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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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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.)
Nick
On Jan 30, 2015 7:08 PM, "Angel Leon" <gubatron@gmail.com> wrote:
> On the Chinese "Single's Day" (sort of like the american Black Friday)
> according to MIT's Tech Review
> <http://www.technologyreview.com/news/534001/alipay-leads-a-digital-finance-revolution-in-china/>
> magazine
>
> "Alipay handled up to 2.85 million transactions per minute, and 54 percent
> of its transactions are made via mobile device."
>
> For a few weeks I've been reading the conversations about block sizes and
> the experiments being done on the subject with larger blocks.
>
> On the day with the most transactions, the Bitcoin block chain averages
> about 73 transactions per minute. I kept wondering what blocksize we'd need
> for handling 100,000 transactions per minute, and estimated that roughly
> we'd need a blocksize of about 1300x times larger than what we have now, so
> bigger than 1Gb block... but seeing the numbers Alipay gets to handle just
> in China make me wonder how scalable is Bitcoin if it were to truly compete
> with worldwide financial services.
>
> If you were to include double the number Alipay can handle, you'd be
> shooting about 6 million transactions per minute, or roughly 60 million
> transactions per block.
>
> If you average every transaction around 250 bytes, then you'd need ~15
> Gigabytes per block to be broadcast and hashed by all the full nodes every
> 10 minutes, eating good 2Tb of storage daily... do miners have enough
> bandwidth and CPU power to handle this?
>
> are my scalability concerns absurd?
>
> http://twitter.com/gubatron
>
>
> ------------------------------------------------------------------------------
> Dive into the World of Parallel Programming. The Go Parallel Website,
> sponsored by Intel and developed in partnership with Slashdot Media, is
> your
> hub for all things parallel software development, from weekly thought
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--047d7bdc9f7058a81f050de9e527
Content-Type: text/html; charset=UTF-8
Content-Transfer-Encoding: quoted-printable
<p dir=3D"ltr">This has been discussed before. I believe most people don=
9;t expect Bitcoin to replace all of the various methods of payment.=C2=A0 =
Scalability is always a concern, just not to the level of=C2=A0 Alipay this=
year (or the next or the next for that matter.)</p>
<p dir=3D"ltr">Nick</p>
<div class=3D"gmail_quote">On Jan 30, 2015 7:08 PM, "Angel Leon" =
<<a href=3D"mailto:gubatron@gmail.com">gubatron@gmail.com</a>> wrote:=
<br type=3D"attribution"><blockquote class=3D"gmail_quote" style=3D"margin:=
0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex"><div dir=3D"ltr"><d=
iv>On the Chinese "Single's Day" (sort of like the american B=
lack Friday) according to <a href=3D"http://www.technologyreview.com/news/5=
34001/alipay-leads-a-digital-finance-revolution-in-china/" target=3D"_blank=
">MIT's Tech Review</a> magazine</div><div><br></div><div><span style=
=3D"color:rgb(0,0,0);font-family:NHG,'Helvetica Neue',Helvetica,Ari=
al,sans-serif;font-size:14px;line-height:20px">"Alipay handled up to 2=
.85 million transactions per minute, and 54 percent of its transactions are=
made via mobile device."</span><br></div><br>For a few weeks I've=
been reading the conversations about block sizes and the experiments being=
done on the subject with larger blocks.<br><br>On the day with the most tr=
ansactions, the Bitcoin block chain averages about 73 transactions per minu=
te. I kept wondering what blocksize we'd need for handling 100,000 tran=
sactions per minute, and estimated that roughly we'd need a blocksize o=
f about 1300x times larger than what we have now, so bigger than 1Gb block.=
.. but seeing the numbers Alipay gets to handle just in China make me wonde=
r how scalable is Bitcoin if it were to truly compete with worldwide financ=
ial services.<br><br>If you were to include double the number Alipay can ha=
ndle, you'd be shooting about 6 million transactions per minute, or rou=
ghly 60 million transactions per block.<br><br>If you average every transac=
tion around 250 bytes, then you'd need ~15 Gigabytes per block to be br=
oadcast and hashed by all the full nodes every 10 minutes, eating good 2Tb =
of storage daily... do miners have enough bandwidth and CPU power to handle=
this?=C2=A0<br><br>are my scalability concerns absurd?<br><br clear=3D"all=
"><div><div><a href=3D"http://twitter.com/gubatron" target=3D"_blank">http:=
//twitter.com/gubatron</a><br></div></div>
</div>
<br>-----------------------------------------------------------------------=
-------<br>
Dive into the World of Parallel Programming. The Go Parallel Website,<br>
sponsored by Intel and developed in partnership with Slashdot Media, is you=
r<br>
hub for all things parallel software development, from weekly thought<br>
leadership blogs to news, videos, case studies, tutorials and more. Take a<=
br>
look and join the conversation now. <a href=3D"http://goparallel.sourceforg=
e.net/" target=3D"_blank">http://goparallel.sourceforge.net/</a><br>_______=
________________________________________<br>
Bitcoin-development mailing list<br>
<a href=3D"mailto:Bitcoin-development@lists.sourceforge.net">Bitcoin-develo=
pment@lists.sourceforge.net</a><br>
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" target=3D"_blank">https://lists.sourceforge.net/lists/listinfo/bitcoin-de=
velopment</a><br>
<br></blockquote></div>
--047d7bdc9f7058a81f050de9e527--
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