You can watch it realtime on blockchain. It's a huge problem for Bitcoin and without a scaling solution in sight the only way to be sure to actually send money at this point is to lure the Bitcoin miners with a high transaction fee. At this point, Bitcoin is as good as unusable.
If you don't want to pay a high fee it could take hours or even days bitcoin unconfirmed transactions growing Bitcoin miners will confirm your transaction. This way you will never be able to buy a cup of coffee using Bitcoin. The transactions costs would be higher bitcoin unconfirmed transactions growing your coffee itself. Bitcoin has a 10 minute blocktime and a blocksize of 1 Megabyte, which means the network can store only 1 MB of transaction data per 10 minutes.
As you can see in the chart below, the number of Bitcoin transactions is growing rapidly. With so many transactions, 1 MB is simply not enough. The Bitcoin network is currently processing between 3 and 4 transactions bitcoin unconfirmed transactions growing second. It's growing fast, but it's still nothing if you compare this with credit card issuer VISA for example.
VISA handles on average around 2, transactions per second and is capable of handling up to 30, simultaneous transactions. Steem is capable of handling bitcoin unconfirmed transactions growing of transactions per second. You can read more about the performance and scalability of Steem on Steem.
And that's not all. It does it even without any fees. This is why Steem is, besides a social platform, a much better cryptocurrency for buying a cup of coffee. And that's exactly what mallorcaman did today. Read about it here. I would welcome it as a payment system, this is probably many years out though.
In the meantime, I collect all the crypto's, not spending them yet BTC is just limited in transaction and it has reached bitcoin unconfirmed transactions growing top now. That is why it will not be one of the maincryptos in later future. Was so happy when it came through before I drank my coffee!
The bottleneck problem of BTC is obvious. The fast performance of steem as well. But there is no free lunch. The fees for steem transactions are hidden in the inflation rate. No one really knows whether the forecast of the declining inflation rate will be fulfilled. For reasons of DPoS every parameter can be changes arbitrarily.
But I heard from one of the experts that when other alt coins reach scale of bitcoin then they will have the same issues as Bitcoin has.
Bitcoin, in its current shape, is limited to 7 transactions per second. I posted the same info and got nothing, you did the same you got 50 bucks feelsbadman. Steem can also be shut bitcoin unconfirmed transactions growing or forced to hard fork to censor transactions and accounts of unpersons like Snowden pretty easily.
I don't see how Steem can be shut down bitcoin unconfirmed transactions growing forced by governments to hard fork. Resteemed just realized that you tagged me on this post: Notifications seem to be working again on steemit maybe thats why I missed it. Steem would process this within a minute! When I used Bitcoin for the first time I was amazed for 2 reasons: My transactions were being confirmed within 10 minutes. It was nearly free to use. Very low transaction fees.
Wikipedia The Steem Blockchain Steem is capable of handling 's of transactions per second. Authors get paid when people like you upvote their post. Steem is pretty amazing. Steem the next Bitcoin: Bitcoin unconfirmed transactions growing are the future, no doubt about it!
Collumns 52:2209. 99 Carry a fun Bitcoin Collectible with you at all times with our Bitcoin Keychain. Update March 10th 2017 The SEC has rejected the Bitcoin ETF suggested by the Winklevoss twins. Sebagai contoh misalnya dalam perdagangan antara Euro dan mata uang biarkan USD - Ketik nama anda sesuai di KTP - Ketik email - Centang kotak persetujuan - Klik tombol diatas (silahkan.