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Author Topic: Bitcoins 7 Transaction Per Second Limitation  (Read 3196 times)
achow101
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December 29, 2015, 07:03:10 PM
 #61

But to further make my counter-assertion that the 7-transactions-per-second limitation is and will be irrelevant to many users; and that all legitimate and fully fee'd transactions will be always be routinely confirmed, go to:

http://allcoinsnews.com/2015/12/28/uproov-first-to-offer-mobile-proof-on-the-blockchain/

and look for the statements "There is virtually no time lag between the taking of the photo, video, audio and its encryption to the Blockchain for any manipulation to be performed, it is instant," and "This ground breaking technology means it will be very difficult to argue against a Uproov photo or video, as an encryption key is permanently time-stamped instantly into the blockchain, making it unchangeable and the perfect court evidence if need be." What is lacking is any discussion of a delay in confirmation-time or a fear of a random chance of non-confirmation. Clearly what matters to this for-profit business -- what is essential to their service -- is the instant broadcast (publication) on the bitcoin ledger of a transaction that will -- not probably -- be confirmed. (You can also go to the website https://uproov.com/)

Other business are already depending on the same thing. I think that if your description was accurate, then these businesses could not exist because they could not guarantee instant and permanent incorporation of a transaction onto the blockchain. Claiming they could might make them liable for damages caused by a randomly failed confirmation and the possible excision of a critical transaction from a majority of miners' block-hashing.
There is no guarantee about anything, only a probably. With a high enough fee and a standard transaction, then it is extremely likely, almost guaranteed that a transaction would be included in the blockchain. However, in theory, if a miner had a thing against you, he could choose to not include your transaction in a block. That doesn't mean that other miners wouldn't (or that that would happen at all) but it is a possibility (however still unlikely).

Also, it isn't instant incorporation of a transaction into the blockchain, you still need to wait for a block to come out with the transaction for it to actually be there.

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