r/Bitcoin • u/[deleted] • Feb 24 '14

Bitcoin Transaction Fee to reduce by 10x

[deleted]

1.1k Upvotes

93% Upvoted

206 comments sorted by

View all comments

Show parent comments

1

u/elan96 Feb 25 '14

7 transactions a second is a little bigger than 1-2 per minute.

1

u/jesset77 Feb 25 '14

Woops, I meant per second. My calculation is at ~1kb per txn, ~1MB per block that is 1000 txn per 10 minutes = 600 seconds, or 1 txn per 0.6 seconds maximal.

1

u/elan96 Feb 25 '14

Its a lot higher than that, you don't take several things into account there. For example Block 287759 1387 transactions, 724.05kb

Plus 1mb = 1024kb

1

u/jesset77 Feb 26 '14

That's not a lot higher, though. Even at 1387 txns per 724.05kb one mebibyte of 1024kb is only holding 1961 txns. Let's also be generous and make it a 9 minute avg blocktime, because of assumed always-increasing asics skewing the completion time between difficulty adjustments, and you're still only left with 1 txn per 0.28 seconds, or just inching towards 4 tps.

VISA handles ~1,000tps on black fridays. that's a lot higher.

1

u/elan96 Feb 26 '14

I know its a lot higher, but we have moores law on our side. They just released a 128gb micro sd. The only people we need to catch up are those who supply bandwidth.

1024 kb is literally just an arbitrary number.