Wow, didn't realize that! That's bad news, since the current daily transaction rate (~100k) is within an order of magnitude of the daily limit (~600k = 7 x 3600 x 24).
Fortunately, the doubling time is, from eyeballing the chart below, about 6 months, so that allows ~1-2 years for a fix.
Well I was expecting there would be a significant jump in transaction volume as news spreads, prices rise, more services were offered in BTC and more countries get local exchanges. You also seem to miss that its not the total number of transactions per day you need to worry about, its the transactions per second.
There are surely periods of frenzy in the day where we cannot support 7 transactions per second as more economic activity takes place, even if the total transactions for the day is well under 600000. Its not like the transactions are neatly distributed on a flat line throughout the day.
There must also be some consideration that each time this is done, the BTC in the transaction is rendered unspendable and so it is taken out of the market. So I guess its not good if something like this could scale on top of BitCoin.
Comments
Wow, didn't realize that! That's bad news, since the current daily transaction rate (~100k) is within an order of magnitude of the daily limit (~600k = 7 x 3600 x 24).
Fortunately, the doubling time is, from eyeballing the chart below, about 6 months, so that allows ~1-2 years for a fix.
https://blockchain.info/charts/n-transactions?timespan=30day...
Well I was expecting there would be a significant jump in transaction volume as news spreads, prices rise, more services were offered in BTC and more countries get local exchanges. You also seem to miss that its not the total number of transactions per day you need to worry about, its the transactions per second.
There are surely periods of frenzy in the day where we cannot support 7 transactions per second as more economic activity takes place, even if the total transactions for the day is well under 600000. Its not like the transactions are neatly distributed on a flat line throughout the day.
There must also be some consideration that each time this is done, the BTC in the transaction is rendered unspendable and so it is taken out of the market. So I guess its not good if something like this could scale on top of BitCoin.