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I wish Satoshi would come out of the shadows to resolve this issue once and for all.
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The 7 transactions per second limit and the inability of any Bitcoin developers to form a strong consensus to problem solving for the better good of the currency.
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Nobody disagrees that 7 tps is not enough. The disagreement is on the best way to achieve a higher transaction rate.
There have already been thousands of posts on this site and others on the pros and cons of increasing the block size. I don't see a reason to start a new thread.
I really don't understand why you are being so blunt and, frankly, borderline rude. Maybe it's just your style or you have issues? I'm just asking general questions on what I've read online in an article about the 7tps limit. I'm not constantly on here to follow all threads, nor just to catch up on what may or not have been posted. FFS. I'd really appreciate if you and others would simply either answer my questions directly if you so wish and know the answer, rather than post some diatribe 'this has been posted x times before read through the forum.' Yours may do, but my day job doesn't permit me such liberty. |
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Is it true that Bitcoin is limited to 7 transactions a second which are recorded in 1 block every 10 minutes? Does that mean 1 block can only hold 7 x 60 x 10 = 4200 transactions? With the growth of Bitcoin usage this has to be a drastic limitation oversight by Satoshi? How can Bitcoin be scaled for a global audience?
Normally, I ignore people that beg for money on this site, but I'll answer your question this time. The limit is the size of a block in bytes. The 7 tps is determined by taking the average size of a transaction and seeing how many can fit in a block. Whoever came up with the 7 tps number apparently assumed that the size of an average transaction is somewhere around 250 bytes. You can fit up to 4200 250-byte transactions in 1 MB block so that means that the limit is 7 tps. Sizes of transactions vary, so that actual limit (in terms of numbers of transactions) can also vary. It turns out that with multisig transactions, the average size has gotten a lot bigger and 2 - 4 tps is a more realistic limit. The idea of a 1 MB limit was originally designed to prevent a particular attack. It is not necessarily a permanent limit. Apologies, it's an old signature that I've been meaning to remove from when I first joined and didn't know how to get Bitcoin. Thanks for insightful post. Clearly to compete with the likes of visa etc then block size needs to be increased to process more tps? If so, what's the disadvantage to larger block size? Slower confirmations? I'm surprised satoshi wrote nothing on upscaling this. He might have however I'm not aware of his writings. |
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Is it true that Bitcoin is limited to 7 transactions a second which are recorded in 1 block every 10 minutes? Does that mean 1 block can only hold 7 x 60 x 10 = 4200 transactions? With the growth of Bitcoin usage this has to be a drastic limitation oversight by Satoshi? How can Bitcoin be scaled for a global audience?
Opinions.
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I don't understand if banks create their own blockchain then who will the miners be?
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Really like this guy and his presenting style.
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Tell me all about it
I hope the price will go up to 1000$ in 2016. Anything in the pipelines to validate this? |
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Bitcoin is already killer in so many ways, why does there always have to be some magical future app that makes bitcoin finally "successful"?
That was not the question. The question refered to a killer app. Not Bitcoin in itself. Personally I believe that a killer app for Bitcoin would be one that brings it securely with ease of use to the masses. At present there are no guarantees that Bitcoin will be successful. |
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A fantastic idea and all the best of luck. Sorry I cannot help you with the process as it is all beyond me, however you have my support in your endeavour.
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Sorry, didn't mean to duplicate, I did forum search before posting but it's pretty useless... Sometimes it doesn't work for me too. But what are your thoughts about the said start-up, since you've posted a thread regarding that matter. I think they're more interested in the blockchain tech than the Bitcoin servers. |
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When you think about it it's not such a bizarre place for a bitcoin article as many seafarers sail between different countries and cultures. A few Bitcoin would be quite useful.
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Mods you can initiate the lock down sequence on this thread and the original posters account as its come to light that it was a piss poor attempt at trolling this good forum and it's better residents.
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I've absolutely no idea what what are supposed to have told someone at what time, in what context, and for what reason or even why. Maybe you'd like to elaborate for us mere mortals.
Watch my video - dumbass. Why for the life of me would I want to do that? Nice try though. Then stay uninformed for the rest of your life - what do I care? How am I supposed to know what you care? Beyond your rather uncouth reply to my genuine questions to your opening post I've no idea what goes through such an unhinged mind. |
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I've absolutely no idea what what are supposed to have told someone at what time, in what context, and for what reason or even why. Maybe you'd like to elaborate for us mere mortals.
Watch my video - dumbass. Why for the life of me would I want to do that? Nice try though. |
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I've absolutely no idea what what are supposed to have told someone at what time, in what context, and for what reason or even why. Maybe you'd like to elaborate for us mere mortals.
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There must be a clue here in the choice of website to host such a paper. Is the company even petite?
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