Bitcoin News
Bitcoin SV hits record-breaking 10 million transactions per day
Bitcoin SV processed more than 10 million transactions in a 24-hour period, demonstrating its ability to scale far more than competing blockchain protocols.
The Bitcoin SV (BSV) blockchain has seen record-breaking daily transaction figures over the past few days, peaking at more than 10 million transactions processed over a 24-hour period.
According to BSVData.com, the total volume on the Bitcoin SV network over the past 24 hours is 10,806,528 transactions at the time of writing, which equates to an average of 125 transactions processed per second over the past day.
Even with the massive volume of transactions processed on the network, transaction fees remained low and viable for micropayment-based business models. Over this record-breaking 24-hour period, the average fee per transaction on BSV was less than 1/20th of a US cent.
Additionally, the BSV blockchain now accounts for around 78% of all blockchain transactions globally, based on data from BitInfoCharts.com, showcasing how its on-chain scalability far outpaces that of other major protocols.
Bitcoin SV and on-chain scaling
This massive growth in transaction volume on the Bitcoin SV network demonstrates the blockchain’s ability to scale unbounded while retaining the full functionality of the original Bitcoin protocol, including complex smart contracts and tokenisation.
A large component of the record-breaking number of transactions processed over the past 24 hours is attributed to on-chain gaming traffic. CryptoFights, a blockchain-based play-to-earn online game developed by FYX Gaming, has grown significantly in popularity and has seen an exponential increase in adoption, making it the primary driver of gaming traffic on the BSV blockchain.
This rapid growth in popularity and adoption can only be enabled by BSV’s scaling capabilities. While other blockchain protocols like Ethereum see transaction fees rise astronomically with transaction volume, Bitcoin SV can scale without artificial limits, keeping transaction fees low and processing times fast even as throughput rises exponentially.
The demands of an on-chain gaming platform such as CryptoFights, which relies on low transactions fees and fast processing times, can only be met by the BSV blockchain.
Bitcoin SV can deliver this scalability and utility thanks to its removal of a temporary and artificial block size limit imposed on the Bitcoin protocol by early Bitcoin Core (BTC) developers, who altered the vision of the network to align with a ‘store-of-value’ narrative. By removing this block size limit and restoring the full functionality of the Bitcoin Script scripting language, the BSV blockchain can deliver ultra-low-cost transactions that are processed quickly and reliably, while also offering a stable and reliable protocol to build upon.
The BSV blockchain has now proven it can scale up to 10 million transactions per day, but this is only the beginning of the network’s scaling journey. The Bitcoin SV Infrastructure Team is currently developing the Teranode Open Framework, a platform for horizontal scaling that will allow the BSV blockchain to process more than 100,000 transactions per second. This will catapult the BSV network’s capacity not only even further beyond that of all other blockchains combined, but also past that of traditional payment networks such as Visa and Mastercard.
