Nope. At least soon that won't be the case. (soon as in a few months maybe a year) Check out the lightning network:

http://techcrunch.com/2015/06/13/down-the-blockchain-rabbit-...

"In theory, this distributed micropayment network–the Lightning Network–could scale Bitcoin transactions up to “billions of transactions per day” across the planet, with minimal use of the blockchain and minimal fees (zero, for direct channels.)" Instant and way more than 7 tps... Settled on the blockchain and still decentralized. ;)