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How many transactions can bitcoin pass per second? What are the long term plans?

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Number of transactions bitcoin

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.

#Bitcoin Price Analysis

BTC to USD, 19th May: Bitcoin Price Analysis, $6000 or $9000?

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Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum.

Technical Indicators:

Support Levels: $7500, $7000, $6600

Resistance Levels: $8000, $8200, $8300, $8500

Key Points:

  • Bitcoin price started to recover massively after moving above $6800 level.
  • The bulls pushed the price back above $7000 and even $7500 resistance level.
  • Bitcoin price was also able to break above the bearish pattern line which was being formed on the hourly chart with resistance around $7300.
  • Currently, BTC seems to be eyeing towards $8000 resistance level.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to recover massively after crashing down to around $6600 level. BTC is currently trading in a positive momentum and might soon test $8000 resistance level to move towards $8500 and even $9000 levels if it remains above $7200 and $7000 support levels.

Bitcoin price gained bullish momentum last week and broke above $7000 resistance level. The buyers were also able to push the price above $7200, $7500 and $7800 resistance level. BTC even moved over the $8000 level to record a new yearly high at around 8360. However, bitcoin price started to correct downwards later on and fell below $8000 level. The selling pressure increased massively and BTC also broke below $7000 support level which turned the overall momentum into negative. However, Bitcoin price found decent support around $6650 level where buyers were able to stop further losses.

Bitcoin price soon started to recover back upwards and broke above the resistance formed around $7000. BTC was also able to break through $7200 resistance level as well as the bearish pattern line that was being formed on the hourly chart with resistance around $7300. Bitcoin price also moved above $7500 resistance level and is currently trading well above this range.

With BTC currently trading around $7800, the overall momentum seems positive and Bitcoin price might soon test the $8000 resistance zone above which it might test the $8200, $8300 and $8500 levels. However, if bitcoin price started to correct downwards again, it is very essential for BTC to maintain its position above $7000 to remain bullish. If BTC falls below $7000 and $6600 support level, it might turn towards $6000 and even $5500 level in the short term.

BTC to USD Price Chart 19th May

BTC to USD Price Chart 19th May

The chart shows that bitcoin price was able to recover nicely after falling towards $6650 level. The overall momentum seems bullish and BTC might test $8000 level to move towards $8200, $8300 and $8500 resistance levels. On the downside, BTC is currently supported at $7500, $7000 and $6600 level below which the momentum might turn bearish.

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#Bitcoin Price Analysis

BTC to USD, 15th May: Bitcoin Price Analysis, $8500 or $7000?

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Technical Indicators:

Support Level: $7600, $7500, $7200

Resistance Level: $8100, $8350

 

Key Points:

  • Bitcoin price started to correct downwards sharply after rising up to around $8350.
  • The sellers pushed the price below $8000 and BTC tested the $7600 support level.
  • A bearish pattern is being formed on the hourly chart with resistance around $8100 which might push the price back downwards.
  • Bitcoin price might test the $7600, $7500 and even $7200 support levels before it starts a fresh upside move.

 

Bitcoin Price Analysis:

SUMMARY: Bitcoin price started to correct downwards and fell below $8000. BTC is currently supported at $7600 and $7500 and might soon test the $8100 and $8350 resistance levels again.

 

Bitcoin price broke above the $8000 resistance level yesterday with bullish momentum. The buyers even pushed the price above $8100 and $8300 resistance levels, however, there were a lot of sellers placed around $8350 resistance level and thus after reaching up to $8340, bitcoin price started to correct downwards. During the downward correction, BTC delined below $8200 and $8000 support levels.

 

As the price declined below $8000, the selling pressure increased and the bitcoin price was pushed back to the $7600 support level. BTC reached up to $7631 before the buyers were able to control the situation and stop further losses. Currently, Bitcoin is trading well above $8000 and trying to move towards $8100 level. Also, there is a bearish pattern being formed on the hourly chart with the resistance at $8100 which might push the price back downwards. Thus, it is very essential for bitcoin price to break above this level in the short term to stay bullish.

 

The current resistance lies around $8100 above which BTC might test the $8350 resistance level again. A close above this range would take bitcoin to the $8500 and $8700 levels. However, if BTC falls below the $7600 support level, it might fall back towards $7200 and even $7000 level below which the momentum might turn bearish.

 

BTC to USD Price Chart 15th May

BTC to USD Price Chart 15th May

The chart shows that the bitcoin price is currently trading above $8000 and trying move towards $8100 level. Most likely, bitcoin price might fall down towards the $7600 support level again before starting a fresh upward move. As long as bitcoin remains above $7600 level, it will stay in an uptrend and might soon test $8350 and $8500 resistance levels.

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#Bitcoin

Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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