Jumowa googles: Bitcoin Blockchain Transaction Speed Logic? 🤔

jumowa (65)in #jumowagoogles • 6 years ago

How can bitcoiners say bitcoin blockchain does 3 or 7 (not sure) transactions per second? Doesn't the amount of bitcoins, which consist of blocks of code itself also play a role in how long a transaction needs?

Example:

Bitcoin is worth 6k. 2 investors sell bitcoins.

1 sells 2 bitcoins, the other dude sells 100.

Do both transactions need the same time to be processed? I assume not but please teach me. If that is the case, isn't it false to generalize how fast bitcoin blockchain is?

#community #bitcoin #busy #steemit

6 years ago in #jumowagoogles by jumowa (65)

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teamsteem (74) 6 years ago

Both transaction will take pretty much the same time to process. It will depends mostly on the transaction fees they paid to be included in the next block as fast as possible.

Also when Bitcoin are sold on exchanges they don't transact on the blockchain. That's done off chain. That is transaction done on exchanges aren't written on the blockchain.

If you're interested to learn more about how Bitcoin works and thus most cryptocurrencies I recommend you read my piece on Bitcoin. The explanation about how Bitcoin works begin under the subtitle Bitcoin.

https://steemit.com/joy/@teamsteem/fully-enjoy-this-moment