Is bitcoin ready for large amounts of transactions per second?

DeboraMeeks

hero member

Activity: 588

Merit: 500

Quote from: mission on July 07, 2013, 03:16:02 PM

Quote from: Lohoris on July 07, 2013, 02:45:12 PM

apparently bitcoind is too slow to handle high amounts of traffic.

Thanks, is it likely to be faster in the future? Or that's just the way it is, and nothing can be done?

Core devs are always looking for ways to improve the system and make it more reliable and faster.

C.Steven

hero member

Activity: 633

Merit: 500

Quote from: BunsenBurner on March 05, 2014, 10:34:39 PM

Quote from: Lohoris on March 05, 2014, 04:22:29 PM

Quote from: 🏰 TradeFortress 🏰 on July 08, 2013, 09:42:30 PM

The bitcoin network cannot handle more than 7 transactions per second.

Inputs.io has been stress tested to handle hundreds of transactions per second, and of course no waiting for confirms, or no fees.

I stumbled upon this post right now, and I think it might be useful to bump it, hoping people won't forget.

Is there any statistics about the current average TPS?

From what I saw on blockchain.info (the live feed of latest transaction), it seems we are more or less at 1-2 tps...
It would be great if someone can share some stat.

BunsenBurner

hero member

Activity: 653

Merit: 500

Quote from: Lohoris on March 05, 2014, 04:22:29 PM

Quote from: 🏰 TradeFortress 🏰 on July 08, 2013, 09:42:30 PM

The bitcoin network cannot handle more than 7 transactions per second.

Inputs.io has been stress tested to handle hundreds of transactions per second, and of course no waiting for confirms, or no fees.

I stumbled upon this post right now, and I think it might be useful to bump it, hoping people won't forget.

Is there any statistics about the current average TPS?

Lohoris

hero member

Activity: 630

Merit: 500

Bitgoblin

Quote from: 🏰 TradeFortress 🏰 on July 08, 2013, 09:42:30 PM

The bitcoin network cannot handle more than 7 transactions per second.

Inputs.io has been stress tested to handle hundreds of transactions per second, and of course no waiting for confirms, or no fees.

I stumbled upon this post right now, and I think it might be useful to bump it, hoping people won't forget.

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

The bitcoin network cannot handle more than 7 transactions per second.

Inputs.io has been stress tested to handle hundreds of transactions per second, and of course no waiting for confirms, or no fees.

morapick013

newbie

Activity: 21

Merit: 0

Quote from: mission on July 07, 2013, 02:41:20 PM

Hello,

Would anyone be so kind to explain what would happen if a popular online game adopted bitcoin as a main in-game currency please?
I wonder if bitcoin network can really transfer large amounts of transactions.
Is it technically possible to for example - have bitcoin in World of Warcraft instead of virtual gold?

If it's not suitable now, can it be suitable in the future?
What needs to be changed? What are the limitations?

Thanks,

I believe we are already ready.

villanfonsDC

newbie

Activity: 28

Merit: 0

Quote from: mission on July 07, 2013, 02:41:20 PM

Hello,

Would anyone be so kind to explain what would happen if a popular online game adopted bitcoin as a main in-game currency please?
I wonder if bitcoin network can really transfer large amounts of transactions.
Is it technically possible to for example - have bitcoin in World of Warcraft instead of virtual gold?

If it's not suitable now, can it be suitable in the future?
What needs to be changed? What are the limitations?

Thanks,

There already are large amounts of bitcoin transcated per second.

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

Quote from: btcxcg on July 08, 2013, 12:16:07 PM

Quote from: Come-from-Beyond on July 08, 2013, 10:42:51 AM

Quote from: coor37 on July 08, 2013, 10:17:07 AM

According to the blockchain.info, the maxim number of transactions per block is about 500: http://blockchain.info/en/charts/n-transactions-per-block

500 transactions every 600 seconds = less than 1 tx/s. That sux, doesn't it?

500 are transaction per second processed actually, is not a limit.

Disagree. There are 600 seconds between blocks, not 1.

bitcoinbear

hero member

Activity: 518

Merit: 500

Quote from: mission on July 07, 2013, 02:41:20 PM

Hello,

Would anyone be so kind to explain what would happen if a popular online game adopted bitcoin as a main in-game currency please?
I wonder if bitcoin network can really transfer large amounts of transactions.
Is it technically possible to for example - have bitcoin in World of Warcraft instead of virtual gold?

If it's not suitable now, can it be suitable in the future?
What needs to be changed? What are the limitations?

Thanks,

If a game used bitcoins, people would send bitcoins to fund an account and withdraw bitcoins sometimes, but any internal game transactions would be kept by the game, so there would not be a need for a huge number of transactions on the blockchain. Bitcoin takes an hour to confirm, for small in game purchases there is just no need for such security measures as bitcoin provides.

btcxcg

member

Activity: 62

Merit: 10

Quote from: Come-from-Beyond on July 08, 2013, 10:42:51 AM

Quote from: coor37 on July 08, 2013, 10:17:07 AM

According to the blockchain.info, the maxim number of transactions per block is about 500: http://blockchain.info/en/charts/n-transactions-per-block

500 transactions every 600 seconds = less than 1 tx/s. That sux, doesn't it?

500 are transaction per second processed actually, is not a limit.

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

Quote from: coor37 on July 08, 2013, 10:17:07 AM

According to the blockchain.info, the maxim number of transactions per block is about 500: http://blockchain.info/en/charts/n-transactions-per-block

500 transactions every 600 seconds = less than 1 tx/s. That sux, doesn't it?

coor37

newbie

Activity: 9

Merit: 0

According to the blockchain.info, the maxim number of transactions per block is about 500: http://blockchain.info/en/charts/n-transactions-per-block
But you can use off-chain micropayments: http://thegenesisblock.com/off-chain-micropayments-implemented-in-bitcoinj/

Lohoris

hero member

Activity: 630

Merit: 500

Bitgoblin

Quote from: Mrko on July 08, 2013, 03:47:53 AM

Never knew that it was possible to also have in-game transactions in parallel to blockchain. Thanks for the clarification!

Np!

It's quite simple actually, if you think about it.

You give 10 coins to your game address.
The game knows it has 10 coins and that are yours.
In-game you give 2 coins to someone.
It's not necessary for that transaction to hit the blockchain: the game knows you have 8 coins and he has 2.
You withdraw 3, the transaction is regularly sent to the blockchain from the game treasury
Now the game knows you have 5, and the whole game treasury holds 7

That's basically every site handling bitcoins already works, except personal wallets of course.

Mrko

newbie

Activity: 20

Merit: 0

Quote from: Lohoris on July 07, 2013, 03:29:59 PM

Quote from: Mrko on July 07, 2013, 03:25:59 PM

Due to the design, each confirmation takes 10 minutes. The six confirmations is general, and thus requires 6 x 10 minutes in total.

Not exactly.

First we are talking about in-game transactions, which won't be handled directly by the blockchain, so they would be instant.

Second, the "slowness" we were talking about is that of bitcoind itself (not the protocol), which can be fixed coding.

Ah I see. Never knew that it was possible to also have in-game transactions in parallel to blockchain. Thanks for the clarification!

TuLines

newbie

Activity: 30

Merit: 0

It'll be ready when that kind of load start's to present itself.

Come-from-Beyond

legendary

Activity: 2142

Merit: 1009

Newbie

Quote from: A+S on July 07, 2013, 05:11:32 PM

Quote from: Come-from-Beyond on July 07, 2013, 03:42:23 PM

Quote from: mission on July 07, 2013, 02:41:20 PM

I wonder if bitcoin network can really transfer large amounts of transactions.

No.

Please can you explain why? Just "No" is not really helpful to us, the newbies Sad

Because blocksize limit was lowered from 32 MB to 1 MB by Satoshi in early days of Bitcoin. He figured out that without such a limit the blockchain would be bloated and Bitcoin would be abandoned. Also, if u read the forum u would see a lot of threads discussing that without the limit Bitcoin will die. It's because transactions must compete each with other (by paying larger fees), otherwise mining will become unprofitable. There are some other "why"s, but I can't write in a few words so many threads, use [Search] button, plz.

Lohoris

hero member

Activity: 630

Merit: 500

Bitgoblin