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What does TPS in Bitcoin Stand for? (Bitcoin TPS Throughput)

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In Bitcoin, what does TPS stand for? TPS is one of the most basic forms of Bitc

What does TPS in Bitcoin Stand for? (Bitcoin TPS Throughput)

In Bitcoin, what does TPS stand for? TPS is one of the most basic forms of Bitcoin transactions and it is also one of its most important characteristics. What happens when people transfer Bitcoin to their wallets? First, the transaction needs to be verified to determine if it is successful, and then the amount is transferred to the sender or receiver.

If this information needs to be confirmed to complete the transaction, the process can be simply understood as follows: inputting the time and funds required for the transaction and outputting the funds balance provided by the payer after payment.

Usually, we consider that the USD obtained from the exchange is converted into cash or other equivalent assets. Therefore, this situation does not necessarily mean that users have to exchange their currencies back into fiat currency but rather indicates that the holders have the corresponding value. For example, if you want to sell one BTC and buy 1,000 ETH in exchange for more than 100 BTC…

This is why some people say that Bitcoin is the next innovation in blockchain technology and point out that it is a significant advancement. However, for many people, this may not be achievable yet – at least, there is currently no evidence to prove the true potential of these technologies.

Bitcoin TPS Throughput

According to reports, Bitcoin’s TPS throughput reached its highest level in the third quarter of 2020. According to the latest data from BitInfoCharts, a data provider for the Bitcoin blockchain, as of the week of September 2nd, over 10,000 blocks (or at least 10MB) had been sent to the network, which is equivalent to about 63,000 transactions. If these transactions were processed at the same time, each block would have approximately 82,000 new outputs. This means that new UTXOs are generated every 15 minutes, while currently only slightly over 1,000 accounts are able to transact.

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