present, the Bitcoin blockchain is more than GB [8]. The increasing trend of Bitcoin in the past 10 years is demonstrated in Figure 1. Where to check the Bitcoin (BTC) price? The current market value, as well as historical changes of the BTC price, is available on the live online price charts. The bitcoin blockchain size is subjected to continuous increase. Presently, the bitcoin blockchain size is around 15 GB, however, the bitcoin. KING GEORGE HORSE RACE BETTING PAYOUTS

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These protocols can be understood as a series of rules that allow Bitcoin transactions to flow smoothly and securely. The Bitcoin blockchain uses a consensus mechanism called Proof of Work PoW in order to add new blocks to the ledger. PoW protocol consists of complex algorithms users have to run on their devices in order to generate a matching hash to the one generated by the system. They get to validate the new transactions and add a new block to the chain. The Proof of Work protocol is designed to ensure the pace of creating new blocks at the steady pace of one block per 10 minutes on average.

When the computational power in the network increases, the difficulty of performing the Proof of Work protocol also increases to keep the pace steady. Normally, this would mean that Bitcoin users would have to wait 10 minutes on average to have their transactions approved in the blockchain. Unfortunately, it gets more complicated.

Another rule of the Bitcoin blockchain is the block size limitation. For years, Bitcoin block size was capped at 1 megabyte. In , Segregated Witness SegWit protocol upgrade allowed the upper limit to approach 4 Megabytes but most blocks are still closer to 1MB. The Cryptocurrency Scalability Problem The combination of the PoW and SegWit protocols allows for a limited amount of transaction data to be validated and added to the blockchain at any given time. This creates a lot of backlogging, with a lot of transactions waiting to be approved as the number of Bitcoin transactions increases.

Miners usually choose transactions with higher fees to make a block because they get to keep the fee as well as some new BTC generated by the system as a reward. But as the number of transactions increases so does the average transaction fee. This is a pretty big problem for Bitcoin users because transaction fees could potentially cost more than the actual transactions and waiting a long time for the validation could make purchasing a coffee with BTC pretty awkward.

While there is an expectation that it will get easier and more practical to use BTC in our daily lives as it becomes more mainstream, this may not be true because of the scalability bottleneck. For comparison, electronic funds transfer companies like Visa can process 65, transactions per second while Bitcoin processes only seven.

You may be wondering whether these protocols can be adjusted by the Bitcoin network so that everything runs more smoothly. While it is possible to adjust these protocols in certain ways, such as increasing the block size limit or reducing the difficulty of PoW, such changes have to be approved by the majority of the Bitcoin network.

Also, changing these protocols is not a sustainable solution in the long term and could create many other problems that could endanger Bitcoin. The limit functions as a safety measure against spamming since it is easier for the nodes in the system to verify 1 MB blocks rather than constantly having to reject gigabytes worth of spam and false information. This system worked well in the early years of Bitcoin, however, by , the lagging speed of transaction verifications pushed the Bitcoin community to make changes to the existing Bitcoin rules.

The nature of these changes was hotly debated. One suggested solution to the problem was to increase the block size limit or remove it completely. Supporters of this idea eventually broke from the Bitcoin blockchain and created a separate blockchain called Bitcoin Cash.

This was an upgrade that is not compatible with the existing Bitcoin protocol and required splitting the network, a move that is known as a hard fork. Other users who were not content with the splitting stayed with the original Bitcoin blockchain. Still, even those who remained with Bitcoin ended up increasing the block size limit after a while, using a soft fork, i.

The new protocol update was compatible with the existing system so no new splits happened. Since then, each block has a theoretical limit of 4 megabytes and a more realistic limit of 2 megabytes. The 1MB block limit established by Satoshi Nakamoto is no longer used, either in the Bitcoin network or its split-offs. But why fight over it if both camps ended up doing the same thing? And why not do it again and speed up validating transactions so that we can all order our coffees in peace?

This machine would also need to store the terabytes of data generated every year. With the cost of storage hovering at 1. Right away, this entire thing is starting to look absolutely ridiculous, but bear with me for a little while longer. Bandwidth for our Blocks So our nodes also need the ability to both download these blocks from nodes, and then transmit them to other nodes.

This comes out to over GB of bandwidth everyday, or Since no consumer grade network could feasibly provide that level of bandwidth, I had to resort to a handy CDN aggregator to see what our connectivity options were. So our node might not be doing much of anything at all. All of this, just to run a single Bitcoin node. Instead, they will be priced out and replaced by monopolized and centralized entities with enough financial power to maintain server racks that can handle hundreds of billions of consumer transactions per year.

Wait a minute, this sounds suspiciously like Visa, MasterCard, and the modern banking system! I wrote this article for myself more than anything, in order to visualize and understand how drastic the impact of a large-block-size blockchain scaled to meet the needs of our society would be.

If nothing but massive corporations are left to uphold the few full Bitcoin nodes in our society, Bitcoin consensus rules go out the window , and the security of the network almost solely lies in their hands.

In that case, Bitcoin will no longer be the trustless peer-to-peer network it was meant to be and you might as well go back to paying your monthly credit card statement. There are also some holes in my napkin math. There will also probably be unforeseen progressions in blockchain technology that could offset the impact of the increased block size.

Do note that I only accounted for non-cash payments — cash payments still take up the majority of transactions in the world and open up a whole other dimension of non-scalability. Also note that if a node is hit with a malicious invalid block, it will waste an increasingly excessive amount of time trying to validate it. Non-cash payments are also rapidly increasing every year, so hardware usage will also be undoubtedly higher once we near this level of Bitcoin usage. Past these holes in my proverbial napkin, here is the central message all of this is meant to convey: At the end of the day, the beauty of running a Bitcoin node is in the sheer simplicity of it.

You or I could run a Bitcoin node on our computers right now, provided we have the hard drive space for it. This simplicity is the reason why there are probably over , nodes in the world, and why Bitcoin continues to function seamlessly as a trustless peer-to-peer network. Palm-sized Bitcoin nodes — they exist! All of this is also not to say that Bitcoin is unable to scale.

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But how does bitcoin actually work?

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