20mb block increase = 20 times more transactions possible?

[Agestorzrxx]

but another question could be raised now, does 140 per second are enough if we reach fully adoption? or we need to raise it again in the future?

That's the problem we really care about. we can't raise it again and again. We should find a way to solve this problem forever. That's the real solution for us.

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[BlackJacky]

Do you know why it is not possible to raise it again?

[DooMAD]

Do you know why it is not possible to raise it again?

It's certainly possible to raise it more than once, but just problematic because you have to get (almost) everyone to agree each time you do it.  There have been countless pages of heated discussion about this increase and there still seem to be some dispute in certain corners.  Plus, if adoption does increase and more people start using Bitcoin, that's yet more people who need to reach an agreement.  The more people involved, the more likely there's going to be a difference of opinion somewhere.

[cellard]

VISA handles on average around 2,000 transactions per second (tps), so call it a daily peak rate of 4,000 tps. It has a peak capacity of around 47,000 transactions per second, however they never actually use more than about a third of this even during peak shopping periods.

PayPal, in contrast, handles around 10 million transactions per day for an average of 115 tps.

Let's take 4,000 tps as starting goal. Obviously if we want Bitcoin to scale to all economic transactions worldwide, including cash, it'd be a lot higher than that, perhaps more in the region of a few hundred thousand tps.

The ideal, ultimate goal would be that Bitcoin can deal with a volume of transaction that encompasses all credit card transactions or the major ones (visa, mastercard... + all major bank transactions + paypal). This is the serious goal if we want Bitcoin to crush and deprecate his competition. The question is: Will 20MB of block size allow for this, or we need a bigger blocksize? Because if we need a bigger blocksize, why not calculate what amount of MB is needed and do it straight away? You don't want to hard ok anymore after the next blocksize increase, ideally.

[SISAR]

VISA handles on average around 2,000 transactions per second (tps), so call it a daily peak rate of 4,000 tps. It has a peak capacity of around 47,000 transactions per second, however they never actually use more than about a third of this even during peak shopping periods.

PayPal, in contrast, handles around 10 million transactions per day for an average of 115 tps.

Let's take 4,000 tps as starting goal. Obviously if we want Bitcoin to scale to all economic transactions worldwide, including cash, it'd be a lot higher than that, perhaps more in the region of a few hundred thousand tps.

The ideal, ultimate goal would be that Bitcoin can deal with a volume of transaction that encompasses all credit card transactions or the major ones (visa, mastercard... + all major bank transactions + paypal). This is the serious goal if we want Bitcoin to crush and deprecate his competition. The question is: Will 20MB of block size allow for this, or we need a bigger blocksize? Because if we need a bigger blocksize, why not calculate what amount of MB is needed and do it straight away? You don't want to hard ok anymore after the next blocksize increase, ideally.

"This is the way it's been done for billions of years, small moves."

https://www.youtube.com/watch?v=oB6NNbFHjCc

[cryptworld]

Yes,approximately, 20x more transactions than with 1mb block limit

But it would be highly difficult to reach that level of transactions

[BlackJacky]

VISA handles on average around 2,000 transactions per second (tps), so call it a daily peak rate of 4,000 tps. It has a peak capacity of around 47,000 transactions per second, however they never actually use more than about a third of this even during peak shopping periods.

PayPal, in contrast, handles around 10 million transactions per day for an average of 115 tps.

Let's take 4,000 tps as starting goal. Obviously if we want Bitcoin to scale to all economic transactions worldwide, including cash, it'd be a lot higher than that, perhaps more in the region of a few hundred thousand tps.

The ideal, ultimate goal would be that Bitcoin can deal with a volume of transaction that encompasses all credit card transactions or the major ones (visa, mastercard... + all major bank transactions + paypal). This is the serious goal if we want Bitcoin to crush and deprecate his competition. The question is: Will 20MB of block size allow for this, or we need a bigger blocksize? Because if we need a bigger blocksize, why not calculate what amount of MB is needed and do it straight away? You don't want to hard ok anymore after the next blocksize increase, ideally.

"This is the way it's been done for billions of years, small moves."

https://www.youtube.com/watch?v=oB6NNbFHjCc

I love the movie Contact

[shorena]

As far I understand one transaction has around 200-250 Bits and it has to send two times (One from sender and one from recipient). That means, we could process with a 20MB block around 60-90 tx per second.

Is that right?

What do you think about that above?

yeah it's correct, you should count about 3 transactions for every 1mb of space(there are multisig too to be counted) so more near 60 than 90

A TX is ~180 Byte(! not bit) per input, ~34 bytes per output and additional 10 byte. If there would be only transactions with a single input and two output (one for change, one to spend) a TX would be 180+2*34+10 byte = 258 byte. Thus a 1MB block would contain up to 10⁶/258 = 3875 TX or 6.4 TX/second. A 20 MB block would contain up to 20*10⁶/258 = 77519 TX or 129 TX/second.

Keep in mind though that things like shared send and multi sig get more and more common and thus this is just a very rough upper bound.

Edit:

The corrected 8 and 4 MB blocks would contain up to 31007 TX (51/sec) and 15503 TX (25.8/sec) respectively

All values rounded down if applicable and 10 minutes between blocks assumed.