From: Allen Piscitello <allen.piscitello@gmail•com>
To: Angel Leon <gubatron@gmail•com>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] Is there a way to estimate the maximum number of transactions per minute Bitcoin can handle as it is today?
Date: Fri, 30 Jan 2015 20:58:51 -0600 [thread overview]
Message-ID: <CAJfRnm5H7gn6xmMFdikNFSy-geWrpW4dQDw8NsFqz_3YxH=ESg@mail.gmail.com> (raw)
In-Reply-To: <CADZB0_aWkSApjRA-WQcVsonOTpZNX8=G=iuY3k+dKSwDq=xM6A@mail.gmail.com>
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You are assuming that the only way to use Bitcoin is on-chain transactions
and that is the only way for it to scale. This is a mistake.
On Fri, Jan 30, 2015 at 6:48 PM, Angel Leon <gubatron@gmail•com> wrote:
> On the Chinese "Single's Day" (sort of like the american Black Friday)
> according to MIT's Tech Review
> <http://www.technologyreview.com/news/534001/alipay-leads-a-digital-finance-revolution-in-china/>
> magazine
>
> "Alipay handled up to 2.85 million transactions per minute, and 54 percent
> of its transactions are made via mobile device."
>
> For a few weeks I've been reading the conversations about block sizes and
> the experiments being done on the subject with larger blocks.
>
> On the day with the most transactions, the Bitcoin block chain averages
> about 73 transactions per minute. I kept wondering what blocksize we'd need
> for handling 100,000 transactions per minute, and estimated that roughly
> we'd need a blocksize of about 1300x times larger than what we have now, so
> bigger than 1Gb block... but seeing the numbers Alipay gets to handle just
> in China make me wonder how scalable is Bitcoin if it were to truly compete
> with worldwide financial services.
>
> If you were to include double the number Alipay can handle, you'd be
> shooting about 6 million transactions per minute, or roughly 60 million
> transactions per block.
>
> If you average every transaction around 250 bytes, then you'd need ~15
> Gigabytes per block to be broadcast and hashed by all the full nodes every
> 10 minutes, eating good 2Tb of storage daily... do miners have enough
> bandwidth and CPU power to handle this?
>
> are my scalability concerns absurd?
>
> http://twitter.com/gubatron
>
>
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next prev parent reply other threads:[~2015-01-31 2:59 UTC|newest]
Thread overview: 7+ messages / expand[flat|nested] mbox.gz Atom feed top
2015-01-31 0:48 Angel Leon
2015-01-31 2:58 ` Nick Simpson
2015-01-31 13:11 ` Wladimir
2015-02-01 6:50 ` Tom Harding
2015-01-31 2:58 ` Allen Piscitello [this message]
2015-01-31 17:04 ` Mike Hearn
2015-01-31 20:08 ` Angel Leon
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