itBit Endorses BIP101 & Larger Block Sizes

itBit-endorses-BIP101--Larger-Block-SizesIn light of the recent block size debate within the Bitcoin community, we’d like to announce our support for the implementation of BIP101. We strongly believe in Bitcoin’s potential, but also recognize the need for a long-term, flexible solution around network throughput.

With the signing of the below letter, we stand with our fellow signatories and industry peers in full support of the future scalability of the overall network.

Our community stands at a crossroads. The debate about which path to take has, by and large, been a healthy one, and we have not interposed our own positions or interfered in the discourse. Until today, our involvement has consisted of listening, researching and testing. We believe that work is complete, and it is time to communicate our view in a clear and transparent manner.

After lengthy conversations with core developers, miners, our own technical teams, and other industry participants, we believe it is imperative that we plan for success by raising the maximum block size.

We support the implementation of BIP101. We have found Gavin’s arguments on both the need for larger blocks and the feasibility of their implementation – while safeguarding Bitcoin’s decentralization – to be convincing. BIP101 and 8MB blocks are already supported by a majority of the miners and we feel it is time for the industry to unite behind this proposal.

Our companies will be ready for larger blocks by December 2015 and we will run code that supports this.

As our community grows, it is essential – now more than ever that we seek strong consensus to ensure network reliability.

Together we are:



View the Full Letter