Maximum transaction rate - Bitcoin Wiki

Bean Cash cryptocurrency

Bean Cash is the first digital currency to implement a 20MB maximum block size. Bean Cash has a target block time of 60 seconds, with a confirmation time more than 10 times faster than Bitcoin. Bean Cash uses the energy efficient Proof of Stake method of consensus.
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BCH "stress test" failed to produce even on maximum size block, much less a days worth. One reason why is that Bitcoin ABC's tx relay is explicitly rate limited to 7 to 14tx per second.

BCH submitted by nullc to btc [link] [comments]

Bitcoin's path forward, and why the block size increase issue is not so bad

A capacity-constrained Bitcoin cannot long remain the highest market-cap crypto-currency in the competitive marketplace of various forms of alternates which bear no such constraint. This is because a fee market exists sustainably only so long as that fee is competitive with alt-coin payment systems, so Bitcoin's inertia might cause some short term fee pressure due to capacity constraints, but unless that fee is competitive with alternatives, it cannot increase sustainably. So if fees cannot sustainably rise, and if block size is limited, then use is limited, and since use is what drives market-cap, we can conclude that either:
(a) Bitcoin remains the highest market-cap crypto-currency, which would require raising the block size
(b) some other crypto-currency with higher capacity takes over
Of these, it is unlikely that (b) should occur, as if value in Bitcoin is destroyed due to inability to change protocol, the same destruction in value would be expected to ultimately occur for the alternate coin for some different governance issue, such as perhaps: changes in encryption or proof of work due to discovered weaknesses, increased divisibility requirements due to increased use -- which is eerily similar to the block size issue, or any number of other possibilities.
Therefore, we should expect (a) to occur, and Bitcoin maximum block size to be raised, either through:
(i) Core committers agreeing to raise it
(ii) Andresen unilaterally raises it in Bitcoin Core by kicking out the dissenters
(iii) Miners vote to raise it by running software other than Bitcoin Core
Weighing each of these, it seems:
Option (i)
cons: difficult to resolve developer dissent
pros: continued smooth development in core and increased adoption for bitcoin
Option (ii)
cons: bad for bitcoin to have Andresen acting as a central point of failure decision maker
pros: relatively smooth sailing / continued growth short-term
Option (iii)
cons: rough conflict during the transition
pros: no central decision maker, good to establish competing implementations, and a good test of Satoshi's design, where miners achieve consensus in a "vote with their CPUs" and "any needed rules and incentives can be enforced with this consensus mechanism"
Of these, it is pretty clear that option (iii) is strongly most likely to happen. And that's not so bad, as of the three, it is probably ultimately best for Bitcoin if miners do actually vote with their CPUs, as Satoshi intended. This will end the need for any group of core maintainers, and means that miners continually ensure Bitcoin remains competitive by choosing the best implementation to run. In fact this whole block-size issue seems to be not more than a growing pain, and while it may negatively affect price and adoption in the short-term, it will lead to a more robust and mature governance model, and ultimately a stronger bitcoin going forward.
If miners don't figure it out and vote to raise block size before blocks get full (and I'm not expecting them to) then they will certainly figure it out once it is apparent that their pay is being impacted by Bitcoin's failure to grow. The only question here is how much pain they will be willing to tolerate before they drop core and go with option (iii), or perhaps - but probably unlikely: how much pain core developers are willing to tolerate before they agree on option (i).
As a side-thought: It is interesting how simple the economics of an increased block size are, but yet despite that so many developers don't get it. And yet the businesses / exchanges seem to be quick to understand these economics and are calling for an increase, but are powerless to do anything. The miners who do have the power have been quietest of all. It would be great to start hearing from miners -- what are they thinking?
submitted by mickeybob to btc [link] [comments]

#crypto #cryptonews #bitcoin @nocroom #Let's get this answered clearly: when will BTC raise its maximum block size limit?

#crypto #cryptonews #bitcoin @nocroom #Let's get this answered clearly: when will BTC raise its maximum block size limit? submitted by PooPoster1 to Cryptoandme [link] [comments]

The maximum block size and fee situation on Bitcoin Cash

The maximum block size and fee situation on Bitcoin Cash submitted by j73uD41nLcBq9aOf to btc [link] [comments]

Sergio Lerner on [Bitcoin-development] Reducing the block rate instead of increasing the maximum block size

submitted by btcdrak to Bitcoin [link] [comments]

Alternatives to fixed maximum block sizes (xpost /r/bitcoin)

submitted by SpeedflyChris to btc [link] [comments]

With the hard fork, we will not be increasing the maximum block size or following the tokenization/ICO platform roadmap of Bitcoin ABC. /r/bitcoin_uncensored

With the hard fork, we will not be increasing the maximum block size or following the tokenization/ICO platform roadmap of Bitcoin ABC. /bitcoin_uncensored submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Simple function to propose accepted maximum block size limit in Bitcoin blockchain.

Simple function to propose accepted maximum block size limit in Bitcoin blockchain. submitted by gubatron to Bitcoin [link] [comments]

Gavin proposes to increase the maximum bitcoin block size (20MB!)

submitted by btcmastere to Bitcoin [link] [comments]

BCH "stress test" failed to produce even on maximum size block, much less a days worth. One reason why is that Bitcoin ABC's tx relay is explicitly rate limited to 7 to 14tx per second.

BCH submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin: The Maximum Block Size Debate, Much Ado About Nothing?

Bitcoin: The Maximum Block Size Debate, Much Ado About Nothing? submitted by 0xfffffff to Bitcoin [link] [comments]

Bitcoin XT 0.11A available for testing. Includes controversial maximum block size increase.

submitted by peoplma to dogecoin [link] [comments]

05-06 17:53 - 'Deliberately strangling the network results in less adoption, less market share, and thus less miners. Proof: [link] / Also, the actual strain on the network has little to do with the maximum block size. The block s...' by /u/VotesRNotAnArgument removed from /r/Bitcoin within 10-20min

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Deliberately strangling the network results in less adoption, less market share, and thus less miners. Proof: [link]1
Also, the actual strain on the network has little to do with the maximum block size. The block size just includes transactions, it does not have to be filled.
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1: https://pbs.twimg.com/media/DWAdta0UMAAidry.jpg
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The maximum block size and fee situation on Bitcoin Cash

The maximum block size and fee situation on Bitcoin Cash submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Bitcoin: The Maximum Block Size Debate, Much Ado About Nothing?

Bitcoin: The Maximum Block Size Debate, Much Ado About Nothing? submitted by 0xfffffff to Bitcoin [link] [comments]

Bitcoin Block Size Growth Plan 'BIP100' Gets Update - "it was we developers who showed ourselves unable to manage the maximum block size reasonably”.

Bitcoin Block Size Growth Plan 'BIP100' Gets Update - submitted by nbie to btc [link] [comments]

Alternatives to fixed maximum block sizes /r/Bitcoin

Alternatives to fixed maximum block sizes /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

What is the maximum theoretical size in bytes for a segwit block? Given that segwit is a soft-fork therefore to be accepted by old nodes, it has a 1MB limit somewhere still. /r/Bitcoin

What is the maximum theoretical size in bytes for a segwit block? Given that segwit is a soft-fork therefore to be accepted by old nodes, it has a 1MB limit somewhere still. /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Alternatives to fixed maximum block sizes (xpost /r/bitcoin)

submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Where in Bitcoin Cash's github is the maximum block size defined? /r/btc

Where in Bitcoin Cash's github is the maximum block size defined? /btc submitted by BitcoinAllBot to BitcoinAll [link] [comments]

BIP148IP: The soft fork should reduce the maximum block size to a soft limit of 300KB /r/Bitcoin

BIP148IP: The soft fork should reduce the maximum block size to a soft limit of 300KB /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

05-14 20:42 - '* Where I said I don't want SegWit? * Where did I say I don't want Lightning? * Where did I say I want unlimited block sizes? / I was just stating that since u/metalzip is already running at maximum capacity, with SegWit he...' by /u/DianaQWERTY removed from /r/Bitcoin within 25-35min

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I was just stating that since metalzip is already running at maximum capacity, with SegWit he will have to shut down his full node. With or without the 2MB fork he will have to shut down the node or buy more storage.
You're imagining things, wrote a bunch of shit which I never even touched, and insulted me.
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The Origin of the Maximum Block Size Top Bitcoin Core Dev Greg Maxwell DevCore: Must watch talk ... Bitcoin Dev Suggests Lower Block Size #Bitcoin #MCC2019 Luke Dashjr When Will Bitcoin Raise the Block Size Limit?

With a 1MB block size limit, the Bitcoin network processes a maximum of around seven transactions per second (there are anomalies). For comparison, Ethereum processes about 15 transactions per second, Bitcoin Cash process around 65 transactions per second, and the Visa network can process over 1,700 fiat transactions per second. The maximum size of a block is nearly equal to the max block weight, so currently 4MB. This is not somehow "made-up" size; the maximum block is really 4MB on-disk and on-wire. However, this maximum can only be reached if the block is full of very weird transactions, so it should not usually be seen. The Bitcoin block size limit is a parameter in the Bitcoin protocol that limits the size of Bitcoin blocks, and, therefore, the number of transactions that can be confirmed on the network approximately every 10 minutes. Although Bitcoin launched without this parameter, Satoshi Nakamoto added a 1 megabyte block size limit back when he was still the lead developer of the project. This translated ... Originally, Bitcoin's block size was limited by the number of database locks required to process it (at most 10000). This limit was effectively around 500-750k in serialized bytes, and was forgotten until 2013 March. In 2010, an explicit block size limit of 1 MB was introduced into Bitcoin by Satoshi Nakamoto. He added it hidden in two commits in secret. This limit was effectively a no-op due ... The maximum transaction rate is the block size limit divided by the average transaction size. The block size limit is well known, 1MB, however the average transaction size isn't. Here we'll look at what influences that size. The minimum sized transaction type is the OP_CHECKSIG transaction: scriptPubKey: <33 byte compressed pubKey> OP_CHECKSIG scriptSig: <72 byte signature> Each transaction ...

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The Origin of the Maximum Block Size

Try watching this video on www.youtube.com, or enable JavaScript if it is disabled in your browser. Luke Dashjr summarises the reasons big blocks are harmful to Bitcoin. Stephanie, Andreas and Adam speak first with Bitcoin Foundation Chief Scientist Gavin Andresen about the Bitcoin Block Size debate, where it came from, why it matters and what he thinks we should ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue What is the capacity difference between utilizing second layers, like the Lightning Network, and block size increases? Are hard forks harder to execute with ...

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