Hey guys, atm bitcoin has about 350000 comfirmed transactions per day, what happens when people will start using bitcoin daily? Lets say 1Million people use bitcoin every day, that would end up being 650000 uncomfirmed transactions per day that will just keep stacking and will lead to a miners fee that is just nuts. Bottom line why is bitcoin going up if its meant to die out? And if its not meant to die out how will that happen?
Once segwit is in place, there could be a maximum of around 1.4million confirmations a day (and I read that there can be a transaction size reduction by 4 times though I think that is a fairly optimistic figure).
An increased blocksize and another chain split to a lightning network will happen (splits are almost absolute if there continues to be a price increase and a greater amount of adoption of Bitcoin).
Seriously?!? I have not heard a segwit estimated transactions per second but WOW. Does that factor in that there will still be people using the legacy nodes and original method? And what about the fact the the estimated segwit block would be about 2mb instead of the maximum 4mb (due to miners incentive's to maximize fee profits)
No, I meant segwit alone was meant to reduce transactions in size by 4 times. It is said in some places, that this would require a transaction to be 999 kb in order to get this, however, it will still substantially reduce fthe fees and mempool (eventually).
If you're signing transactions from a legacy node, you may as well just use bitcoin cash if there's a problem you have with segwit (once the price stabalises of course). I know the fees aren't currently actually too high currently for low-priority transactions.
There's an added complication. Segwit addresses have to have money being sent from them. Meaning, once segwit is active fully, everyone who wants to use it, will be filling the mempool (and probably with higher TX fees as well).
