Bitcoin block size for beginners
There’s a big debate about how to make it so Bitcoin can handle more transactions. This debate is so big that there is a conference series organized around it
. If you’re not a hardcore Bitcoiner, you might be wondering what this is all about. Here’s a new analogy that I hope will shed some light on the debate:
Imagine you’re storing marbles in boxes in your house. Think of a Bitcoin transaction as a marble. Think of the current 1 megabyte Bitcoin block as a shoebox. Each shoebox can hold a bunch of marbles. When the shoebox is filled up, it’s heavy but movable. It also doesn’t take up that much space.
The problem is marbles are really cool and can do a lot of amazing things, so everyone wants marbles. A shoebox every 10 minutes isn’t enough marbles to keep everyone happy. Instead of a shoebox, we can use a refrigerator box every 10 minutes, which holds a lot more marbles. The problem is that a refrigerator box of marbles is very heavy and hard to move. It also takes up a lot of space. Not many people can afford houses big enough to store that many huge boxes of marbles nor can they afford to move them.
This is the Bitcoin block size debate in a nutshe…err…marble.