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Bitcoin has a lot of strange features or flaws, depending on viewpoint, that many people seem to blow off. Right now, for instance, the entire network can only
by nilkn 13y ago
Bitcoin has a lot of strange features or flaws, depending on viewpoint, that many people seem to blow off. Right now, for instance, the entire network can only support something like 10 transactions per second. That's clearly not going scale. Also, the much-touted microtransactions are unlikely to really make any sense with onchain transactions due to miner fees, which will eventually become commonplace as an incentive to mining as the block rewards become smaller and smaller and the difficulty increases. As a result, offchain providers are becoming more popular, which for many of us seems to defeat the entire point of bitcoin--it reintroduces trusted third parties.
- fsiefken 13y agoCurrently the average is 1 transaction per second. The transaction per second limit of 7 tps is artifical and will be lifted in the future: https://en.bitcoin.it/wiki/Scalability https://en.bitcoin.it/wiki/Scalability Bitcoin developer Timothy Lee explains more about it here: http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/12/bitcoin-needs-to-scale-by-a-factor-of-1000-to-compete-with-visa-heres-how-to-do-it/ http://www.washingtonpost.com/blogs/the-switch/wp/2013/11/12...