Post
Topic
Board Bitcoin Discussion
Re: Will the price raise auto-solve the block size problem
by
franky1
on 02/10/2015, 14:33:33 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?


no..
from a data point of view. a 1mb block size, is about 1mb of data, not value.
and from the point of view of a bitcoin
100000000 a 9 character amount is 9 bytes
from the point of view of 1Ksat
1000 a 4 character amount is 4 bytes.

so even on the most leanest coded tx the difference would be from 250bytes to be 245 bytes..

thats only.. at best 2% difference. thus not really gonna make any massive impact when people are playing with satoshi amounts.

in actual fact due to the code to send unspent funds back. playing with satoshi amounts instead of full amounts, will mean that more change need returning thus more transactions that have unspent amounts returned. thus (prediction/estimation) more then 2% extra code bloat