How many daily transactions can 1mb Handle?

[Enjorlas]

What's the number? We are averaging around 120,000-130,000 daily transactions currently with a steady increase over time.

[7788bitcoin]

I heard the network can handle about 3 transaction per second (7 transaction per second max in theory).

So 3 x 60 second x 60 minutes x 24 hours = 259200 transactions per day.

[altcoinhosting]

I'm not a specialist on this topic, but i think following calculation will be more or less the answer
If i made a mistake, do not hesistate to correct me, i'm also learning :

If i'm not mistaking, a 1 Mb block = 1048576 bytes
6 blocks per hour (https://en.bitcoin.it/wiki/Block)

So, every hour, a theoretical maximum of 6 * 1048576 bytes can be included = 6291456

The average transaction size is about 250 bytes (https://bitcointalk.org/index.php?topic=813324.0)

6291456/250 = 25165 transactions per hour = 6.99 per second = 603979 per day

This is only the case if we still assume the average transaction size is 250 bytes, and the blocks are all completely filled

[Amph]

I heard the network can handle about 3 transaction per second (7 transaction per second max in theory).

So 3 x 60 second x 60 minutes x 24 hours = 259200 transactions per day.

with a little increase in the queue, it can handle much more, but obviously there will be some delay

i think i can deal with some delay if it mean not rushing on block increasing, and finding a better solution

[turvarya]

I heard the network can handle about 3 transaction per second (7 transaction per second max in theory).

So 3 x 60 second x 60 minutes x 24 hours = 259200 transactions per day.

with a little increase in the queue, it can handle much more, but obviously there will be some delay

i think i can deal with some delay if it mean not rushing on block increasing, and finding a better solution

What is "increase in the queue" suppossed to mean?
The question was, how many transaction the network can handle in 24 hours, I also think, it was meant as how many transactions are then in the blockchain, not in the mempool.

[Come-from-Beyond]

This is only the case if we still assume the average transaction size is 250 bytes, and the blocks are all completely filled

All-time average is 500 bytes.

[Outlander]

 No test is happening recently! Even you include little or no fee and you will get transactions included quickly! 1MB is enough at the moment!

[Mickeyb]

This is only the case if we still assume the average transaction size is 250 bytes, and the blocks are all completely filled

All-time average is 500 bytes.

Yes, blocks are very far from full. Like you said, in average they are actually half full. We are seeing a steady increase in Bitcoin transactions over the time so this 1MB block size limit will be too small eventually.

I think in about a year, with the current rate of increase in number of transactions we will hit this limit. Until then, we need to figure out what will we do about the block size increase.

[bitllionaire]

This is only the case if we still assume the average transaction size is 250 bytes, and the blocks are all completely filled

All-time average is 500 bytes.

Where can we see that data?

I have only read the Gavin's quote saying it is 250 bytes

[Come-from-Beyond]

Where can we see that data?

I have only read the Gavin's quote saying it is 250 bytes

https://blockchain.info/charts/blocks-size

https://blockchain.info/charts/n-transactions-total

[Amph]

I heard the network can handle about 3 transaction per second (7 transaction per second max in theory).

So 3 x 60 second x 60 minutes x 24 hours = 259200 transactions per day.

with a little increase in the queue, it can handle much more, but obviously there will be some delay

i think i can deal with some delay if it mean not rushing on block increasing, and finding a better solution

What is "increase in the queue" suppossed to mean?
The question was, how many transaction the network can handle in 24 hours, I also think, it was meant as how many transactions are then in the blockchain, not in the mempool.

that all the additional transaction will be proceeded eventually, but with a delay, this is what it mean, it's not like the current limit can't handle more, the problem is the delay nothing else

[altcoinhosting]

that all the additional transaction will be proceeded eventually, but with a delay, this is what it mean, it's not like the current limit can't handle more, the problem is the delay nothing else

At this moment, it's the complete truth... But, if the average size is indeed about 500 bytes instead of 250, it means we can only put about 302.000 transactions into blocks each day... If there are consistently more than 302.000 transactions/day, the queue will only grow, and the transactions with low/no fees will be left in the queue forever...

But, at the moment, we're far from 302.000 transactions/day

[johnyj]

Raise the block size based on all the fees paid in 2016 blocks: If the fee is too high, then raise the block size to reduce the fee cost of average transaction and include more transactions

[coinplus]

Raise the block size based on all the fees paid in 2016 blocks: If the fee is too high, then raise the block size to reduce the fee cost of average transaction and include more transactions

But this idea will waste some people's money as fee. After a problem, finding a solution is lazy government way. We need a solution which can handle all situations well advance. That's the geeks' practice. Creating a versatile coding is not possible, but fixing the code in advance for a expected crash is possible.