What is Nostr?
Leo Fernevak
npub1y02…fvpl
2024-06-14 15:03:14
in reply to nevent1q…4xfx

Leo Fernevak on Nostr: Expanding further, the idea that 8 billion people can use L1 always struck me as ...

Expanding further, the idea that 8 billion people can use L1 always struck me as strange.

I don't have data on the average number of transactions per block but it would seem to be around 3500-4500 tx.

If we could achieve 7000 tx per block on average then that would translate to a million tx per day (144 × 7000). Dividing 8 bn people with 365 million tx per year gives a bandwidth of ~22 years for an ideal scenario.

A more likely figure for the current bandwidth is 4000 tx per block, yielding 576k transactions per day, giving 210 million tx per year. This results is ~38 years for the world population bandwidth.

Even if the demand pressure on L1 is far lower than 8 billion people, some percentage are children without the need to move savings, some may not be using Bitcoin at all, some may be using mainly L2-L3's, we are still at a situation of some participants outbidding others in order to have their tx included on the main chain.

The idea that "everyone must be able to use L1" is naive in a scenario where almost 8 bn people are using Bitcoin. Not all participants will have the funds to compete for blockspace, even if we had 7k tx per block or more.
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