As we head into the growing week, one thing can be certain, the Blockchain is growing. Take a look at this chart:
What really begs the question is, how big can this thing grow?
With blocks hitting 30,000MB, how much computing power is being conducted to the get the data? Or, Vice Versa?
Does this have any impact on the transactional speed or rate of flow?
Many of these questions come to light when the speed of the transactions happen faster than the updating process, so it does take some time to make sure that everything keeps flowing as normal, however, there will be some tumult if the price of coin does go on an uptrend as people scramble to manage their assets, as I recently experienced during some of my routine trades, with missing dividends in some accounts, and transactions not clearing. While the activity is suspicious, I must understand that the transactions can take some time to confirm and “eventually” my money will be there. Even using traditional internet banking, it still takes a day or two to transfer between accounts and whatnot, so Bitcoin and the Blockchain, and the sometimes “waiting periods” are OK to deal with, especially given that most routine transactions will take between 30 to 60 minutes to complete.
The waiting time is usually dictated by the number of confirmations on the blockchain.info, so if it takes 3 confirmations, then it is approx. 30 minutes. If it takes 6 confirmations, then it takes 60 minutes. These confirmations are setup by all the individual trading platforms with most averaging around 3 confirmations before funds become active to trade with.
When the whole “coin thing” gets adopted, how big will the blocks be on the Blockchain?? From the above chart, is the growth rate per month around 1250MB?
Many of these problems surrounding the Blockchain will eventually even themselves out due to market forces of supply and demand, and if nothing else, it is adding a new currency to the world markets, as well as plenty of new business options for budding investors.