3 ms·
> Bitcoin can handle 7 transactions per second, on average. VISA can handle 1,700. You're not comparing the same thing. A Bitcoin transaction that makes its w
by jimmydorry 4y ago
> Bitcoin can handle 7 transactions per second, on average. VISA can handle 1,700.
You're not comparing the same thing.
A Bitcoin transaction that makes its way into a block is settled within ~10 minutes and irreversible in ~60 minutes.
A VISA transaction is an IOU between the customer, VISA and the merchant. The merchant won't have settled funds for up to 90 days. VISA settles with the customer anywhere between a day or week, but these transactions are reversible for up to 90 days. VISA settles between bank accounts at best daily.
If we are comparing like for like, use of the Bitcoin Lightning network is far closer to the service offers of VISA, and the lightning network scales the Bitcoin network far beyond 7 tps.
>I won’t really comment if I trust Chase or Coinbase
Bitcoin gives you the option to trust nobody. You are able to interact with the Bitcoin ledger without trusting any intermediary, even if the majority of people will choose not to. This is not an option with the existing financial system.