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The Blockchain has been tested read and see the results

Bitcoin, News

Coinwallet.eu has recently conducted an experiment to test the Bitcoin network by overwhelming it with a ridiculous amount of transactions. The goal  was to prove that the actual blocks size were too small if it had to deal with a larger user base. Something that Blockstream has been looking at.

The test started on June 22 at GMT 13H00 and was expected to last for 100 transaction blocks. The coinwallet.eu servers intended to send over 200 Mb of data by spending 20 Bitcoins. Unfortunately due to some unknown incident they were only able to conduct the experiment for 15% of what they initially intended to do and successfully sent tens of thousands transactions.

The conclusions:

-The Network was overwhelmed and the transactions with lesser fees were put on hold while those with higher fees were dealt with first.

-It is possible by spending only 4000€ to saturate the Bitcoin network with a well timed process.

-If Bitcoin were to be regulated at a bigger scale, the actual network would not be able to function as fast as it does right now causing multiple transactions with lowers fees to take hours possibly more depending on how big the use of the network would become.

 

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