On 06/10/2017 2:01 PM, James A. Donald wrote:
Suppose a cryptocurrency substantially replaces the US dollar and the
existing banking system, and suppose we need to keep a year or so of
transactions in active storage.
How many transactions are full peers going to need to store?
Or to say the same thing in other words, how many transactions do
visa, mastercard, and the banking system do?
Visa handles an average of 150 million transactions per day. Bitcoin
currently handles around 350,000 transactions per day. Bitcoin has a
total of 250 million transaction all time. The bitcoin blockchain is at
135GB and growing. So if Bitcoin is to reach Visa volume with it's
current algorithm it will need upwards of 120GB of new storage DAILY!
Bitcoin doesn't scale AT ALL.
https://usa.visa.com/run-your-business/small-business-tools/retail.html
https://blockchain.info/charts/n-transactions
https://blockchain.info/charts/n-transactions-total?timespan=all
https://blockchain.info/charts/blocks-size?timespan=all
