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Title: It's nonsense to compare bitcoin's tps with Visa/Mastercard/Paypal Post by: johnyj on August 13, 2015, 03:06:40 AM A usual complain about bitcoin is that some payment processors like Visa/Mastercard/Paypal can do several thousand transactions per second while bitcoin can only do 5-7
That is because those payment processors' transactions are all done in their own server, similar to an exchange. I believe bitcoin exchanges can also do several thousand transactions per second, or even millions like Nasdaq, given the right hardware setup. In fact huge amount of transactions happens daily on bitcoin exchanges But transaction on blockchain is totally a different thing, its a true monetary transaction between different entities. Since with bitcoin you are your own bank, all the transactions on blockchain is essentially a transaction between banks. And we all know that banks do settlements between each other only once a day, not including weekend and holiday. From this point of view, bitcoin's transaction speed is already magnitudes faster than the fastest international bank settlement network (Swift, SEPA, etc...) on earth, it can do settlements between any different banks in 10 minutes, 24/7 So there is no reason to blame the bitcoin's transaction speed, it is already the fastest financial settlement network in world An old article about bank settlement and bitcoin here http://gendal.me/2013/11/24/a-simple-explanation-of-how-money-moves-around-the-banking-system/ Title: Re: It's nonsense to compare bitcoin's tps with Visa/Mastercard/Paypal Post by: gogxmagog on August 13, 2015, 03:10:30 AM At this writing BTC does not out strip cash nor cash fiat out strips the Bitcoin
They are both mutually reliant upon each other At this reading Title: Re: It's nonsense to compare bitcoin's tps with Visa/Mastercard/Paypal Post by: BTCjust on August 13, 2015, 03:28:28 AM oh, it still has a sense, otherwise you will not know how outstanding bitcoin is.
Title: Re: It's nonsense to compare bitcoin's tps with Visa/Mastercard/Paypal Post by: Kakmakr on August 13, 2015, 04:58:52 AM We do not even take into consideration, that many off-chain transactions happen on Xapo and other services like AsMoney. If you take all of these transactions on the exchanges and on services like Xapo together, you would have
a faster tps than VISA/Mastercard/Paypal. The protocol is to Bitcoin as TCP/IP is to the internet. Loads of services can run on top of the Blockchain or on their own, so tps should not be a issue. ::) Title: Re: It's nonsense to compare bitcoin's tps with Visa/Mastercard/Paypal Post by: Amph on August 13, 2015, 06:30:49 AM i doubt that every of their transaction are doen internally, there must be a good portion which reflect the reality of their volume of transaction per day, surely bitcoin can not stop here, because adoption is no where near complete
bitcoin need to expand further, does not matter much if you want to measure it with TX volume or something else |