this post was submitted on 09 Feb 2024
988 points (97.1% liked)
Technology
59287 readers
4196 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Holy shit. 7 transactions a second is horrible and pretty much definitively proves (to me) that it's not currently used as a currency
By chance, do you have a source for that or know where I would go looking?
Because the max blocksize of BTC is heavily crippled, max transactions per block is around 3,500ish. That puts us at about 500k transactions max per day (1 block every 10 min). So divide 500k by how many seconds are in a day (86,400) and you get slightly under 6 TPS. Whoever came up with 7 TPS probably did more accurate math than me.
So what happens if a lot of people want to make transactions at the same time? Do they have to queue? Also, this sounds like anyone can cripple the system by scheduling a few thousand tiny transactions.
There's a transaction fee, the higher you pay the more priority you have (since miners get a cut).