[cantrip]

>As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm.

Blockchain size and confirmation times are two entirely different things.

[omegaworks]

Good to know, what is it based upon? I know you can spend coin to prioritize a transaction, is it formulaic?

[cantrip]

No, why are you making claims such as Bitcoin is the new Beanie Babies when you have literally no idea how any of it works?

[bduerst]

You don't have to be a carpenter to know if a house is built poorly, just if you try to describe the cause. They were right in their criticism of transaction fees, but were off in what was causing it.

[bduerst]

Block size is limited by bytes allowed in the block, usually about 7 transactions a second (on average) for Bitcoin. Increased demand for transactions increased tx fees.

The length of the chain can affect processing power and bandwidth, as each block contains all previous blocks.