nodes who have the most control over the Blockchain. If you are a Node, you have the two choices and if you are a miner, according to NewsBTC, the BitFury mining pool which controls a massive 13% of mining has declared its support on implementing Bitcoin Classic.

With the division of both versions, this war might be the reason why transactions are stuck in time and waiting to be confirmed. It has gotten so far that even Bitcoin ATMs are starting to pick sides. Several companies have switched to classic but the majority still stay with Core because first, it is still the most popular and secondly, Core is considered safer because it has been here since the Genesis block.

What do you think about 2MB block sizes? Which do you support, Core or Classic? Tell me below!

Bitcoin transaction overload Bitcoin transaction overload Reviewed by Angus Leung on 21:24:00 Rating: 5

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