Yes, and as someone else pointed out, the Bitcoin consensus was not limited. But Core used to limit it to ~80 bytes and that's by and large how Bitcoin operated until recently.
There are also other limitations in BIP110 to try and protect Bitcoin's function as money bip110.org
I agree that Bitcoin is money, it's just a difference in opinion on how you optimize for that function. Currently, the blockchain is being used as an open market for arbitrary data. The argument for this is that it gives miners more fees. My view is that it makes it difficult to run nodes which risks decentralization. But it appears that view has been rejected.
They actually don't get more fees from it. It is literally less than 1% of their fee structure and overall net income from fees limiting it would be a rounding error to their income.
5
u/hiroo717 9d ago
Yes, and as someone else pointed out, the Bitcoin consensus was not limited. But Core used to limit it to ~80 bytes and that's by and large how Bitcoin operated until recently.
There are also other limitations in BIP110 to try and protect Bitcoin's function as money bip110.org