Topic: More than 400,000 transactions in a single day (Read 589 times)

Very true, those 400,000 transactions per day would have been impossible last Spring. I guess we have to say that SegWit is working. And there's more to come, when more services will use it.

How can there be 50 million bitcoin users with only 25 million addresses that have a balance.

https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html

Half of them have a balance with less than 0.001 , that's 17 $ at maximum , half of it it's going to be spent on the fees.
A far more credible number would be at 1 - 2.5 millions.

How would you consider yourself a bitcoin "user" not "hodler" if you don't make at least a transaction every week or 10 days at maximum.


 

yep, 400,000 wouldn't be possible without Segwit transactions, even if they're still only a small percentage (4-7%) of the total.

The closer we can get to 100% Segwit transactions, the closer we can get to doing 700,000 or 800,000 transactions per day. Please try to use Segwit addresses, and use services that let you pay to Segwit addresses.



Impossible.

You can choose:

• Fast confirms with a high fee
• Slow confirms with a low fee

If your high fee is rejected by one miner, a different miner will confirm your transaction instead. There's no good reason to make people wait a long time if they pay high fees. Miners are trying to make more money, not less.

But there are several development teams working on this problem, I think that until the summer we will understand the time to resolve this issue.

Not good enough... unfortunately. Right now the number of Bitcoin users is estimated at somewhere between 50 million to 100 million. Imagine if an average user transacts Bitcoin once a month. That will be 1.67 million to 3.33 million transactions per day. But right now we can support only a fraction of that amount. We need to increase the capacity.

It's indeed a great achievement. But the question is how can we scale more? We are having all the blocks full and the high fee will push people out to use alts, harming the market share of bitcoin...

We need a solution to protect the market share!

Sorry but i cannot agree and sky-high transactions costs will result in people using other alt-coins and these fees this year have gone from
about $0,0001 to $20.00 already and still the network is having trouble.

People like to test wallets out, send $1.00 from A-B but they are not going to do that at $20 a pop in fees are they

I have seen the arguments for bigger blocks via faster block times to prevent orphan transactions and also read a little bit about the
Lightning Network sticking plaster but i think the developers need to sit back and come up with a system that will scale without it costing
$0.10 a byte to send a GUID to a network

You might not like my views but i think fixing whats broken will see BTC going much higher in value so long term you best swallow that pill me thinks   

The BTC block-chain is already over 200gb in size and I have worked using SQL with table with just over a million rows of data in them
using 12gb of memory that needed to build the index up in a B-Tree

Once you starting having to page the index to disk as memory runs out then the database starting running like a snail

My understand is that nodes need to trace all parts of a coin in a wallet back to the coin that was mined to stop any double spend
so that's tree walking the database and is slow and hard.

Maybe they need to archive the data or use some type of snapshot but clearly this cannot continue the way it is going

Smarter people than me could maybe developer some type of autonomous currency based objects using encryption
that does not have to be replicated 200,000 times using a huge database but in any case this decentralized utopia plan
has resulted in most the coins becoming counterfeit by the likes of Coinbase anyway and developers should step back
and learn from the mistakes instead of being taken in by all the hype of the block-chain

IOTA Tangle has tried a new approach but in the end I think we are going to forced to rely on trusted central servers
and even with a Trezor hardware Wallet you are forced to use there site and software to move coins anyway I thinks

A very huge bitcoin transactions in blockchain everyday can cause of super confirmation delayed per every 100k transactions, thats the problem that we are facing on. And yes 400k transactions in a single day indicates that more people are truly using this bitcoin time to time, so for the best solution, they implement a sky-high fee to speed up the confirmation of our transaction in the blockchain.  Meaning by this changes, bitcoin will surely become more successful in the future and the acceptance of this bitcoin will spread world wide.

Of course its not a threat however, too many people complaining about the amount of fee one has to put in order to get in transactions confirmed. That's why right now bitcoin is no longer applicable to do small transactions, fees are very high and the confirmation is very slow.

Many solutions has already put forward. I want to see Lighting Network implemented if if can really somewhat relieved the network congestion, it is being tested last time I read, but not sure when they gonna start using it.

Lots of transaction are still pending and the transaction fees are very high at the moment but I don't see this as a threat to the price of bitcoin because I believe bitcoin will improved in the coming years and the price of it will still continue to rise higher.

due to the recent rise of bitcoin the rise of transaction also increase and it is a good sign but daily unconfirmed transaction also increase.

How do I wonder if Segwit2x is fully implemented in the Bitcoin network because we all know that the main purpose of this is to increase the blocksize and after that the lightning network will last, it will probably fill all these 400k + transactions in a day much faster.
I'm worried about the congestion and costs that are imposed on us and people trying to get new ones involved in bitcoin may be out of place because traders continue to play with bitcoins. The consistent and large change in the price of bitcoin attracts the wrong people in my opinion, wall-street investors will experience a bitcoin bickering before ordinary people even get a chance to adopt; When they adopt they will be afraid of this cost, confirmation time and technology intimidate

There's a good article about Lightning Network on coindesk:
https://www.coindesk.com/lightning-bitcoin-scaling-tech-really-know/
They say that LN has a great potential but the deadlines are a bit far away yet, so we need to wait some more time to start using the Lightning Network. On reddit they talk about the similarities of the Lightning network and IOTA. This LN topic is in the news now, they have already named it blockaccino...

It only means that bitcoin is getting more popular day by day.


Demand gets higher and yes despite of the high fees many are still transacting and keep on using bitcoin for their trades. I guess the mindset behind this is that the belief that everyone wants to have their own bitcoin before the price increases as there are too many speculations out there that it will go more than 5 digits in the upcoming months - years.

Bitcoin will keep winning price-wise - but what will happen we will see a situation when the network will be congested to the limit and fees will reach hundreds of dollars.
Seriously, when bitcoin's price will keep rising and the fees won't be adjusted it will happen fairly soon.
Then we can say goodbye to the idea of bitcoin being a currency for good - and it will be only speculative store value asses (not that it isn't one already...)

The long term trend is definitely going up, and I see that as an indicator that adoption is increasing. Personally, I think that price (supply vs. demand) is more indicative of adoption, as it accounts for hoarding.


That's why 400,000 transactions is an arbitrary milestone. It doesn't necessarily mean anything given the context of the recent spam attacks. Take a look at this chart and tell me if you think it looks organic:



That looks like very clear fee rate manipulation to me. It's likely being carried out by a large miner, like Bitmain. Big blockers and Bcash supporters are using this narrative to promote Bcash. That's what the congestion is about, more than anything else.

yeah you are right, now this shows us the real price of the coin. I hope it will continue like this and people don`t panic to sell it whenever it sees a correction.

Yeah, well, i think that you are talking about the drug bussiness right? 

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I dont know why you are saying that having 400k of transactions a day is healthy for bitcoin, you should know that there are more than 150k stucked on the mempool.

I had to pay $100 of fees to withdraw $6000 of my ledger nano, maybe it is nothing compared to what i withdrew from there.. But just put yourself on the shoes of those who need to pay $100 to withdraw less than $500.

I would prefer to hold all those coins instead of paying that fee.

wow this is the first time i saw a block chain info. thank you for this post TS