WOW! Cryptocurrency VS Visa Transaction per second (TPS) comparison

[Silenox]

If the Lightning Network can even be functional at this level, it will render dozens of coins unusable, and Bitcoin will be even more dominant and consequently more valued. I believe that the next two years are vital for day-to-day acceptance of crypto-currencies as a form of payment.

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[LeGaulois]

Visa is not getting 24k TPS, it's not even its full capacity. Visa can handle up to 56k TPS. But in reality, Visa gets about 1.7K TPS.
Also, Visa doesn't work like something comparable with crypto. Each transaction is verified individually, but transactions are sent in a batch later, during the night.

[Beffm]

From my point of view transaction speed of cryptocurrency is so much faster than visa and speed that can be practiced on blockchain.  I think Tps is for theoretical claim. Developer trust it because of handful nodes but it not for public network with actual data under the pressure of transaction.

[sandraclark]

First off, the transaction fees of the crypto currencies are cheaper. And secondly, it is faster because it runs on the blockchain technology. That is the main reason why it is done faster than applying for a visa.

[gentlemand]

If the Lightning Network can even be functional at this level, it will render dozens of coins unusable, and Bitcoin will be even more dominant and consequently more valued. I believe that the next two years are vital for day-to-day acceptance of crypto-currencies as a form of payment.

No one cares about actual usability. All they want is more dollars. They will one day perhaps but I think it's a long way away still. That gives plenty of time to get something like this nailed.

[LeGaulois]

First off, the transaction fees of the crypto currencies are cheaper. And secondly, it is faster because it runs on the blockchain technology. That is the main reason why it is done faster than applying for a visa.

Who has told you such nonsense? A few months ago we were paying something like $15-$20 for a single bitcoin transaction, the network was busy as much that it was taking several hours to have the transaction completed. A bank transaction is free (SEPA) a Visa/mastercard transaction is free (the receiver pay the fee) a cheque is free... Bank transactions are instant, it's just that some bank hold the fund until a 24h period or less

[Breanne]

Thanks for sharing the information. I'd been wondering about it for some time now, but now I can see the difference.
Really impressive!

[earnetheasy]

These are some news that the media and governments cannot deny about, as a result we are getting to know about bitcoin being legalized and adopted in many countries. Cryptos are famous for their feature of easy and fast transaction which makes them stand out from the crowd. Hopefully, Visa will never be able to catch crypto in terms of ease of transactions.

[cellard]

It's basically assumed by me at this point that Lightning Networks will have to deal with some sort of decentralization tradeoffs. I don't believe it's possible to scale to worldwide levels without tradeoffs in decentralization (so giving away some security and decentralization in order to achieve that).

This may make sense for smaller transactions, unimportant stuff. Im yet to see an answer of how closing and opening LN channels is going to work with when fees are too high.

Of course this doesn't mean any altcoin is any better, they are scams. This also doesn't mean Bitcoin will not win as a decentralized digital gold long term, with or without LN on top. This is what a lot of noobs don't get, they end up selling because they think "oh well Bitcoin is dead, it will not scale after all".

[kulsuma]

Wow! This really great to see the progress of Cryptocurrency. I also think that if more nodes are added to the Lightning network, it would certainly beat Visa.     

[Kakmakr]

I can still do zero confirmation transactions with my local Coffee shop, so I am sorted. Thanks.  <SegWit2SegWit>

The Lightning Network is currently "throttled" and not running at full capacity. <Limits on transaction size>, so we cannot make a direct comparison now, but things are moving very fast. I saw last night on Reddit that the LN network = 119x growth from 61 to 7246 channels in 6 months.

Just remember that the Lightning Network is more focussed on micro transactions. 

[snipie]

The Lightning Network is currently "throttled" and not running at full capacity. <Limits on transaction size>, so we cannot make a direct comparison now, but things are moving very fast. I saw last night on Reddit that the LN network = 119x growth from 61 to 7246 channels in 6 months.

Just remember that the Lightning Network is more focussed on micro transactions. 

It is a matter of time before the community fully adopt the lightning network. With the growing number of people using Bitcoin, faster transactions are a must. I expect it will be fully operational around mid-2019.

[BorisVirla]

You do not need to compare them, everyone had their own destiny, when they were created.

[Sherwood_Archer]

These are some news that the media and governments cannot deny about, as a result we are getting to know about bitcoin being legalized and adopted in many countries. Cryptos are famous for their feature of easy and fast transaction which makes them stand out from the crowd. Hopefully, Visa will never be able to catch crypto in terms of ease of transactions.

Unfortunately, not yet. They are well on their way there and soon will be easy and fast, but at the moment, visa has crypto beat. You can see above how well they transact right now. But, once the lightening network is established, then yet, crypto will probably have them beat. Assuming visa doesn't come up with some kind of lightening network of their own.

Card payments can be quite expensive actually. I know the introductory rate for taking cards online is 3.5% + $0.35 per transaction, which is quite high (but not as bad as those criminals over at PayPal). Once a merchant starts taking hundreds or thousands I'm sure they get lower, but still. It's not cheap.

[roadwell890]

I did not expect, it turned out that VISA had an incredible transfer speed
even cryptocurrency other than BTC is defeated by VISA
I think it's true, the world is right to choose VISA as an international payment instrument

[FlexBrah]

 Future bitcoin softfork's solutions should solve the scalability problem. Also in perspective, coins of 3 generations will be faster than VISA payment system

[Kakmakr]

One thing that still bugs me, is what would happen if we had 100000's of channels opening and closing and settling their balance on-chain. Will the Bitcoin Blockchain be able to handle all those transactions, if that happens in the future? We have to remember that those millions of tx's are happening off-chain on a 2cnd layer, but at one stage these channels will be opened and closed to settle the balance and this is when this will become interesting.

A couple of bad actors can create multiple channels and synchronise a spam attack by opening and closing these channels at the same time. <Yes, this might be an expensive attack>

[stompix]

One thing that still bugs me, is what would happen if we had 100000's of channels opening and closing and settling their balance on-chain. Will the Bitcoin Blockchain be able to handle all those transactions, if that happens in the future? We have to remember that those millions of tx's are happening off-chain on a 2cnd layer, but at one stage these channels will be opened and closed to settle the balance and this is when this will become interesting.

A couple of bad actors can create multiple channels and synchronise a spam attack by opening and closing these channels at the same time. <Yes, this might be an expensive attack>

Why would they go to the trouble of opening and closing channels when they could simply spam the network again with normal transactions? Either way, it will still have the same effect.

It all depends on the availability of stuff on the LN, if people just open and close channels....it's not going to be a nice picture. But fortunately, it doesn't seem like being the case as activity picks up in the LN without seeing an increase in the main chain.

[Kakmakr]

One thing that still bugs me, is what would happen if we had 100000's of channels opening and closing and settling their balance on-chain. Will the Bitcoin Blockchain be able to handle all those transactions, if that happens in the future? We have to remember that those millions of tx's are happening off-chain on a 2cnd layer, but at one stage these channels will be opened and closed to settle the balance and this is when this will become interesting.

A couple of bad actors can create multiple channels and synchronise a spam attack by opening and closing these channels at the same time. <Yes, this might be an expensive attack>

Why would they go to the trouble of opening and closing channels when they could simply spam the network again with normal transactions? Either way, it will still have the same effect.

It all depends on the availability of stuff on the LN, if people just open and close channels....it's not going to be a nice picture. But fortunately, it doesn't seem like being the case as activity picks up in the LN without seeing an increase in the main chain.

True, I guess you can still cripple Bitcoin if you have enough money to spam the Network, but the congestion is much less now, since the Lightning Network and SegWit has been introduced. Somehow I thought opening & closing channels would have been cheaper to do, because your transaction size would be smaller, but I will have to do a bit more research on this before I can validate my own statement.

Thank you for pointing that out, I never even considered it properly. 

[Kaznachej123]

I did not expect, it turned out that VISA had an incredible transfer speed
even cryptocurrency other than BTC is defeated by VISA
I think it's true, the world is right to choose VISA as an international payment instrument

    Hey roadwell890! The problem for Visa and Mastercard is that the networks are built on already ancient infrastructure and soon to be ancient ideology. Crypto payments is an entirely different animal and the traditional payment networks have no real competitive advantage.