Will Full Blocks Destroy Bitcoin?

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In this video, I discuss the evolution of Bitcoin's block size limits and what this means for throughput (TPS or transactions per second), blockchain bloat, decentralization, and the costs of running a node (storage, bandwidth, and verification).

If Bitcoin blocks are too small, throughput (TPS) suffers.

If Bitcoin blocks are too large, then you end up with blockchain bloat which can make it difficult for everyone to run a node.

One advantage of block size limits combined with full blocks is that it can help to jump-start the transaction fee market, which will be necessary as Bitcoin transitions away from having a block subsidy (currently 6.25 BTC and getting cut in half every 4 years).

The good news is that while the blockchain continues to grow linearly, the cost of storing the blockchain will continue to fall exponentially.

Here's what's non-negotiable to me:

1) Max supply of Bitcoin of 21 million must never be changed.
2) Block size limit of 4 MB must never be changed.

Maybe the block size limit is not perfect, but it's good enough. Maybe the max supply is not perfect, but it's good enough. These things are ultimately fairly arbitrary and there's a wide range of numbers which would work.

Here's the most important thing:

Don't mess with Bitcoin's issuance schedule or monetary policy.

Leave it fixed in stone for the next 1,000 years.

Don't be like Ethereum and keep changing fundamental things like monetary policy or the consensus mechanism every few years.

Base layer money needs to be dependable and unchanging. Moving fast and breaking things works well for tech startups, but it's a terrible approach to take when you're building the new global reserve asset and currency.

Not investment advice! Consult a financial advisor.

SSD Prices Continue to Fall:
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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#bitcoin
#blockchain
#blocksize

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