Total transactions per second:
Visa: 24,000 Ripple (CCC: XRP-USD): 1,500
PayPal: 193
Bitcoin Cash (CCC: BCH-USD): 60
Litecoin (CCC: LTC-USD): 56
Dash (CCC: DASH-USD): 48
Ethereum (CCC: ETH-USD): 20
Bitcoin (CCC: BTC-USD): 7
https://steemit.com/cryptocurrency/@steemhoops99/transaction-speed-bitcoin-visa-iota-paypalVISA can handle on average around 1,700 transactions per second (tps), call it a daily peak rate of 4,000 tps.
PayPal, in contrast, handled around 10 million transactions per day for an average of 115 tps in late 2014.
Today the Bitcoin network is restricted to a sustained rate of 7 tps due
Iota can already handle between 500-800 tps.
Ethereum – 20 transactions per second (Cost= 0.01-0.1 USD+)
Only of those above, which itself advertises its speed is VISA
https://en.wikipedia.org/wiki/Visa_Inc.
can handle up to
30,000 simultaneous transactions and up to 100 billion computations every second
Is this the raw truth?
If it is, that makes two things true.
Crypto currencies are too slow for real world usage. And therefore LemonAndFries had it right:NEM is an experimental.
Now time for some fun facts that wikipedia won't tell you:
- a) in case of any problems visa is pushing responsibility onto the banks
- b) guess what, banks will push responsibility on you
- c) they can achieve such speed, mostly cause they don't friggin care about double spends, why?
glad you ask, well see a) and b) - d) if your card will get cloned and used in some other country - guess what you'll be charged, getting money back often takes few months... (mind cloned not stolen, in case of stealing, chargeback to the rescue)
- e) there are many POSes, that do not require chip-based authorization
- f) even worse, there are places, that do not require your PIN when using magnetic stripe - only your signature - you might be lucky if someone will use your stolen card in this way, cause in this case banks often shift responsibility onto seller, and he'll have to cover for his loss
- g) banks have limits on the losses they cover, so i) they will not cover if there was not enough funds stolen ii) usually there's some upper limit as well (although it'd be highly unlikely to get past it - i.e. you shouldn't keep that much money on account associated with your credit/debit card)) in EU it's several thousand of euros
So yeah, Heil VISA and let the banks live and prosper ❤️
Also your points are true. But it isn't enough.
to err is human ....... that's why we accept Visa's and banks errors, if we get fast service.
People are ready to pay for silly things and also
for things (speed) that are not so important as the coin's other side (reliability)
Can you draw a real use case for NEM or bitcoin blockchain? a case where the whole world is using the coin.
What is the requirement for speed: how long the shop assistant waits for you transaction's completion?
Or can he let you go without the certainty that your coins are completely transferred.
In the world is 500 000 000 people buying things between hours 6 - 18.
How many transactions must be made in a sec?
Which blockchain can manage that requirement?
