Here's how it works: I currently believe we can handle a lot more than seven transactions per second. I hope someone can change my view on it though! Would you have details? There is one interesting aspect to finding that blocks might soon become congested. It is relatively cheap right now. For how many blocks and under what conditions was that rate achieved?
What that is with the current network, nobody can really say. It takes vendors weeks to get paid by Visa. News articles that do not contain the word "Bitcoin" are usually off-topic. That will cost the miner more than it's worth, especially if it becomes truly widely accepted. Bitcoin is the currency of the Internet: Even a dollar value per coin can be seen as arbitrary, depending on situation. Oh and I forgot!
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Something clearly doesn't scale the way we expected. You can also explore the Bitcoin Wiki: Seems to me that would be a limiting factor in worldwide adoption of bitcoin. I redid his math with some more current figures, here is what I calculated: That black linear trend line may not be perfect but it's not a bad approximation.
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Will there be a limit to how many transactions any single cryptocurrency can handle? Will Bitcoin have to resort to consolidating transactions under super nodes? This would sacrifice decentralization for Bitcoin and be a positive for altcoins i think. Bitcoin can currently handle about 7 transactions per second. Peercoin is similar to Bitcoin in this regard but Peercoin is designed more as a crypto-commodity, or backbone currency, to have somewhat lower volumes but higher value overall, long-term.
Peercoin is able to securely store large amounts of wealth, long-term better than Bitcoin, as Bitcoin has risks due to miner exposure. Peercoin has a certain target, it has a different aim, different goal than Bitcoin. Bitcoin at this point tries to be all things to all people, but it is not designed nor capable of accomplishing this.
Peercoin is the answer for several much needed characteristics, though does not aim to be all things for all people. It is much more likely that Peercoin function more like the Reserve Crypto, while smaller PoW altcoins will function to handle the smaller less valuable transactions. So could we expect to see the value of peercoin even surpass Bitcoin in the future? I've seen some people say that peercoin will be where you store most of your money and a second coin will be where you make most of your transactions.
You can expect what you want, it's impossible to predict the future. PPC could be worth more the BTC and everyone here could be rich, or it could be worth more then BTC and be worth nothing, or it could be worth about the same as it is now. The result is the network allows for this use cas only But what if we require a volume of let's say 10x or x the transaction rate? How does the ethereum network scale? How fast can gas limits be adjusted?
How many transactions can the network handle? Although your calculation is mostly correct, it did not take into consideration the network's capability to slowly increase the block gas limit. Based on the above rationale, there is no theoretical limit to the number of transactions that can be squished into a block, just needs a bit of time to adjust.
Practically you need to get those transactions to the miners, they have to process it, distribute the results etc, so based on how optimal the implementations are, there's an upper limit.
What that is with the current network, nobody can really say. Note that these are just tx verification times, bandwidth is a whole different issue. I would say that bandwidth will be the limiting factor for the foreseeable future. There is no real answer to how many transactions per second the network can "theoretically" handle though.
A higher transaction rate means higher requirements, whether it's bandwidth, CPU or disk storage. When those requirements go up, certain people will not be able to run a full node any more, and the network becomes less decentralized. So if the requirements rise faster than technology and infrastructure can keep up, the Monero network will still be able to handle the transactions.
However, it will become increasingly centralized, which is a bad thing. The scaling issue is about keeping the network as centralized as possible, there's no hard limit.
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