Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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Paypal does 228bn USD. At that point we've already "scaled" financially past Paypal with our "pitiful" 9 tx/s, and with fees being at ridiculous costs like 0.02-0.05$.
Don't underestimate the scaling of value transacted. It's a very important side of scaling.
Paypal does 228bn USD. At that point we've already "scaled" financially past Paypal with our "pitiful" 9 tx/s, and with fees being at ridiculous costs like 0.02-0.05$.
Don't underestimate the scaling of value transacted. It's a very important side of scaling.
So if it's possible to make 1 Bitcoin transaction per year, but it's a darn big one,* we beat PayPal at its own game
*a trillion gudzillion dollars, so BTC market cap will have to be at least that, which it will be, because math & bonus.
Bitcoin's strength right now is in moving any amount of money, even ridiculously high amounts, in a few minutes with a pretty low fee. That's what it does best, under the current parameters - not micropayments.
Micropayments can exhaust the 250.000 txs/day limit (even 500.000 txs or 1mn txs with 4mb blocks) and if you waste them to move around 1 dollar, you'll be doing 250k / 1mn USD per day in volume.
OR, you can use these same transactions for higher value transfers (~1000$ on avg), hitting 250mn - 1bn USD per day in volume.
It's a no-brainer.