Bitcoin [BTC] block size limit is slowly fading away ever since SegWit update

According to BitMEX Research, Bitcoin [BTC]’s 1MB block size limit is slowing starting to fade away ever since the upgrade to SegWit. Bitcoin’s SegWit upgrade was completed in the month of August 2017. The announcement was made on the BitMEX research Twitter handle on 11th July 2018.

The Segregated Witness [SegWit] update was proposed to solve the transaction malleability of the Bitcoin blockchain. This also reduces the Bitcoin’s blockchain size limitation problem which tends to hinder the speed of the transactions by removing the signature data.

Charts depicting the Bitcoin block size before and after SegWit upgrade with data of July 2018:

Bitcoin Blocksize Data Visualization: Bitcoin [BTC] blocksize before and after Sigwit upgrade || Source: BitMEX Twitter

Bitcoin Block size Data Visualization: Bitcoin [BTC] block size before and after Sigwit upgrade || Source: BitMEX Twitter

Ever since the upgrade, the average block size has been moving towards the 1.5 MB mark, as seen by the graph. This signifies the slow growth towards 2.5 MB. BitMEX said:

“After the upgrade to SegWit on 24th August 2017, although in a much slower fashion than many had hoped, the old 1MB block size limit is slowly starting to fade away.”

Bitcoin [BTC] Rolling average blocksize

Bitcoin [BTC] Rolling average block size

Eli Afram, a BCH supporter says:

“If you zoom out you’ll see that you haven’t moved very far from that 1mb cap. BTC could process 3 transactions per second, and now about 4 or 5. If you want global scale, this is a bit of a joke, right?”

He further adds:

“Unless scaling comes fast to BTC, it’s lead won’t last. In fact, because it currently only supports limited number of users, it’s already pulled back. Network effect only lasts so long..”

Xerious, a Twitterati says:

” A few outlying points above the 1.5 mb line does not really signify a meaningful block size increase after 8 or 9 years of bitcoin’s existence. Also the white sections under the 1mb signify extreme congestion.”

Crypto Strategies, another Twitterati says:

“Nothing you say can be taken seriously. Your entire leadership has ties to JP Morgan, Deutsche Bank and Citi Bank, who are threatened by the existence of P2P electronic cash. That’s why you support Bitcoin Core; LN replicates current debt based enslavement system.”

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