1500 transactions per block

[countryfree]

In the past 30 days, we've seen several blocks with more than 1,500 transactions included. With the current 1 MB limit, it means the average transaction must be below 666 bytes to fit.

Well, I made a transaction today, and I discovered it was 1,481 bytes. I'm very sorry. Other BTC users will have to make smaller transactions so that another 1,499 can fit into a single block.

This just shows the block size issue is very real, and that it needs to be solved as soon as possible.

[achow101]

In the past 30 days, we've seen several blocks with more than 1,500 transactions included. With the current 1 MB limit, it means the average transaction must be below 666 bytes to fit.

Well, I made a transaction today, and I discovered it was 1,481 bytes. I'm very sorry. Other BTC users will have to make smaller transactions so that another 1,499 can fit into a single block.

This just shows the block size issue is very real, and that it needs to be solved as soon as possible.

The average transaction size is about 600 bytes (see http://statoshi.info/dashboard/db/transactions?panelId=2&fullscreen), transactions like your are outliers.

[7788bitcoin]

With 1500 transctions / 10minutes, we are only getting 2.5 tps. I thought in theory we should be able to go to as high as 7 tps??

[DannyHamilton]

With 1500 transctions / 10minutes, we are only getting 2.5 tps.

Correct.  The reasonable expectation of tps for 1 MB blocks is somewhere between 2 and 4 tps.

I thought in theory we should be able to go to as high as 7 tps??

Correct.  That's the theoretical maximum.  That assumes that everyone is using compressed key addresses, and that every transaction is minimal size (1 input and 1 to 2 outputs).

Realistically, average transactions are quite a bit larger than that.

[Jet Cash]

What's the average value per transaction. I get the feeling that with all the faucets and gambling sites, a lot of transactions are for just a ferw cents, and then there are the text messages. It would be better to move those transactions onto sidechains.

[Amph]

some merchants/services also use multy sig transaction, this means more space is needed to accomodate those, so the average is 3 at best

and i'm not sure how 2mb will suffice if we have already soem block that are above 50% the current limit, it seems that the common thinking is that the next step of the adoption will be lower than 2mb, based on what?

for what we know it can shoot to the need of having 8mb of space per block....

[calkob]

Your right the issue needs solved, and will be solved eventually once there is a financial incentive for everyone to get it solved, game theory in action.....