4 ms·
And let's not forget that bitcoin can process on average less than 7 transactions per seconds. That's incredibly slow. It can be used for anything irl as long a
by maeln 6y ago
And let's not forget that bitcoin can process on average less than 7 transactions per seconds. That's incredibly slow. It can be used for anything irl as long as this fundamental problem is not fixed. Nobody will spend 10+ minutes in front of the cashier waiting for the transaction to be confirmed.
Most cryptocurrencies are plagued by the same issue. Everyone and their mother still come out with their own cryptocurrencies, but none has been proven to have any actual usefulness outside of speculation. I guess Monero and ZCash are at least really used as a transaction method because of the "black market", but, outside of anonymity, they also have the same fundamental issue that btc has.
- agumonkey 6y agoI have a feeling that traditional cc system are slower than the time user waits for confirmation. Isn't it buffer based like disk io ? the bank has a buffer to accept any card that is legit (for small transactions) and the rare time a problem occurs they deal with it on the side ?
- dragonwriter 6y ago> I have a feeling that traditional cc system are slower than the time user waits for confirmation. Raising this in response to Bitcoin’s limited throughput is a nonsequitur, as this is latency, not throughout. Yes, the time between initiating and settling a credit card transaction is nontrivial, but that doesn't effect the number of transactions the system can process per second. If the credit card system didn't have the throughput to handle transactions at the rate they are initiated, there's be an ever-growing queue, and there isn't.
- agumonkey 6y agonote that I don't promote bitcoin .. i just want to avoid people judging the current credit card system from afar.