Post
Topic
Board Bitcoin Discussion
Re: Will the price raise auto-solve the block size problem
by
coinplus
on 02/10/2015, 11:41:12 UTC
I ask this question based on these...
1. Size of the transaction is based on amount of satoshi we transact.
2. When price raise, the amount in a transaction would be less comparatively.
3. With less sized transactions (still same value or higher value as a regular user transacts), a block can pick more transactions.

I read a average transaction size is 500KB. Assume it has some 1Milllion satoshi or 0.01BTC, current value $2.413 .
If the price goes to 10 times, then to send same $2.413, we just need 0.1 million satoshi or 0.001BTC, by mathematically transaction size must reduce to 50KB or some what. (There are some part of size do not change regardless of number of satoshi)
Now a block approximately can pick 10 times more transactions.

So, we need price raise to solve block-size debate?


So, basically as mentioned by many people here, the size of a transaction is not depended on the amount in that transactions. So, price raise is not doing anything with transaction's size. Now, again we need to think for a solution to beat Visa network in processing more transactions per second.