Cryptocurrency advocate Roger Ver isn’t known for keeping his opinions to himself and has today, incited quite a reaction through his tweet targeting block size limits. Ver, a proponent of cryptocurrencies since its inception has always argued against any limits on the block size.
Since he was a part of Bitcoin, Ver, affectionately called ‘Bitcoin Jesus,’ had always campaigned for increasing the limit that the original Bitcoin had imposed on block sizes. According to Ver, this was the most significant hurdle to the cryptocurrency’s scalability. It was this issue that finally had Roger Ver and a few others split from the original Bitcoin and create Bitcoin Cash. BCH would itself go on to later go through a hard fork itself, one that led to the creation of Bitcoin SV [Satoshi’s vision] and Bitcoin ABC [Continued to be traded as Bitcoin Cash].
Roger Ver’s attack on Bitcoin and cryptocurrencies with a block size limit is a continuation of the views he has carried over the years. Ver has long argued that the limit adds to the Bitcoin network’s congestion, extending transaction times and costs more than necessary. This, he has long felt, has discouraged more companies from adopting cryptocurrencies, costing it a potentially billion dollar market. Bitcoin’s solution to the congestion and scalability issues, the SegWit, doesn’t address the issues at hand, he also suggested.
Furthermore, Ver has also always pointed out that with network connectivity and the number of users growing with every passing year, there is bound to be more traffic on every cryptocurrency network. It is therefore essential he says that cryptocurrencies are made more scalable by easing limits on block sizes. Without scalability, cryptocurrencies would find it very difficult to process transactions in a timely manner. Ver has also stated that by limiting block sizes, additional pressure is put on miners to mine blocks. Presently, the Roger Ver led BCH has a block size limit of 32MB, well over the one other cryptocurrencies such as Bitcoin itself have.
Reaction to Ver’s tweet was swift and fierce. While some in the Twitterverse have attacked him of being the worst thing to happen to Bitcoin, others have questioned him. Some have even accused him of subversion and pointed out that Bitcoin network rejected his proposal to increase block size which the coin itself works best when its nodes are in consensus.
Others have also suggested that Ver’s effort at forcing a hard fork on the issue of block size has pushed those on the periphery of the cryptocurrency world further away as the many nomenclatures that thus evolved, such as BCH and later, ABC and SV, have confused those who may have wished to enter the cryptocurrency market.
It has also been pointed out to him that Bitcoin is presently outperforming BCH, with the former’s number of transactions reaching the heights of 2017. Bitcoin presently also has the lowest transaction fees it has ever had in almost three years.