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Author Topic: WTF ... SWIFT only capable of 15 Millions of transactions per day ?  (Read 972 times)
Meuh6879 (OP)
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March 12, 2015, 09:46:08 PM
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According to the SWIFT itself, they link over 9,000 financial institutions worldwide in over 200 countries, which transact 15 million times per day.

http://www.zerohedge.com/news/2015-03-12/wests-plan-drop-russia-swift-hilariously-backfire

Bitcoin network, in his actual form, can process 604 000 transactions per day. Grin
And like you known, stats of the banking system is not very "mathematic" ... when they talk about 15M ...  Roll Eyes
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cryptworld
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March 12, 2015, 10:39:45 PM
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and that 600k transactions can be easily increased with just a fork! awesome  Tongue
Btcvilla
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March 12, 2015, 10:41:21 PM
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I did not know Bitcoin had a transaction limit, but 600K is enough to last us a while.
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March 12, 2015, 10:50:23 PM
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Quote from: Btcvilla on March 12, 2015, 10:41:21 PM
I did not know Bitcoin had a transaction limit, but 600K is enough to last us a while.
Let me get this straight bitcoin can only be transacted 600k times per day? That seems really low
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March 12, 2015, 10:54:18 PM
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Quote from: TheGr33k on March 12, 2015, 10:50:23 PM
Quote from: Btcvilla on March 12, 2015, 10:41:21 PM
I did not know Bitcoin had a transaction limit, but 600K is enough to last us a while.
Let me get this straight bitcoin can only be transacted 600k times per day? That seems really low

Probably more like 170,000 to 340,000 txns per day using realistic transaction sizes.   The current protocol has a 1MB limit on block sizes that puts an upper limit on the number of transactions that can be confirmed per day.
neurotypical
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March 12, 2015, 11:54:10 PM
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Quote from: Meuh6879 on March 12, 2015, 09:46:08 PM
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According to the SWIFT itself, they link over 9,000 financial institutions worldwide in over 200 countries, which transact 15 million times per day.

http://www.zerohedge.com/news/2015-03-12/wests-plan-drop-russia-swift-hilariously-backfire

Bitcoin network, in his actual form, can process 604 000 transactions per day. Grin
And like you known, stats of the banking system is not very "mathematic" ... when they talk about 15M ...  Roll Eyes
Isn't this a problem? if we aim to surpass the main transaction system, we'll need a lot more than 600k...
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March 12, 2015, 11:58:35 PM
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Quote from: neurotypical on March 12, 2015, 11:54:10 PM
Quote from: Meuh6879 on March 12, 2015, 09:46:08 PM
Quote
According to the SWIFT itself, they link over 9,000 financial institutions worldwide in over 200 countries, which transact 15 million times per day.

http://www.zerohedge.com/news/2015-03-12/wests-plan-drop-russia-swift-hilariously-backfire

Bitcoin network, in his actual form, can process 604 000 transactions per day. Grin
And like you known, stats of the banking system is not very "mathematic" ... when they talk about 15M ...  Roll Eyes
Isn't this a problem? if we aim to surpass the main transaction system, we'll need a lot more than 600k...

I do think we'll need more in the future.
And that's why the "gavincoin" fork is proposed.
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ebliever
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March 13, 2015, 02:29:43 AM
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Gavin's proposal to raise the block size limit from 1 MB to 20 MB will obviously help, as would things like sidechain technology. So the limit for bitcoin is of minor consequence and can be changed (with due notice) at any time. It's a non-issue, like the people who fret about bitcoin not being divisible enough beyond 1 satoshi.
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