How does this scale?
Posted Nov 12, 2010 5:22 UTC (Fri) by JohnLenz
In reply to: How does this scale?
Parent article: Bitcoin: Virtual money created by CPU cycles
I don't think you understand how far you must scale. From here, it looks like Visa handled an average of 8,442 transactions per second in 2008 and built a new datacenter to handle up to 10,000 transactions per second. Also from the article, Visa handles only about 33% of all transactions.
So using your numbers, 1 MB block gives about 7.71 transactions per second. Scaling from 7.71 transactions per second to 8,000 per second? So just to handle the volume visa saw in 2008, each block must be over one gigabyte? And this is only the US. By its nature, there is only a single bitcon currency for the whole world so 8,000 transactions per second is on the far low end.
to post comments)