1 block per 10 minutes with 4000tx per block results in 7tx/s ... well, why not use blocks of 100x size for starters, that would immediately produce 700tx/s. Still not VISA, yet that would be at least something. The main reason it is not going to happen is probably that that the major Bitcoin stakeholders are completely satisfied with the current situation where they are collecting higher and higher fees (reaching 10BTC+ per block!).
The main promise of Bitcoin - the scarcity of coins - has even been much more exceeded by the scarcity of transaction slots.
> On-chain scaling is not sustainable. If you want to handle as many transaction as for example Visa, you would need 1 GB blocks every 10 minutes, which would make the whole blockchain heavily centralized because regular users won't be able to host full nodes to validate payments.
The way things are today and the way they need to be to ensure a censorship-resistant secure public ledger are not the same. Core is working toward that, security is first priority, then optimize performance after that.
1 block per 10 minutes with 4000tx per block results in 7tx/s ... well, why not use blocks of 100x size for starters, that would immediately produce 700tx/s. Still not VISA, yet that would be at least something. The main reason it is not going to happen is probably that that the major Bitcoin stakeholders are completely satisfied with the current situation where they are collecting higher and higher fees (reaching 10BTC+ per block!).
The main promise of Bitcoin - the scarcity of coins - has even been much more exceeded by the scarcity of transaction slots.