The largest cryptocurrency by market cap Bitcoin is the first cryptocurrency ever created by Satoshi Nakamoto. While Bitcoin experienced a pretty rapid adoption after its creation, Bitcoin.com Founder and famous Bitcoin Cash proponent Roger Ver say its adoption has thwarted by its limited block size.
Increasing fees caused the market decline
The Bitcoin block was limited to 1MB from its creation which was enough to contain transactions comfortably at the time. However, the size has not been increased by Bitcoin developers so as adoption increased, the block capacity became exhausted which led to increased transaction fees as transactions needed to be prioritized using fees as criteria. According to Ver, this has seriously caused Bitcoin adoption to stall. The chart below explains better.
The 1MB block size got exhausted in January 2017 as shown and since then, Bitcoin market cap percent as fees increased due to a halt in adoption. The limited block size was the reason behind the Bitcoin hard fork that led to the creation of Bitcoin Cash when there was disagreement on whether or not to increase the block size.
Roger Ver has been a strong supporter of Bitcoin Cash since then and has also strongly advocated for the adoption of BCH rather than Bitcoin because of the block size limit. Ver believes the full block size is a deliberate action by Bitcoin developers. Could it be true that the developers have deliberately refused to increase block size?
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A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu