The ‘Bitcoin8M’ project aims to encourage blockchain enthusiasts to support the bigger block size cause, with its hashtag dubbed ‘#BlockSizeMatters.’
Increasing the current 1 Megabyte of Bitcoin to 8 Megabytes will significantly lower transaction costs. In this post series, we will give a concise explanation of who is a Bitcoin8M supporter, what supporters do, and how to become one.
Before we begin, here are important posts you may have missed:
- Bitcoin Block Size Debate Limit And Controversies
- Upgraded version 1MB block size to 8MB
- SegWit VS. Big Blocks: the Faceoff
Who is a Bitcoin8M Supporter?
A supporter of the Bitcoin8M project is anyone who agrees and plays an active role in extending the Bitcoin block size from 1MB to 8MB and educating the rest of the Bitcoin community to join the initiative.
There are two big support groups: miners and stakeholders.
Who is in the Miners’ Support Group?
This group of Bitcoin8M promoters consists of Bitcoin miners who consent to the idea of increasing the Bitcoin block size by eight times more.
Role of Miner Supporters
So, why are miners important to Bitcoin8M’s cause?
Miners write blockchain’s history and ledger. For any block to be mined, its history must meet the miners’ consensus rules. The more the miners who support Bitcoin8M, the stronger the awareness, and more like Bitcoin8M goals will be realized. For instance, if there were 25% opponents and 80% supporters of miners, the second group’s views will win the contest and push rules to increase the block size.
How Miners Can Support Bitcoin8M
When a miner mines a block of Bitcoin, they sign on it. If so, miners can support Bitcoin 8M by downloading the signature provided by Remitano and signing on the block they have mined successfully with that signature.
Download the software here.
Who is in the Stakeholders Support Group?
Stakeholders are all participants of the blockchain outside the miners and core developers. This group includes Bitcoin users, Bitcoin payment gateways, and investors.
Roles of Stakeholder Supporters
Besides Bitcoin developers (responsible for maintaining the Bitcoin core software) and miners (who decide the transactional fees), stakeholders play a crucial role in the blockchain.
Investors are users who buy and sell Bitcoin. They have a say in the community because investors are the major determinants of the Bitcoin price and value. Investors also decide the winning branch after a hard fork.
Merchants and Customers
This group of participants influences Bitcoin’s demand. While investors have some power over cryptocurrency market prices, the main demand depends on how willing ordinary customers are to transact crypto. In other words, customers influence the long-term price of BTC.
However, investors remain the ones who see major opportunities for the market and where customers will traject.
Payment services are responsible for transactions that happen in the blockchain. It means that in one way, they equally influence crypto demand. Investors, merchants, and other users simply look out for payment services. The main goal is to find reliable payment gateways to transact hard currencies for crypto and vice versa.
How Stakeholders Can Support Bitcoin8m
A couple of ways you can help are:
- Create posts that increase awareness of scaling the blockchain and hashtag #Bitcoin8m #BlockSizeMatters
- Share posts on Bitcoin8M
- Join Reddit discussion
To know more about the campaign, visit this website.
Why Support to Bitcoin8M?
As explained by Remitano: “Scaling the Bitcoin block size now is more important than ever before. It’s crucial to know that Bitcoin‘s 1MB limit can be stretched. If more people support Bitcoin8M by Remitano, we can improve transaction information per block, thus driving down the average time it takes for a transaction to be published to the blockchain”.
Here are more reasons you should support a bigger block size.
If Bitcoin achieves these advantages, it will gain a competitive edge over other payment systems, ultimately making BTC more universally adopted and accessible.
Indeed, every part of the community has power. For Bitcoin to succeed and gain global adoption, we all lend a voice.
PLEASE NOTE THAT BITCOIN8M IS IN NO WAY INTENDED TO CAUSE A HARD FORK.
Learn more about How bitcoin8m is created and why it won’t cause a hard fork to get the full picture.