transaction speed of Bitcoin as users increase

[Cuidler]

The infrastructure as it stands won't be able to handle it. But people will just use alts to move money instead (because now most exchanges feature Ether and LTC).

I have doubts alts is the answer to the problem, because to serve billion daily transactions, you would need thousands equealy used altcoins. It would be complete mess and coin exchange necessary for every transaction (good for exchanges actually) as no one would be willing to accept every out of the thousands actively used altcoins.

[Hugroll]

I am sure this must have been asked many times but please help me understand. what will happen if one billion people were to use Bitcoin as their currency of choice, will the infrastructure be able to handle the traffic and will the transaction speed become extremely slow?

basically every block mined processes transactions, and right now the block size can only support a certain number of transactions. this number is already being debated for being too small. so if one billion people users started using bitcoin theres no way the current size could support that many transactions.

[buyinbtc]

the transactions speeds are pretty much instant as always, to be honest there will never be any change in the transactions speeds, the thing that slows down is network confirmations

the only thing we need to do right now is to include a higher fee in order for the transaction to be confirmed much faster, even though it costs some more money its still not tragedy

[ajareselde]

Bitcoin network as it is today is in no shape to handle 1 billion users with all their transactions. More people mining bitcoin does not mean faster block times, but
more people making transaction do mean more transactions. But hey, 1 billion people also isnt ready for bitcoin, so there's that too..

[MWesterweele]

The transaction maybe became slow or takes several hours to be confirmed if there will be that huge amount of bitcoin user that will do transactions simultaneously everyday or even every hour.Bitcoin network this days still cannot be able to handle that much users and te sytem may collapse because of over loaded services.

[StoreBit]

the transection speed is always remain an issue. i think this issue is increasing as the users are increasing. now i think the time is that this issue should be solve. the responsible persons of bitcoin should now solve this issue.

[groll]

I am sure this must have been asked many times but please help me understand. what will happen if one billion people were to use Bitcoin as their currency of choice, will the infrastructure be able to handle the traffic and will the transaction speed become extremely slow?

If this will happen in an instant then there will be chaos in bitcoin industry. But given that it will happen slowly then the traffic speed is fast since the blockchain can upgrade their hardwares. But everything lies on the number of miners if at that time the number of miners is sufficient enough to cater the daily transactions then it is good but if not it will be the end to bitcoin.