Author: Nick Simpson 2015-01-31 02:58:29
Published on: 2015-01-31T02:58:29+00:00
The Chinese mobile payment platform, Alipay, handled up to 2.85 million transactions per minute on 'Single's Day,' which is sort of the Chinese equivalent of American Black Friday. In contrast, the Bitcoin blockchain averages about 73 transactions per minute. This raises concerns about scalability if Bitcoin were to compete with worldwide financial services. To handle 100,000 transactions per minute, a block size of about 1300x larger than what is currently available would be needed, which is bigger than a 1GB block. If double the number of transactions handled by Alipay were included, it would amount to roughly 60 million transactions per block. With each transaction averaging around 250 bytes, ~15 gigabytes per block would be required to be broadcast and hashed by all full nodes every 10 minutes, leading to a good 2TB of storage daily. This raises concerns about whether miners have enough bandwidth and CPU power to handle this level of scalability.
Updated on: 2023-06-09T16:01:04.851761+00:00