Author: Jordan Mack 2011-12-21 17:17:01
Published on: 2011-12-21T17:17:01+00:00
Bitcoin's scalability has been a concern for many individuals. As per the Scalability page, if Bitcoin were to take over all credit card transactions, it would be around 1.14GB per block, which translates to approximately 58.5PB per year. Additionally, this would also mean distributing 2MB of block data per second, not counting broadcast overhead.Michael Grønager expressed similar concerns in an email on 12/21/2011 at 12:50 AM. He stated that even before Bitcoin taking over all credit card transactions, they would face scalability issues. The blockchain would grow rapidly at a rate of 1MB/10min or 50GB/yr.Overall, Bitcoin's scalability remains a significant concern for its future growth and development.
Updated on: 2023-06-05T00:51:57.273757+00:00