New answers tagged scalability
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Currently fees in Bitcoin is quite high ($1-$30) to move anything under $50 USD.
According to https://mempool.space its ~$10 based on average native segwit transaction of 140 vBytes
If Bitcoin is worth 1 million dollars one day, how much would an on
chain fee be?
If BTCUSD is 1,000,000 USD right now, above fee would be $200 assuming similar demand for ...
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I think no one can read the future but some things can be said with high confidence and I will try to point them out.
First I think it the conversion to USD does at best make sense for cosmetics thus I will do most computations in the more natural form of satoshis and confirm only at the end if necessary.
if the average feerate in a block is x sat/Byte and ...
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There is a distinction to be made between transactions (ie, transactions recorded on-chain) and payments (ie, a transferring of value between parties). Bitcoin can scale both by increasing the number of transactions per time, but also by increasing the number of payments per transaction.
The lightning network is a very interesting way of increasing the ...
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Of course, it's raised constantly. Have you read about Taproot? It allows more efficient use of the block space. With the efficiency increasing, the transactions per X time will increase.
I've also read a lot of "Bitcoin's vision" that is completely incompatible with that fact.
While Satoshi had on-chain scaling in mind, Bitcoin is now scaling ...
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No, I don't think that sharding is as simple or beneficial as portrayed here. Here are a few thoughts:
Splitting by addresses doesn't seem plausible. Most transactions have either multiple inputs or multiple recipients. It's not clear how transactions would be handled that attempt to spend funds from both chains or pay to both chains. If they need to be ...
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Sending a Bitcoin payment incurs a fee relative to the weight of the transaction. Every transaction must have at least one input and one output. Assuming a minimal transaction weight for either, it costs the same to send 1 mBTC or 100 BTC.
The cost per transaction weight is one reason why on-chain transactions are ill-suited for micropayments, but it also ...
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Bitcoin transactions can be done for more than 1 real world payment so "TPS" is not correct when comparing it with few other ways to make payments. VISA payments are not same as bitcoin on-chain transactions. Chargebacks, settlement times, censorship and lot of other differences.
https://bitcoin.stackexchange.com/a/100829/
Bitcoin scaling works ...
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Cutting the middlemen: No bankers, no SWIFT, no account fees, no manual approval, easy intercontinental transactions.
And Musk likes (sometimes too much) to take risk. Perhaps, it's because he believes that the BTC they store would increase in value in the long term.
If everyone adopted SegWit addresses, especially Bech32, then the tx rate is higher than 7 ...
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