If Bitcoin was used as a long-term savings storage account for 8 billion people who only needed to move their liquid funds into storage once per year, could they all do this with the current blocksize?

Let's ask ChatGPT:

If 8 billion people did 1 Bitcoin on-chain transaction per year, would it fit into the current rate of blocks?

ChatGPT:

As of my last knowledge update in January 2022, the Bitcoin blockchain has a block time of approximately 10 minutes. In each block, a certain number of transactions can be included. The block size limit is currently set at 1 megabyte (MB).

The number of transactions that can fit into a block depends on the size of each transaction. Bitcoin transactions can vary in size, but for simplicity, let's assume an average transaction size of around 500 bytes.

Now, let's calculate the number of transactions that can fit in a block:

1 MB / 500 bytes per transaction = 2,000 transactions

So, in theory, a single block could accommodate around 2,000 transactions.

If 8 billion people were to each perform one on-chain transaction per year, and we assume these transactions are evenly distributed over the year, we can calculate the average number of transactions per block:

(8 billion transactions / 365 days) / 24 hours = approximately 915,068 transactions per hour

If we further assume an even distribution of transactions throughout the hour, we can calculate the average number of transactions per block:

915,068 transactions per hour / 60 minutes = approximately 15,252 transactions per minute

15,252 transactions per minute / 10 minutes per block = approximately 1,525 transactions per block

Given these rough estimates, it seems that the current Bitcoin block size and block time could potentially accommodate the scenario you described.