In this little video of a session of the North American Senate is discussed some of the problems in scaling the number of transactions/second of the Bitcoin network.  Theoretically bitcoin supports on average between 5 to 6 transactions per second, which brings some discomfort when we talk about the adoption of cryptocurrencies globally.  Mr. Peter Van Valkenburgh, Crypto lawyer and research Director @CoinCenter, was responsible for explaining the facts to the Senators.

Graph representing the daily average of the number of transactions per second in the last year

  As we can verify through the graph, in the last year the Bitcoin network presents days with minimum of 0.85 transactions/second and days with maximum of 17 transactions/second, however it is clearly visible a great frequency of days with averages that fluctuate between 1 to 3 transactions per second. According to Mr. Peter Van Valkenburgh explains, it is possible to increase the number of transactions/second in the network, there are already multiple layers being built on top of the Bitcoin protocol that enable the ability to make thousands of transactions with only 1 or 2 Transactions performed through the Bitcoin cryptocurrency blockchain. Despite the difficulties in scaling, decentralizing and securing data security, it is something that is within our grasp, underlined the crypto lawyer.      


Please enter your comment!
Please enter your name here