We need to lower the blocksize!
One of the core principles of Bitcoin is that it is a decentralized system that enables users to transact with each other without relying on third parties such as banks or governments. This decentralization is achieved through the use of a public ledger called the blockchain, which records all Bitcoin transactions.
The key factors that has allowed Bitcoin to maintain its decentralized nature is the relatively small block size limit. This limit ensures that the blockchain remains manageable and can be stored and validated by a large number of independent nodes around the world.
However, as Bitcoin has grown in popularity, there has been pressure to increase the block size limit in order to accommodate more transactions per block. This pressure has come from both users who want faster transaction times and from miners who want to earn more fees by processing larger blocks.
While increasing the block size limit might seem like a reasonable solution to these challenges, it actually undermines one of the fundamental principles of Bitcoin: the ability of individual users to verify the entire blockchain themselves.
By increasing the block size limit, the size of the blockchain will grow much faster, making it more difficult for individual users to download and verify the entire blockchain on their own. This undermines the "don't trust, verify" idea behind Bitcoin, as users will increasingly have to rely on third-party services to access and validate the blockchain.
Furthermore, larger blocks increase the risk of centralization in the Bitcoin network. As the size of the blockchain grows, it becomes more expensive to run a full node, which means that fewer individuals and organizations will be able to do so. This could result in a situation where only a few large players control the entire Bitcoin network, which goes against the decentralized nature of the system.
In conclusion, lowering the Bitcoin block size limit is a compelling solution to ensure that the blockchain remains manageable and can be verified by individual users. This maintains the decentralization that is at the core of Bitcoin and helps ensure that the system remains truly trustless.