11–20 of 234 posts
Etherium dwarfs that at a mighty 14 transactions per second.
Meanwhile, PayPal crawls along with a pathetic 488 tps.
https://www.statista.com/statistics/730838/number-of-daily-c...
Here is the real world, Bitcoin is currently running a blazing 3.3 transactions per second. Etherium dwarfs that at a mighty 14 transactions per second. Meanwhile, PayPal crawls along with a pathetic 488 tps. https://www.statista.com/statistics/730838/number-of-daily-c... https://www.businessofapps.com/data/paypal-statistics/
> I will also show that while Bitcoin currently may not be in a safe state, future software optimizations could allow Bitcoin safely process likely more than 100 transactions/second on today's hardware. 100 transactions/second still doesn’t sound like a lot, especially if you want Bitcoin to be an actual currency used for exchange of goods.
If Bitcoin were used by everybody on the planet, the current max of 10 transactions/second means that each person could be part of a transaction once every 13 years (4 billion pairs of people / 10 Hz). Boosting the rate up to 100 transactions per second reduces that down to 15 months. Just think, receive you paycheck this week, and over a year later you can use it to buy groceries. Bitcoin's throughout is absolutely…
Bitcoin could handle 100k+ tps with some more serious optimizations (but keeping the same protocol / data structures) it’s simply tragic what small blockers have done with Bitcoin instead. UTXO is massively parallel! The double spend critical path could do millions of double spend checks per second.
> UTXO is massively parallel I don't quite understand what you mean by UTXO being parallel. Can you explain more? My naive understanding is that the amount of unspent bitcoin you have at an address (UTXO) has to be accurate for the critical path of verifying a double spend doesn't happen, and updating multiple UTXOs in parallel seems like it would allow violating that.
That said, you need to do billions of cryptographic operations still, and you need to actually posses the full blockchain. 100k tps+ is not really reasonable on modern consumer hardware, and even getting to 100 requires a lot more engineering than has currently been completed.
Earlier quoted context omitted.
If Bitcoin were used by everybody on the planet, the current max of 10 transactions/second means that each person could be part of a transaction once every 13 years (4 billion pairs of people / 10 Hz). Boosting the rate up to 100 transactions per second reduces that down to 15 months. Just think, receive you paycheck this week, and over a year later you can use it to buy groceries. Bitcoin's throughout is absolutely…
I don't know how Bitcoin transactions work, but can a company (like Paypal) buy bunch of bitcoins (10000), and then proceed to do all transaction internally with their own ledger mechanism without depending on other networks?, wouldn't this allow anybody within paypal network to send/receive super fast?
Earlier quoted context omitted.
If Bitcoin were used by everybody on the planet, the current max of 10 transactions/second means that each person could be part of a transaction once every 13 years (4 billion pairs of people / 10 Hz). Boosting the rate up to 100 transactions per second reduces that down to 15 months. Just think, receive you paycheck this week, and over a year later you can use it to buy groceries. Bitcoin's throughout is absolutely…
I don't know how Bitcoin transactions work, but can a company (like Paypal) buy bunch of bitcoins (10000), and then proceed to do all transaction internally with their own ledger mechanism without depending on other networks?, wouldn't this allow anybody within paypal network to send/receive super fast?
Here is the real world, Bitcoin is currently running a blazing 3.3 transactions per second. Etherium dwarfs that at a mighty 14 transactions per second. Meanwhile, PayPal crawls along with a pathetic 488 tps. https://www.statista.com/statistics/730838/number-of-daily-c... https://www.businessofapps.com/data/paypal-statistics/
Ethereum's layer 2 can handle tens of thousands transactions per second. These are then settled on chain as a single transaction. There are multiple layer 2 solutions already working and more are coming. It's not a pipedream anymore they are live.
Earlier quoted context omitted.
If Bitcoin were used by everybody on the planet, the current max of 10 transactions/second means that each person could be part of a transaction once every 13 years (4 billion pairs of people / 10 Hz). Boosting the rate up to 100 transactions per second reduces that down to 15 months. Just think, receive you paycheck this week, and over a year later you can use it to buy groceries. Bitcoin's throughout is absolutely…
I don't know how Bitcoin transactions work, but can a company (like Paypal) buy bunch of bitcoins (10000), and then proceed to do all transaction internally with their own ledger mechanism without depending on other networks?, wouldn't this allow anybody within paypal network to send/receive super fast?
> I will also show that while Bitcoin currently may not be in a safe state, future software optimizations could allow Bitcoin safely process likely more than 100 transactions/second on today's hardware. 100 transactions/second still doesn’t sound like a lot, especially if you want Bitcoin to be an actual currency used for exchange of goods.
And then down at the consumer level it's nothing at all. During peak hours of the peak season (Christmas), Visa does something like 50,000 tps.
What makes Bitcoin interesting is the trustlessness of the transfers, and that tends to be more interesting higher up the stack (at the inter-bank and inter-national levels) than at the consumer level. But you can also combine this with layer two technologies like payment channels, ILP (interledger protocol), and the lightning network to get rapid transfers where most of the transactions never hit the chain.
The Sia network for example does something like 30 million transactions per day (that's about 300 tps), but only about 500 of those are actually on-chain at the settlement layer. The rest are ultra efficient off-chain payments that only require a packet or two to be sent between two machines (as opposed to broadcast).
---------
From the perspective of "everyone can own and use bitcoin", 100 tps is not quite enough. To support 1 billion people on Bitcoin even with the best layer 2 systems we have in theory, you need about 400 tps. So 7 billion would need like 3,000 tps.