CPS

Zealousideal_Set_333

Close but not quite. Craig was referred to the Crown Prosecution Service (CPS) for his fraud on the court, such as submitting forgeries, during the identity issue trial. That has not yet been heard by CPS and could result in additional consequences (and jailtime) for Craig. This sentence is focused only on Craig's actions that were in contempt of court AFTER his identity trial by violating the injunctions the court had put in place against him, in particular filing additional lawsuits based on his false claims to have created bitcoin. In other words, we may likely see Craig getting sentenced again.

RadiantJelly3253

Question cause you know stuff. Max TPS (convert from BPS/CPS please I am not smart) \- I hear from 1000 TPS to 35 TPS. Also what about BlockDag or other DAG's with higher TPS.

VictorCotton88

There’s a total of 8 billionaires in Denmark, even if you taxed them out of the ass it wouldn’t put a dent in a single bureaucrats budget. Going to have to use UK stats because that’s what I know best but it’s a problem across the west: 4% of people in the UK earn over 100k and they pay half of all income tax receipts and we’re starting to have mass brain drain and negative capital flows because of it. Furthermore, half of people are now dependents on the state in the UK, which the CPS have said is unsustainable. People think there’s some billaionre hoarding all the wealth and that if they just got the government to tax that one person all the problems would go away, it’s simply a fallacy, this money doesn’t exist, and no doubt politicians stoke these ideas.  Realistically, tax rises will continue in all levels and instruments until these countries suffer mass brain drain like Portugal did (they recently cut taxes significantly). Politicians and the People have to realise the state cannot be used like a money tree. No doubt there will be painful and serious issues before the culture changes. Most other countries do not operate like this, which is why the west will get weaker and weaker in comparison. Sources:  https://worldpopulationreview.com/country-rankings/billionaires-by-country https://cps.org.uk/media/post/2017/more-than-half-of-britons-are-dependent-on-the-state-that-is-too-high/#:~:text=This%20week%2C%20the%20Office%20for,stands%20at%2050.5%20per%20cent. https://uk.jooble.org/career-advice/how-many-people-make-over-100k-per-year/ https://hansard.parliament.uk/Commons/2023-11-14/debates/AA59871F-4E6F-420F-B106-98026F0F29B9/WealthTax#:~:text=It%20is%20important%20to%20remember,%25%20as%20much%20as%2028%25.

sortofhappyish

It's only money laundering apparently when you don't shove HUGE amounts of cash at the CPS and the MPs in charge of deciding whether or not an investigation goes ahead. Hell, Bernie Eccleston offered the judge £60 million to make bribery charges go away. and it worked..he bribed his way out of bribery charges!

Apprehensivoid

I really doubt the CPS will be interested in pursuing a prosecution sadly

MK-801

Let's hope CPS decide to prosecute for perjury and lock him up. Absolute scum.

HellsAttack

Did you read the article dude? >Jian Wen, 42, **was** living in a flat above a Chinese restaurant in Leeds when she became involved in a criminal racket >Wen’s new lifestyle saw her move into a six-bedroom house in north London in 2017, with rent of more than £17,000 per month, where she posed as an employee of an international jewellery business, and moved her son to the UK to attend private school, the Crown Prosecution Service (CPS) said. She **was** living above a Chinese restaurant, then **moved into a £17,000/month house**.

drewster23

Where does is say that in the article? All I see is this. >The guilty charge is linked to 150 Bitcoin being laundered which at the relevant time had a value of £1.7million, but the Metropolitan Police said its investigation had linked her to a wider fraudulent operation and it seized more than 61,000 Bitcoin. >The CPS obtained a freezing order from the High Court while it carried out a civil recovery investigation.

tofazzz

I wouldn't call these problems, as are more features that don't fit YOUR needs. Here my responses: **Distribution:** Nano was given away for free via human PoW (CAPTCHA faucet) so I don't see what could be the problem with that. It is a fully distributed with a fixed supply. **Spam:** Funny that you mention this as during the spam attack Nano still had faster average confirmation times than some other coins. Yes, no fees encourage spamming the network, but the team already implemented some solutions (last try of the same spammer didn't go anywhere and he/she stopped) and they're currently working on V27 which will make Nano very close to "commercial grade". Also, they're expecting the network will eventually be at or near saturation constantly (whether from spam or legitimate transactions), so the goal is make to the network perform well even when saturated. That's part of "commercial ready". As you can see, Nano's spam resistance is constantly improving, but the team is small (and volunteer-based), so it takes time to work through the roadmap/plans. Plus. isn't it interesting that, as you said, even though Nano is Market cap ranked 300+ there is a lot of interest in spamming it? ;) **Privacy:** Correct, there is no "Privacy" directly implemented in the protocol, but external tools exists: [https://nanonymous.cc/](https://nanonymous.cc/) is one of them. **Smart transactions:** No need to have them on L1 as this is not Nano goal. It does what it needs to do: no CryptoKitties, no Ordinals, no Stamps. Pure money. **PoW:** The team is already working on some ideas on how to fully remove the minimal PoW needed to process transactions. **Scaling:** Right now the nodes are bandwidth limited as there's not enough real demand for more, yet. Nano can leverage L1 scalability so hardware/bandwidth will be only limit. **TPS:** [Here](https://www.reddit.com/user/Qwahzi/comments/1318nse/nano_stress_tests_measuring_bps_cps_tps_in_the/) an out-of-date list with all the stress tests and results. Some tests were hitting thousands of CPS.

daemonpenguin

You can, but that should be immediate cause for CPS to remove the child from your life. You are clearly not mature enough to raise a child.

S2K08

In July 2021 Scotland Yard announced that it had seized a record £180 million of cryptocurrency. Deputy Assistant Commissioner Graham McNulty said: “While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money.” It was a significant underestimate. As detectives continued to trawl through the computers and deciphered codes found in the Hampstead home they discovered more digital currency. Officers then visited a safety-box centre in nearby St John’s Wood and seized more material. They found that “a large amount of bitcoin was moved out of the cryptocurrency wallets” just before, during and after Wen’s earlier visit to the same facility. They were still able to recover two laptops containing wallets with almost £300 million of bitcoin. \*\*\* There is no evidence of Qian leaving the UK, but messages intercepted by the police suggest she may be somewhere in the Far East. Prosecutors will now seek the forfeiture of the bitcoin she left behind under proceeds of crime laws. The Chinese authorities have so far shown no interest in retrieving any of the money for the defrauded investors. Usually where no one else is entitled to criminal assets, half goes to the Home Office with the rest going to the police. Scotland Yard’s potential £1.7 billion share would pay for almost 30,000 extra constables for a year. Andrew Penhale, chief crown prosecutor, said: “This case, involving the largest cryptocurrency seizure in the UK, illustrates the scale of criminal proceeds available to those fraudsters. “Although the original fraudster remains at large, the Metropolitan Police and CPS have successfully secured a money laundering conviction against Jian Wen, an individual employed to launder criminal proceeds. “The CPS will now work to ensure, through criminal confiscation and civil proceedings, that the criminal assets remain beyond the fraudster’s reach.”

HurricaneHarvey7

>CPS chief crown prosecutor Andrew Penhale said Bitcoin and other cryptocurrencies "are increasingly being used by organised criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct". That doesn't make sense, Bitcoin makes it easier to track down criminals. Pure propaganda

Many_Revenue_6928

The outcome is unsurprising, but for the Judge to rule at the end of a three week trial in a UK civil trial is incredibly rare. I'm looking forward to the judgment. Mellor J rarely pulls his punches, and for him to have given his decision at the end of the trial like this means that there are going to be fireworks. I will bet any money on him referring the papers to the CPS for perjury.

Many_Revenue_6928

It is likely that if the Judge finds he has presented fraudulent evidence (which from what I have seen is absolutely inevitable) that he will send the papers to the Crown Prosecution Service so that they can consider whether to take action for perjury. Mellor J is an extremely robust judge, so I anticipate his Judgment will not be in the rather polite tones that UK civil judgments often are. And there is probably a pretty good chance of the CPS taking action. Massively bullshitting on oath is 'discouraged', and this is one of the most extreme examples in recent times.

slop_drobbler

nanospeed.info …you can see the current CPS and how the backlog is getting reduced above. Spammer could always add more though! I just sent 1 Nano from my WeNano wallet to a Natrium wallet and it took under a minute.

Wise-Application-144

Interested to know exactly how - in the UK, it's the CPS that decides whether criminal cases (eg fraud) should be prosecuted. So COPA or the judge would be able to refer the suspected fraud to the police for investigation, but I don't believe they can "file for fraud" in the way you could in the US. Separately, I think COPA could request that their legal costs in this case be paid by Craig on the basis of fraud being discovered in the case (something similar happened in the Peter McCormack case). But that's a different issue to Wright being prosecuted for fraud.

Wise-Application-144

I've been thinking about this too. Craig and his legal team have now basically admitted that everything is forged. For his reliance documents, he claims he lost the originals and re-made them from scratch in the recent past as a sort of reconstruction. But then the fact that he testified they were true originals when submitting them still makes it perjury AFAIK. So the absolute best interpretation is that he might still be Satoshi but he has zero evidence and has committed numerous criminal offences in the last fortnight. Wright basically throws a bunch of shit at the wall and hopes that it sticks - he's variously claimed that his lawyers, his staff, his archiving software, and unknown "saboteurs" have destroyed all his originals and replaced them with fakes. That *may* help him dodge criminal charges - his story is absurd but it may be too difficult to positively prove that he was the one that faked them. The CPS will only press charges if there's a reasonable chance of success in court. ...but there also comes a point where this guy has so persistently committed perjury and perverted the course of justice that it's in the public interest to prosecute him. ​ I wonder which way it'll go...

smellybarbiefeet

No but you certainly have been dropped, a number of times. It’s a miracle that CPS didn’t pay your mum a visit.

madali0

That's probably the easiest to solve, out of a million more difficult problems to solve before we get there. Here is one quick solution from the top of my head. HR or accounting doesn't hold the keys to the wallet, it's all done through software. One wallet holds the payroll, finance dept doesn't have access to the keys of the wallet. Every month, based on the salaries, software sends out btc to the employees. Finance won't be able to either manually change the amounts nor who it goes too. If an employ gets a raise, then the raise is approved by the necessary people (such as HR and finance), which changes it in the software, and at the end of the month, software does the rest. There could still be some kind of conspiracy where multiple heads of departments try to scam the system, which already happens, with the difference than it's traceable and much easier to notice, unlike legacy finance where corruption could take years, sometimes decades, to be noticed. Here is one example from a quick Google search : https://www.bbc.com/news/uk-england-birmingham-65624396 >"His offending continued for a period of two years and his actions show that he deliberately diverted transactions to his own accounts and those of his family members without their knowledge or consent," said Tejinder Sandhu, of the CPS Notice how no one noticed for two years, while it would much easier to notice on a public ledger. Even if their bosses don't notice, someone else will wonder why there are strange movements from the payroll wallet. Here is another example: https://fox59.com/indiana-news/court-docs-bookkeeper-stole-more-than-half-a-million-dollars-from-employer-put-husband-on-payroll/ >Horton is formally charged with theft and fraud in Hancock County. She’s accused of stealing $555,968 from 2014 to 2022. The money came through salary overpayments ranging from $25,000 in 2014 to $110,573 in 2021. A public ledger would show that there would be strange transactions and it wouldn't take a decade.

DMugre

<Is there any level of enhanced interrogation or light torture, which would be justifiable, in order to help feed the children? Of course not. If the mother can't provide for those children CPS should get involved, or your countries' equivalent. They've been taking kids from low income families since forever. It's the same "slap on the wrist" feeling you get when millionaires get fined 0.1% of their income for financial críme, or as they call it, "the cost of doing business". Now democratized for everyone.

coinfeeds-bot

tldr; Cryptocurrency worth over £750,000 has been seized from a hacker through a High Court Civil Recovery Order. The hacker's digital wallet was reconstructed using recovery seeds found in a black book seized by the police. Two additional recovery seeds led to the seizure of a smaller amount of cryptocurrency from another wallet. The Crown Prosecution Service (CPS) and the Tarian Regional Economic Crime Unit in South Wales worked together to secure the civil recovery order. The cryptocurrency was found to have been obtained in connection with the original hacking offenses. The hacker consented to the order, forfeiting all the cryptocurrency, with the funds being paid to public funds. The CPS successfully located and recovered the illicit wealth to prevent the hacker from benefiting upon release from prison. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR. Try our free crypto chatbot at https://chat.coinfeeds.io*

melonmeta

Yes, there have been many solutions implemented, and previous ways to slow the network via Spam have been dealt with. Mechanics such as the Bucketing system, which prioritize transactions based on the Value / Amount being transacted, and Time since last Transaction have been implemented. We encourage Attackers to Spam the network, as it allows us to stress-test it for CPS measurement, and also improve the Protocol to make it more efficient. Currently Nano is more decentralized than BTC and ETH, having a Nakamoto Coefficient of 4, against BTC's 2. (Sources: [https://nanocharts.info](https://nanocharts.info) , [https://btc.com/stats/pool](https://btc.com/stats/pool)) Its worth mentioning that, while Nano confirmations were slowed for a while, Bitcoin and Ethereum are always slow, and also have suffered from much more damaging events, affecting not their speed, but their Security. Hacks and bugs have made it possible to print millions of new coins, or steal existing coins from wallets. Yet, this is utterly ignored by Maximalists.Nano's security has never been breached.

melonmeta

Yes, there have been many solutions implemented, and previous ways to slow the network via Spam have been dealt with. Mechanics such as the Bucketing system, which prioritize transactions based on the Value / Amount being transacted, or Time since last Transaction have been implemented. We encourage Attackers to Spam the network, as it allows us to stress-test it for CPS measurement, and also improve the Protocol to make it more efficient.

Deinos_Mousike

- zero inflation - zero transaction fees - sub 1 second transaction time - no substantial PoW required so the network uses significantly less energy - network CPS/TPS (confirmations/transactions per second, one transaction requires 1 confirmations) scales with improved hardware - anyone can run a node

Deinos_Mousike

Nano scales with hardware - the better hardware representatives have, the faster CPS (confirmations per second) and TPS (transactions per second) will be. There have been improvements in the block processing pipeline the last few releases, and the saturation point is around 50TPS right now, (~100CPS, one transactions requires two confirmations). Other potential planned improvements are outlined in this [comment by Qwahzi](https://np.reddit.com/r/nanotrade/comments/14j7odx/daily_general_discussion_june_26_2023/jpl47ip/)

Qwahzi

Even with $5 digital ocean nodes and low bandwidth caps, the network achieves 100+ CPS, <500ms conf times, & similar or better decentralization than Bitcoin Keep in mind, even a centralized service like PayPal was only doing ~57 TPS average when they first hit 100 million customers

gabriiel9

Find me another crypto that : * is not considered as a security (for now); * free transactions (completely free- that's insane when you think about it); * such a low MC; * promise no bullshit like other crypto and offer now a TPS of 50 (CPS of 100); * has constantly improved since launch; * that has a team with an ethos that is noble in a bullshit cryptoworld.

Ferdo306

I think Beta was 1000 CPS so you're probably right We will see once majority of nodes switch

gabriiel9

With a 250-500 CPS incoming 👌

Qwahzi

I recently benchmarked my self-hosted Nano node at 6000 average CPS, and 13000+ peak CPS. We won't see that on the mainnet for a long-time, but it shows the long-term possibilities of the protocol: https://github.com/gr0vity-dev/nano-bench

UE4Gen

Truth is no crypto has solved scalability yet but Nano is very close. This is actually something that has been a focus in v25 Nano's CPS improvements of 40 to 1000 CPS as shown [here](https://twitter.com/patrickluberus/status/1640722771180134400?s=20

slop_drobbler

Yours is also a pretty terrible comparison though, because despite being the most popular crypto, BTC isn’t used nearly as much the global banking system - and frankly isn’t functional enough (at this stage) to replace it, anyway. A simpler method is to compare power needed per transaction (though the LN complicates this somewhat too). TPS/CPS is also extremely important if crypto ever wants to break into mainstream use

watchingtheweasels

Let alone the question of the adequacy of the BLS current population survey of 50,000 in calculating such things in a country of 350 million people...do you think that a source of statistics that is willing to change definitions to try and improve their image isn't beyond fudging the methodology of identifying and collecting that CPS data? Have you as an individual ever been surveyed by the BLS for anything? [Real Unemployment Data](http://www.shadowstats.com/alternate_data/unemployment-charts) The U3 number significantly under reports unemployment in the country. So yeah, we're in a recession. Right now the financialization of our economy over the past three decades has caused it to enter an economic coffin corner. Cut interest rates back to the point where zero percent is visible and you have a hyperinflationary collapse that destroys the currency but still permits the government to engage in deficit spending. Keep the rates where they are or increase them and you cause an all-asset class deflationary collapse/depression, preserve the currency or slow it's rate of depreciation, but cause a problem for the government in which it can't engage in additional deficit spending and may even a trap in which it has trouble servicing it's debt. IMF doctrine says that defeating inflation requires raising interest rates to at least inflation + 1%; we're nowhere near that yet...and it does not appear that the fed has the appetite for that.

tech32spn

Within the Nano network, there are blocks for "send" and blocks for "receive". So 1,000 CPS network capacity is the equivalent of 500 TPS. I hope it clarifies.

tech32spn

Around 1,000 CPS (confirmations per second) for the most recent tests of their new release V24. check on Twitter for "Patrick luberus CPS" for all details.

gabriiel9

Yes I haven’t seen much shared infos on CC about the latest improvements on the network. I was thinking of you to maybe do a long article about spam mitigation, bootstrapping, CPS, etc. Would be great to have discussions on CC about technological advances (or comparison with other names).

Qwahzi

Nano is fairly niche at the moment, but technically it's the same "niche" as Bitcoin, which still has a lot of appetite these days. Sometimes you just need the cheapest/most efficient tool for the job, so I don't see Nano going away any time soon On Nano scaling, we've had recent beta tests at 1300+ CPS, but real-world mainnet usage/demand is nowhere close to that (in part due to Nano's niche focus; typically <3 CPS), so the 10MB/s bandwidth limits most nodes have set is more than enough: https://forum.nano.org/t/nano-stress-tests-measuring-bps-cps-tps-in-the-real-world/436

thenrepent

I think Nano still runs into the scalability trilemma (tagging /u/Giga79 as well), it just pushes the boundaries further than many other cryptocurrencies by making some unique design decisions (i.e. focusing exclusively on p2p digital cash, using a block-lattice so every user has their own chain, using Open Representative Voting so it becomes ever more decentralized over time, minimal data in transactions, no smart contracts, etc). If we only had 10 principal representatives for example, then Nano's CPS does increase, though decentralization has potentially decreased. In other words, Nano's unique design decisions allow the trilemma triangle to be bigger, but the triangle still exists

UsedTeabagger

I've found a answer from the Nano subreddit, question the same problem: >As a ballpark figure, say Nano can currently do roughly 100 CPS. An average transaction is 400 bytes. If we were to run at full saturation for an entire year, non-stop, that'd add roughly 1260 GB to the ledger, which is obviously a huge number. You can play with the [numbers for yourself here.](https://docs.google.com/spreadsheets/d/1o_-flpg-9p0cgxPC8Updj1-pvv-CA2R2ssuZyjU7zuY/edit#gid=1088194049) I'd recommend looking into them - they also take into account price decreases over time of storage. Either way, what can be done here? > >Several things. The first option, an option that was used by by some node operators, is to throttle bandwidth. Each node operator can set their own bandwidth limit. If this is throttled to say 20 CPS, that effectively decreases ledger bloat by 80%. This is a decentralized way to "cap" the network, every node can decide on their limit in a decentralised way, if any Nano holder thinks their representative has set their cap too low, they can redelegate to a representative with a higher limit. > >The reasoning for the throttling was that in terms of regular usage, Nano was doing perhaps 2 CPS on good days, say 5 CPS at a peak. The 100+ CPS capacity therefore allowed for the network to be spammed, but didn't matter (yet) for actual usage. If actual usage grows, the limit can be easily raised or removed. > >A second option is ledger pruning. Not all transactions in the history need to be stored. What matters for the network is your current balance, and the last transaction done. So if an account has done 100,000+ transactions (yes, some have done this many), this can be pruned down to literally the last send block, saving on space. In V22, this was implemented, as [experimental pruning](https://github.com/nanocurrency/nano-node/pull/2881). This is currently only available for non-PRs, but should make it easier to run a non-representative node. > >A third option is to split storage into two. Currently, the full ledger is stored on SSDs. However, 99% of the ledger is never used. Think addresses that were used in the spam attack, holding just 0.000000000000000000001 Nano (less, actually), that are then never used again. What can theoretically be done is to allow node operators to define transactions that are deemed "dust", so that a node operator can for example say "every account/transaction that is <0.00001 Nano and hasn't transacted since >1 month ago is written to HDD". HDDs are incredibly cheap. I mentioned 1260 GB for a full year of 100 CPS earlier. This seems immense, until you realise you can buy 3TB HDDs for under $50. > >Between these three measures and the fact that ledger bloat by definition takes time to play out, it seems like one of the "nicer" issues to have, and is probably relatively low on the list of priorities.

yourmom_fat_as_hippo

I read about nano cryptocurrency when I was reading about the blockchain trilemma. It is one of the cryptocurrency which really tried to solve the blockchain trilemma and got successful in converting the trilemma into dilemma. The views on nano solving the trilemma: >I think Nano still runs into the scalability trilemma, it just pushes the boundaries further than many other cryptocurrencies by making some unique design decisions (i.e. focusing exclusively on p2p digital cash, using a block-lattice, using ORV, minimal data in transactions, no smart contracts, etc). If we only had 10 principal representatives for example, then Nano's CPS does increase, though decentralization has potentially decreased In other words, Nano's unique design decisions allow the trilemma triangle to be bigger, but the triangle still exists > > > >This is also neat because ORV allows changing the balance of the trilemma as required by the users. By voting for faster nodes but fewer of them it moves it more toward scalability but away from the other two, and vice versa. In nano's case I think it could be argued that its security and decentralisation come from the same root, whereas in PoW based block chains they could be opposing (higher PoW is correlated with security, but PoW tends to centralise over time). So maybe nano turns a trilemma into a dilemma. &#x200B; Nano has some serious potential for real-world utilities. Let's see what and how they are going to move forward.

yourmom_fat_as_hippo

I think Nano still runs into the scalability trilemma, it just pushes the boundaries further than many other cryptocurrencies by making some unique design decisions (i.e. focusing exclusively on p2p digital cash, using a block-lattice, using ORV, minimal data in transactions, no smart contracts, etc). If we only had 10 principal representatives for example, then Nano's CPS does increase, though decentralization has potentially decreased. In other words, Nano's unique design decisions allow the trilemma triangle to be bigger, but the triangle still exists. In nano's case I think it could be argued that its security and decentralisation come from the same root, whereas in PoW based block chains they could be opposing (higher PoW is correlated with security, but PoW tends to centralise over time). So maybe nano turns a trilemma into a dilemma.

Qwahzi

Nano is still around and improving. They just hit a new CPS record in the beta environment, and the V24 release is looking good. Most of the community seems to have migrated to Twitter from Reddit Plus there is a lot of interesting business-development coming to Nano via Trustable: - "That's one of the key things, the integrations we've got with the commodities exchanges, etc, they're all gonna list a Nano pair against the commodity. So you'll be able to trade Nano/gold, Nano/rice, Nano/whatever" - "This is the first step to creating that standard, to be able to price things in Nano, especially on the commodities side" - "It allows Nano to shine. If we're convinced that Nano is better for various reasons, there's now the ability for Nano to show that to a lot more people. It's broadly opening up the usecase of Nano and then juxtaposing against all of these other medium of exchange and forms of value in the commodity space" - "Feeless fx [foreign exchange], 24/7, 365 days a year, which is something that's never been heard of before" - "The fact is, with this commercial wallet, Nano truly becomes digital cash. You will never have to go on Binance, Crypto.com, to any other crypto exchange, or service, or payment provider again. It will just be, 'Hey, here's an app that you can send money around the world in 0.2 seconds feelessly and off-ramp into 100+ fiat currencies, all within one app'" https://youtu.be/N-9qIQLVggg

Creepy_Procedure9628

You'll have more money for crypto if CPS takes them.

xrv01

letting kids buy shitcoins. i’m calling CPS

bitcoin_barry

Not your keys not your Bitcoin: Most recently, there are a lot of people who are learning this lesson in the worst way possible. They are losing access to their accounts or seeing withdrawals being disabled and are struggling to find recourse against the companies that they trusted to look after their keys for them. Those of us who took custody of our bitcoin and took the time to learn how to manage our keys are just fine. You don't need to be an expert from the very beginning, but you should take the time to understand how valuable the Bitcoin you have bought is, and then start to take responsibility for it and learn how to handle your bitcoin properly. 5tps FUD I'll try to break down my thoughts into sections because I think I could go on about this forever: Per second: Firstly, it's usually reported as 7 TPS, and even then, that is PER SECOND. It looks like a small number but it is not. In reality, transactions are mined in 10 minute intervals and so we are talking about 600*7=4,200 transactions every 10 minutes. What's in a transaction: When we think "transaction", we think one person paying another. But a single transaction can serve many people at the same time. A common example is the coin join, but a less controversial example is exchange withdrawals: when you wish to withdraw, your custodian will delay the request, listen for other customers making withdrawals, batch them together and then broadcast 1 transaction to the network. That 7 TPS is an average including larger transactions as I just mentioned before. If the network was only full of single transactions, it would probably do more TPS. Impossible to do work on chain: Why read and not test? I make on chain transactions all the time, typically paying 1 Satoshi per byte and often when I do so, the mempool is clear and I have no issues whatsoever. On top of that, I feel like this statement implies that you have heard of the lightning network but intentionally want to exclude it from the conversation... I'm not having that. The Lightning Network scales bitcoin and it does it very well. Almost everyone who is starting to adopt bitcoin is doing it over the lightning network. It isn't irrelevant. TPS or CPS? The idea that people can only make 7 transactions per second implies a bad user experience. In actual fact, you can make many transactions, even 100 in a single second, but they will not confirm right away. This weekend, I went out, had a very nice pizza and paid on-chain. The merchant did not wait for confirmation because there is a level of trust that you can afford when you are dealing with a person face to face. Realistically, the confirmation stuff matters to people doing e-commerce where fraud is quite common. So we are really talking 7 confirmations per second and only a subset of payments even care about how quickly a payment is confirmed (aka settles). By this point, I may have rambled a little, so I'll stop here. Hopefully this is not falling on deaf ears. If you have follow up questions, I'll be happy to help answer them.