Bitcoin How many transactions can bitcoin pass per second? What are the long term plans? Published 7 months ago on June 26, 2018 By Coinnounce - Coin Announcements Share Tweet Bitcoin has made a place for itself in the brand new fintech world owing to its speed, efficiency, distributed ledger system, decentralized network, lower and insignificant transaction and processing fees and much more. If you actually run a particular Bitcoin node on not a simple home desktop but a high end and high speed server, the results can be quite astonishing. The number of transactions that are currently pulled through in the real world would in such a scenario, blast through the ceiling. Even a present high speed Bitcoin node can be further scaled up to allow for the processing of way more transactions than what actually takes place in the real world right now. There are several misconceptions regarding what actually matters when trying to figure out the number of transactions that can be made on the Bitcoin network per second. The hashing algorithms’ relative computational speed does not determine the number of transactions that can be made per second. If a platform is running on such a fast algorithm it simply means that the token miners can manage to make more hashes per second when compared to a simpler hashing algorithm working on exactly the same hardware. At the end of it, what determines the number of transactions per second is not the hashing algorithm but is directly correlated to the block size of that particular blockchain, transaction size and average block time. Theoretically about 7 (Number of transactions) Any average transaction requires about 250 to 500 bytes of data. One Bitcoin block in the blockchain can have not more than 1 MB of data. On an Intel Core i7 quad core, the Bitcoin platform can work through about 8000 signature verifications every other second. The number of transaction per block hardly ever cross the 3000 mark. Scaling this down to seconds, this roughly translates to about 5 to 6 transactions per second. Clearly such a low number does not hold the capacity to handle transactions on a larger scale. This could also be the reason for the faster working of the network right now but because of the ever growing user base of Bitcoin, it has already started facing pressure and beginning to form cracks in its infrastructure. Eventually, if one wishes to make it a mainstream thing, several optimizations need to be made so as to adapt it for a larger audience to be catered and this mostly requires research and development in the scalability issues which if not tackled with, would not allow Bitcoin to be setup on a larger user base. Moreover, more and more unconfirmed transactions are getting logged up on the network and transaction and processing charges are increasing day by day. It is not very difficult to see that the current Bitcoin platform has gotten saturated and reached its utmost peak limit. Future plans The most vital and urgent plans that the Bitcoin network needs to work upon is its scalability. The network is handling an increasing amount of traffic every passing day since more and more people are getting interested over this. The Bitcoin platform was originally designed to simply support lightweight clients. These clients were expected to process only simple and small blocks of the blockchain. That being said, this infrastructure has worked well over the past 10 years but now with increasing enthusiasm and more developments taking place in the Bitcoin space, scalability is causing issues. VISA handles about 2000 transactions per second whereas PayPal handles about 10 million transactions per day. Now if Bitcoin aims to be launched as a fiat currency and aim to replace existing currencies like dollars and such, if for suppose a huge nation like the United States was to rely upon Bitcoin money to pay for their food and medicines daily, the current Bitcoin infrastructure won’t be able to withstand the pressure. Quick transactions are vital for quick payments and fast delivery of food and medicines for a nation to survive and for Bitcoin to be deployed in the future, its long term plans should mainly focus on scalability issues. The current restriction on Bitcoin would not allow more than 7 transactions to be passed per second and that is just not what a fiat currency should look like. 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What are the long term plans? – Btc News Magazine Pingback: How many transactions can bitcoin pass per second? What are the long term plans? – The Coinage Times Pingback: Covered: EOS Global Hackathon, United States – Coinance: Bitcoin, Ethereum, Blockchain & Cryptocurrency News Pingback: 7 Ways Blockchain is Changing the World - Killerlaunch Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Gambling Bitcoin Still Stays Strong: Gamblers Prove Published 2 hours ago on January 21, 2019 By Layla Harding Despite the cryptocurrency gambling is a relatively new sphere, it causes more and more interest among the cryptocurrency stakeholders. The latest research from cryptocurrency gambling platform 1xBit indicated that cryptocurrency gamblers are doing just fine in terms of the overall bearish cryptocurrency market. According to 1xBit, Bitcoin remains the most popular and widely used cryptocurrency among the gamblers and digital asset traders, despite the market falling. 1xBit is a well-known Bitcoin sportsbook and casino platform that allows users to withdraw, deposit and place bets on a wide range of sports. It doesn’t deal with fiat money, only with cryptocurrencies. Another Bitcoin Rivals The 1xBit’s latest updates were connected with adding XRP and TRX to the platform, which gained great popularity due to their low transaction fees and fast transaction speed, making them a perfect payment solution for crypto-gamblers. Ripple is a famous cryptocurrency platform, designed primarily for payment systems. XRP is using to deliver payments between countries, businesses, avoiding unnecessary financial, time and labor costs. But it is also a perfect payment method for gambling. The transaction confirmation time for XRP is around 4 seconds, that is particularly important for live betting, where nearly every second counts. Also, this cryptocurrency provides full anonymity – you don’t need to provide your personal data to top up your wallet. On 1xBit website players can register with no need to provide any personal information and all the payments are made in cryptocurrencies, that guarantees your anonymity. The second newly-added cryptocurrency became Tron (TRX) – one of the largest and most valuable tokens on the cryptocurrency market at the moment. Tron, which is an open-source global digital entertainment protocol, was originally created as a solution to a specific problem. But in a short period of time, it attracted the attention of investors. One of the recent examples is BitTorrent, a pioneer peer-to-peer technology for sharing files on the internet, which announced that it is creating its own cryptocurrency, based on the TRON protocol. Despite these recent innovations, Bitcoin still remains the most dominant cryptocurrency on 1xBit by the total number and volume of bets. Bitcoin Doing Well The statistics were collected by 1xBit from their user base to analyze the gambler’s behavior on the platform. It shows that during the recent Q4 crypto crash and market falling by over than $100 billion, gamblers continued to place bets normally as before, despite the collapsing value of all 21 cryptocurrencies available there. Moreover, in the last quarter of 2018 the number of bets placed on the 1xBit platform – in the US dollar equivalent – were almost the same. This data reveals that crypto users appear to be less concerned about high volatility and poor crypto asset performance, but much more concerned about how much of a return they could make in the equivalent fiat value. Based on this research it’s clear that the crypto-gambling sector will be strong despite the price action on the markets. Interestingly, more detailed studies indicate that 53% of the website clients preferable use Bitcoin for betting rather than in Ethereum (26%) or other cryptocurrencies. It means that Bitcoin still remains in great request. But what about other cryptocurrencies? They are used but much less in comparison with Bitcoin. For example, the volume of bets in Litecoin is only 8%, while bets in Altcoin amounts to 7% and in Dogecoin amounts to 6% of overall bets on 1xBit. Continue Reading #Blockchain Top 10 Friendly Countries for Blockchain Startups Published 1 day ago on January 20, 2019 By Joyce Lang Blockchain has been a revolution in the digital market for the last couple of years. It has occupied an important place in the digital currency revolution. The growth of technology has touched various fields such as smartphones, vehicles, shipping and a small sector in the sector of banking. Although there is no country in the world which is not aware of this technology, there is a huge difference of opinion among countries regarding this revolution. There are various factors a blockchain startup has to look up before deciding it as a host country such as the jurisdiction regulations of the country, political views, tax system etc as these factors are going to affect the growth of any startup. While some countries are allowing blockchain startups to set up legally, while some are in no mood for any such beginning in the country and there are also some countries which are not sure about it. Let us take a glance at the top 10 friendly countries for blockchain startups: 1. Malta: This small Mediterranean country is on the verge of becoming the ‘island of blockchains’. The beginning of all these was when the biggest cryptocurrency exchange of world, Binance chose to inaugurate its office in this country. Also, they have informed all to set up a ‘crypto’ bank on this island. Malta has been improving and enhancing new regulations that are friendly for blockchain startups. The country is so much dedicated to this technology that even the head of the country, the Prime Minister has predicted that the country will be the best place for this kind of startups throughout the world. The regulations are mainly focussed to evolve and encourage the investors to start this kind of projects in the country. 2. Switzerland: The settling up of a crypto valley in one of its town, Zug, is sufficient to describe how much amiable this country to blockchain startups. It is one of the famous center of blockchain technology across the globe. Adding to the ice, they have imposed a tax-free regulation for the investors who want to invest in this kind of startups. Apart from it, their laws and regulations are very attractive and appreciated by investors as well as developers. It has been the host of several blockchain projects including DFINITY, Xapo and of course, Ethereum. The privacy rules and protection of data are also appreciated by the blockchain startups. 3. Japan: Japan is one of those countries which have approved cryptocurrency such as Bitcoin as a legal tender. It has been home of several blockchain traders, even some of the stores in the country have no problem in taking payments from users as Bitcoin currency. After six months of recognizance of cryptocurrency as legal, Japan is now accountable for more than half of total such trades. Although there are various regulations regarding blockchain startups, they are friendly and easy to be acceptable and it’s not difficult to stary sich any startup in the country. 4. Singapore: This country is a home of a huge number of triumphant startups in the field of blockchain technology. This country is nearer to two super giant technology rival countries Japan as well as China which makes it a more suitable center for startup of blockchains. The rules and regulations of this country are also very amiable and favorable bt the cryptocurrency. It has already a lot of exchanges of blockchain currency. So if a blockchain startup is willing to start and want to be in touch of both China and Japan clients and government, Singapore is the best country. 5. Belarus: Two years back itself in 2017, this country made several rules and regulation affecting blockchain and crypto industry. As per these laws, they have made these digital currencies as the legal one in the country. The restrictions in the trade related to blockchain technologies are so friendly that the investors almost feel free to start any such startup or invest in this kind of organizations. Also, as per the rules, these kinds of trades are tax-free in the country until 2023. Due to the friendly rules and success, it is one of the preferable countries for blockchain startups. 6. Estonia: Estonia is a developing country which has always tried to adopt new technologies in order for the benefits of the people and finance of the country. It has imposed several acts that attract the investors of the country as well as other countries to set up a blockchain startup in this country. It has declared itself to be a remarkable country in blockchain technology very soon. Also, they have established a new kind of citizenship known as e-residency which also attracts blockchain startups. 7. South Africa: This country has depicted a tremendous interest in blockchain technology. They have made the crypto transactions as legalized one in the country. They have made several initiatives in order to attract the investors to start such startup in South Africa. The rules and regulation related to this crypto market in this country are also not so harsh, they always tend to welcome these industries. It is becoming as one of the most profitable countries for blockchain startups in Africa subcontinent. 8. Denmark: Denmark has already announced a regulation stating complete relaxation in tax for any kind of blockchain trade. It is one of the most amiable countries for welcoming these types of startups in the country. The rules of the country are very friendly for the crypto industry making it one the interest for blockchain startups. 9. United States: When it comes to adopting new technology in the market, this country is always in the front. The rules and regulations vary across different states of the country. Despite the oppose in some state, there are Bitcoin ATMs in the country. The friendly states of the county, Montana, Texas, etc. have very amiable regulations while welcoming the blockchain startups. Apart from it, no other country in the world can be better for any technology to start other than the US itself. 10. United Arab Emirates (UAE): This Arabian country is also one of the most friendly nations. They have already used their own digital currency since 2016 and now welcoming global cryptocurrencies. The jurisdiction is very cooperative towards the blockchain and crypto industry. They are planning to be the first country in the world as a government powered by blockchain by next year. Due to these reasons, UAE is also one of the most preferable countries for blockchain startup. The market conditions of countries continue changes. The expansion of crypto and interest in blockchain startups is so high that many countries are willing to accept it in their country. There are various factors to establish the startup in the country and initial requirement would be an amiable regulation and legalization. Apart from above-mentioned countries, UK, Sweden, China, South Korea etc. are also preferable. Continue Reading #Exchange Stock Exchange of Thailand moving towards Cryptocurrency Published 1 day ago on January 19, 2019 By Layla Harding The Stock Exchange of Thailand or the SET is working out for applying for a digital license in order to run a cryptocurrency exchange. With continuous regulations, Thailand is set to become the cryptocurrency hub in Southeast Asia. Stock Exchange of Thailand: Interested in Crypto As more and more people are moving towards adoption of cryptocurrencies, institutional investors are getting attracted too. As such there not many specific institutional platforms for trading cryptocurrencies and thus the stock exchange of Thailand is planning to introduce one for the institutional investors. If the financial regulators in Thailand approve the licensing, it would be a great step ahead for the crypto industry. Pattera Dilokrungthirapop, who is a member of the board of directors of the Stock Exchange of Thailand, the exchange is getting ready to invade into the cryptocurrency market by presenting brokerage services for crypto trading. She also said they believe that cryptocurrencies will grow massively in the future as more and more investors gain an understanding about them. She added that securities firms are curiously waiting for the Stock Exchange of Thailand to apply for the digital license. Thailand: A cryptocurrency hub Thailand is steadily moving ahead in the crypto space with regulatory clarity unline other surrounding countries such as China and India who are moving away from crypto adoption. Thailand is all set to become a captivating place for cryptocurrency and blockchain businesses with the government of the country also promoting blockchain technology. Last year, Thailand also legalized some cryptos such as bitcoin, litecoin, ethereum and more while the securities and exchange commission of the country has also given clear regulations in relation to initial coin offerings. Around 2 weeks back, the Ministry of Thailand had also granted licensing to three new cryptocurrency exchanges to operate in the country, What are your thoughts on the future of cryptocurrencies in Thailand and how the Stock Exchange of Thailand moving towards cryptocurrencies will help the overall crypto industry? Tell us in the comments section below. 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