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It's sad you're being downvoted. You're totally right. The issue is that the main Bitcoin community is insisting on keeping the blocks to 1MB every 10 minutes.
by MichaelGG 9y ago
It's sad you're being downvoted. You're totally right. The issue is that the main Bitcoin community is insisting on keeping the blocks to 1MB every 10 minutes. They are doing this with the promise that one day, they'll have whizbang technology to do a million transactions a second for cheap. They're even calling Bitcoin a "settlement layer" or "layer 1" or just "store of value". Instead of a peer to peer cash system. Some such supporters have expressed interest in seeing the fees hit $100 or $1000, saying such fees would "indicate success".
I didn't particularly care before, but the more and more I've read, the less sense it makes. At this point, almost all miners (people running the equipment that keeps the network safe and operational) have decided to switch to larger blocks, "hard forking". This will be fun to watch. The "core" people are insisting the miners rebrand and break backwards compatibility so it doesn't hurt their main, small block chain.
That's not to say these other solutions are terrible, when they end up existing. But artificially restricting Bitcoin and driving up fees while slowing transactions down seems basically petty at this point.