From: Wladimir <laanwj@gmail•com>
To: Nick Simpson <imsaguy@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: Sat, 31 Jan 2015 14:11:42 +0100 (CET) [thread overview]
Message-ID: <alpine.DEB.2.10.1501311341580.21504@nzrgulfg.ivfhpber.pbz> (raw)
In-Reply-To: <CAOiKAtox1qmOEO6m9_ZjjR9QSqAGZv5s6YcBHq7oRnmNirdM=Q@mail.gmail.com>
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On Fri, 30 Jan 2015, Nick Simpson wrote:
> This has been discussed before. I believe most people don't expect Bitcoin to replace all of the various methods of payment. Scalability is
> always a concern, just not to the level of Alipay this year (or the next or the next for that matter.)
Yes, that about summarizes it.
The block chain is a single channel broadcasted over the entire
world, and I don't believe it will ever be possible nor desirable to broadcast all the
world's transactions over one channel.
The everyone-validates-everything approach doesn't scale. It is however
useful to settle larger transactions in an irreversible, zero-trust way.
That's what makes the bitcoin system, as it is now, valuable.
But it is absurd for the whole world to have to validate every purchase of
a cup of coffee or a bus ticket by six billion others.
Naively scaling up the block size will get some leeway in the short term,
but I believe a future scalable payment system based on bitcoin will be
mostly based on off-blockchain transactions (in some form) or that there
will be a hierarchical or subdivided system (e.g. temporary or per-locale
sidechains).
Wladimir
next prev parent reply other threads:[~2015-01-31 13:11 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 [this message]
2015-02-01 6:50 ` Tom Harding
2015-01-31 2:58 ` Allen Piscitello
2015-01-31 17:04 ` Mike Hearn
2015-01-31 20:08 ` Angel Leon
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