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authorWladimir <laanwj@gmail.com>2015-01-31 14:11:42 +0100
committerbitcoindev <bitcoindev@gnusha.org>2015-01-31 13:11:51 +0000
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Re: [Bitcoin-development] Is there a way to estimate the maximum number of transactions per minute Bitcoin can handle as it is today?
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+ Sat, 31 Jan 2015 05:11:43 -0800 (PST)
+Date: Sat, 31 Jan 2015 14:11:42 +0100 (CET)
+From: Wladimir <laanwj@gmail.com>
+To: Nick Simpson <imsaguy@gmail.com>
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+Cc: Bitcoin Dev <bitcoin-development@lists.sourceforge.net>
+Subject: Re: [Bitcoin-development] Is there a way to estimate the maximum
+ number of transactions per minute Bitcoin can handle as it is today?
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+
+On Fri, 30 Jan 2015, Nick Simpson wrote:
+
+> This has been discussed before. I believe most people don't expect Bitcoin to replace all of the various methods of payment.  Scalability is
+> always a concern, just not to the level of  Alipay this year (or the next or the next for that matter.)
+
+Yes, that about summarizes it.
+
+The block chain is a single channel broadcasted over the entire
+world, and I don't believe it will ever be possible nor desirable to broadcast all the
+world's transactions over one channel.
+
+The everyone-validates-everything approach doesn't scale. It is however
+useful to settle larger transactions in an irreversible, zero-trust way.
+That's what makes the bitcoin system, as it is now, valuable.
+
+But it is absurd for the whole world to have to validate every purchase of
+a cup of coffee or a bus ticket by six billion others.
+
+Naively scaling up the block size will get some leeway in the short term,
+but I believe a future scalable payment system based on bitcoin will be
+mostly based on off-blockchain transactions (in some form) or that there
+will be a hierarchical or subdivided system (e.g. temporary or per-locale
+sidechains).
+
+Wladimir
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+