4 ms·
The bitcoin network has a limited number of transactions per second that it can process (Limited by block size). Last time I checked the network was basically a
by baroffoos 7y ago
The bitcoin network has a limited number of transactions per second that it can process (Limited by block size). Last time I checked the network was basically at the limit so per transaction is not an insane way of looking at it.
I get what you mean, if you decide not to make a transaction, the energy still gets spent but the more you use bitcoin the more valuable it becomes which incentivizes miners to keep mining. Also someone elses transaction will just slot in to fill the gap left since there is a very limited amount of space for transactions which is always fully utilized.
- optimiz3 7y agoNowhere near the limit, and hasn't been for a while: https://jochen-hoenicke.de/queue/#0,24h https://jochen-hoenicke.de/queue/#0,24h
- jimmydorry 7y agoNot exactly. Second layer transactions sit on top, so the hard max of 4200 "settlements"[1] in a block does not necessarily mean 4200 transactions. With enough people using the second layer network, each "settlement" could mean finalising hundreds of transactions for thousands of people. This second layer network acts like a caching layer, and consolidates many transactions into a single transaction (put into very simple terms). [1] Combinations of inputs and outputs.
- zaarn 7y agoAh, so how many percent of the network are currently using this second layer? If it sounds so good, everyone must be using it already!