Bitcoin vs Visa
The Visa card processing system handles about 1,700 transactions per second. The Bitcoin blockchain can handle about 4.6 transactions per second. Other blockchains, such as the Ethereum, may be faster but they still cannot approach Visa’s speed. Three components of blockchain play off against each other when you try to increase the speed of blockchains. These elements are decentralization (how many computers maintain records), scalability (how fast each transaction can be processed), and security (how long it takes to verify a transaction). Usually, to attempt to speed up a blockchain by changing how one of these elements works will adversely affect one or both of the others. A block in a blockchain contains a number of transactions. Each transaction records the buyer, the seller, the amount, etc. The initial Bitcoin block size was 1 MB, which could hold about 2,759 transactions. One way to increase the speed would be to ma...