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Author Topic: So each payment on bitcoins goes into block generation?  (Read 1873 times)
Minsc
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April 21, 2010, 11:07:23 PM
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So each payment on bitcoins goes into block generation?

So that means if bitcoins become as popular as paypal then bitcoins would need tons and tons of blocks and data that would take huge amounts of space?  Whereas if bitcoins were pretty unused then they'd take hardly any space?

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NewLibertyStandard
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April 22, 2010, 08:49:57 AM
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All outstanding transactions are verified/cleared each time a block is generated. On average, a block is generated roughly every ten minutes. Transactions are small enough that even if Bitcoin becomes as popular as PayPal, the amount of space required will remain reasonable and the rate of increased space required will be less than the rate that average hard drive size increases.

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InterArmaEnimSil
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July 13, 2010, 05:53:37 AM
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All outstanding transactions are verified/cleared each time a block is generated. On average, a block is generated roughly every ten minutes. Transactions are small enough that even if Bitcoin becomes as popular as PayPal, the amount of space required will remain reasonable and the rate of increased space required will be less than the rate that average hard drive size increases.

"Will be less than the rate that average hard drive size increases"

Woo, that's fantastic.  Betting the entire system's space feasibility on the disk equivalent of Moore's law...

In other words, you're assuming that the rate of increase in storage space will not wane...which may be realistic, given recent advances in quantum computing, but definitely isn't, using today's commodity data storage tech.

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jib
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July 13, 2010, 06:02:26 AM
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Even if the transactions don't take disk space after they're cleared, they still take bandwidth, and if it becomes popular they could take a significant amount.

Looking forward to quantum computing so we can have qubitcoins.
NewLibertyStandard
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August 15, 2010, 09:56:00 PM
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Even if the transactions don't take disk space after they're cleared, they still take bandwidth, and if it becomes popular they could take a significant amount.
I accidentally clicked on the Show new replies to your posts. link at the top of the page which I never paid much attention to previously. Grin

I don't think we'll run into a problem within our lifetimes with optimistic Bitcoin growth and pessimistic growth of bandwidth and disk space.

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