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This does not seem to include transactions on the Bitcoin Lightning network which are transaction that are handled offchain so they are not included in blocks.
by sword_smith 7y ago
This does not seem to include transactions on the Bitcoin Lightning network which are transaction that are handled offchain so they are not included in blocks. I don't have the exact number of lightning transaction ocurring but it is the Bitcoin Core developers' plan that the scaling to thousand of transactions per second will and should take place on the lightning network (this is where they differ from their competitor Bitcoin Cash which is aiming for bigger blocks and onchain scaling). Bitcoin is still a technology in its infancy ten years after being started.
- iopq 7y agoBecause they basically don't exist. How many Lightning transactions are there per day?
- spookthesunset 7y ago> Bitcoin is still a technology in its infancy ten years after being started. Meanwhile Apple introduced the first version of the iPhone, completely transforming the mobile landscape. Meanwhile, Uber and lyft upended the taxi market completely. Meanwhile, we have private companies sending payloads to the space station Meanwhile, electric cars are increasingly becoming mainstream. In what possible way can you claim bitcoin is “in its infancy”?
- sword_smith 7y agoThe market cap of Bitcoin is above 120bn USD, less than Apple and Facebook but more than Netflix. But that is still only about 0.1 to 1 % of its potential. So, big but in its infancy.
- jacobush 7y agoBesides it being completely different in other ways, the market cap is not value. You couldn't realize a tiny fraction of that without tanking the market cap.
- sword_smith 7y agoThe opposite also applies: You couldn't buy up a large proportion of Bitcoins without the price skyrocketing. Prices are determined at the margin, what the marginal seller (probably miners) will sell for and what the marginal buyer will buy for. They are the best measure of "fair value".