Bitcoin Transactions Surge to Record Highs amid Greece Crisis

The number of Bitcoin transactions surged to a new record high Tuesday, dwarfing previous peak activity including that seen during the Mt. Gox implosion in December 2013.

A new record

A high of 442 transactions per second was recorded for July 7 – approximately two times the average rate of the PayPal network at ~289 tps.

A sudden surge over the two days from July 5 saw the number of daily transactions more than quadruple to reach a maximum 202,000 before starting to fall. A previous, less intense surge had begun June 30; something commonly attributed to news of Greece’s potential insolvency and renewed capital controls.

“It’s brilliant that the network has held up so well with just 1MB blocks. Makes me a lot less worried about the future, even if block size isn’t increased right away,” one Reddit user noted following publication of the data.

Network capacity

Concern over the structural integrity of the Bitcoin network has been at the forefront of debate with both developers and commentators considering how to provide for a potential widespread adoption and usage scenario. Coupled with uncertainty over Read more ... source: Cointelegraph