While I haven’t posted for some time, I thought that it would be worthwhile to write today because the bitcoin blocksize limitation has started to affect customers’ payout choices. The choices being made by customers are worth examining not only because they indicate that the blocksize limitation is nearing a tipping point, but also because I believe the possible outcomes of the debate are become clearer. In particular, the scenario where an altcoin surpasses bitcoin is more likely than many believe, and the timeframe in which an upgrade can occur is clearer than ever before.First, it’s necessary to review some background of the past week’s activities. During the rally that peaked a few days ago, transaction volume on the bitcoin network increased significantly. However, unlike previous spikes in volume, which were largely due to low-fee “test” transactions, this time the minimum fee to be included in a block rose significantly. While the fees have declined since, much of the decline can be attributed to the value of bitcoins declining rather than a vast reduction of network utilization.
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