Convert 0.02 BTC to USD | 0.02 Bit Coin Price in USD

What is Bitcoin

Convert 0.02 BTC to USD | 0.02 Bit Coin Price in USD

The Bitcoin protocol currently stipulates conditions that limit the number of transactions that can occur within a 10 minute period to roughly 2,000. This works out to approximately 3 transactions per second. By comparison, Visa typically process ~2000 transactions/second and is capable of processing 24,000 transactions/second (src). This limitation led to transaction fees as high as $55 in December 2017 (src).

While it is possible to update the protocol in ways that could raise this limit, there are currently no widely supported proposals (src) that would increase transaction volume by a full order of magnitude or more. There are, however, projects underway to create an overlay network on top of bitcoin (src) which would be capable of facilitating 10s to 100s of thousands of bitcoin transactions per second. At a high level, such an overlay network would work by combining smaller transactions into large ones.

Technical Contributors

The Bitcoin protocol was originally developed by a person or persons working under the name Satoshi Nakamoto (src). It is currently maintained by an open group of collaborators, much in the same way that most programming languages (e.g. python, javascript, c) and the standards powering the World Wide Web are maintained (e.g. http, ssl, tcp/ip)

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