I’ve been following Bitcoin for a couple of years now, and have been wondering what the developers opinion in here on the blocksize is currently.
I realize that we will never be able to scale to millions of transactions per second on chain, i understand that – which is why LN etc. is being built to also maintain Bitcoins decentralization while still scaling. But would it not also benefit the lightning network, that more on chain “deposits” to LN can be made in a single block (imagine a couple of million users trying to get on to LN at the same time – Bitcoins blockchain would be clogged fast – essentially meaning no deposits to LN for a long time?).
If the blocksize was increased to lets say 10x fold (10mb): I realize that Bitcoin node operators would start running into issues regarding storing the rapidly growing blockchain (more centralization) – but then again, is it really required for everybody to be able to run a node? Aren’t nodes primarily used for miners & programmers?
I realize validating your own transactions are a big thing, but should it stand in the way of scaling on chain? It’s a knives edge, but i believe a balance should be found. Either way, at 10mb we would grow the blockchain by 1.4gb a day, or 500gb a year (assuming blocks are filled up), which is a lot. But then again it’s not unusual to see harddisks the size of a few TB’s up to two digits nowadays – it seems like capacity is on a growing trend, so maybe decentralization is possible afterall at this size? I’m really curious in hearing more arguments against increasing the blocksize, now that a few years has gone by since the big boom 🙂