Nope. Each block theoractically can accommodate 1MB of transaction.
If I'm not wrong, theoretically the size of every block can be up to 4 MB.
The block size cannot be bigger than 1 MB if all transactions in the block include only legacy addresses. If Segwit addresses are used, the block size can be bigger than 1 MB.
Please correct me if I am wrong.
Right, 4MB maximum block size is based from the "
Weight" so more SegWit transactions will make a block higher than 1MB in disk.
But the maximum block size in virtual Bytes is 1vMB.
But to support ranochigo's post: Since we're talking about Electrum's fee estimation, we have to use the "
1 (virtual) MB" limit when using "
mempool fee estimation".
Electrum actually computes the vBytes of its transactions but they are displayed as Bytes.