this post was submitted on 09 Feb 2024
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Holy shit. 7 transactions a second is horrible and pretty much definitively proves (to me) that it's not currently used as a currency
By chance, do you have a source for that or know where I would go looking?
Because the max blocksize of BTC is heavily crippled, max transactions per block is around 3,500ish. That puts us at about 500k transactions max per day (1 block every 10 min). So divide 500k by how many seconds are in a day (86,400) and you get slightly under 6 TPS. Whoever came up with 7 TPS probably did more accurate math than me.
So what happens if a lot of people want to make transactions at the same time? Do they have to queue? Also, this sounds like anyone can cripple the system by scheduling a few thousand tiny transactions.
There's a transaction fee, the higher you pay the more priority you have (since miners get a cut).