What? The same bitcoin that is betting everything on an untested and incredibly complex second-layer protocol called "lightning network" instead of just scaling with larger blocks?
What? The same bitcoin that is betting everything on an untested and incredibly complex second-layer protocol called "lightning network" instead of just scaling with larger blocks?
Blocks will need to be ~5TB to match Visa transaction volume. Some lightning network advocates are concerned about the effect that a size increase necessary to support even a fraction of this volume would have on mining centralization.
Other concerns are listed here https://en.bitcoin.it/wiki/Block_size_limit_controversy and here https://en.bitcoin.it/wiki/Scalability_FAQ#General_Block_Siz...
No, it's on the order of 3 gigabytes. Visa claims they can handle up to 25k Tx/s.
226 B / Tx. 600 sec (10 min) per block.
(25000 Tx / s)(226 B / Tx)(600 s / block) = 3.39 • 10^9 B / block
Visa normally handled around 2k Tx/s, which would only require a few hundred megabytes per block.
*Source: 50,000 transactions per second, as of July 15, 2017