Bitcoin Forum

Hi all, Just made an account here.
Looking forward to learn more about crypto here.

As my name suggests, I do designing.
from everything forum related to professional business branding and 2D animations.
Maybe If people are interested I can setup a shop here. I wonder though

I have been using BTC for a while now
and wanted to grow my knowledge.
Until today all I ever did was get BTC as payment for designs and convert it to paypal on forum boards.
I gambled today and made $125, not much but enough for starter i guess.

I'd like to know more about blocks and what are those and other things I only heard about

excited to unveil the information about crypto here.

Thanks and Regards
graphicx

Welcome graphicx,

Before you start read all stickies in meta and since you love designing and all that create a thread for yourself about it .
Follow the forum rules and be happy. :)

Feel free to ask questions here, i will try to answer them. Meanwhile, you could offer your services in the service section. However keep in mind you will meet much distrust at first. Such is the nature of internet and money.

Welcome graphicx

Youtube is also a good source to get more bitcoin knowledge.
for example How Bitcoin Works Under the Hood (https://www.youtube.com/watch?v=Lx9zgZCMqXE)

Hello mate and welcome to the forum! You need to learn, read and research. Informations are really everywhere! On YouTube, you can Google a lot, even read a white paper or try reading it, since it is somewhat technical.

Feel free to ask questions about everything that you don't understand and that seems unclear to you. Someone here will help you in no time!

Cheers!

hi graphicx

welcome to here . You need to learn, read and read and read .You must be read  ;D and also you have to be careful with some issues

Have a nice time in here bro  ;)

Have a biscuit from me. Congrats on the gambling win. If I were you I'd try not to make a habit of it. If you simultaneously continued to gamble and learnt about Bitcoin's possible future implications you might squeal at the idea of pissing it away.

Welcome!
Pretty new here myself but there seems to be a LOT of great resources waiting to be discovered in the posts.

Lots of newbies and veterans alike discussing and sharing ideas which is great!

Welcome. Feel free to offer your services on the services section of the market place. Since you are a newbie, be sure to present a portfolio with past work and always use escrow :).

Generating blocks is the process of Bitcoin mining. The miner assembles transactions in an order and calculates the merkle root to be used for the block header when solving for the block. If the block only contains the coinbase transaction, the merkle root is that. Rest of the block header are filled with other necessary data and the miner can start hashing it. It is considered a valid block if the hash of the header is lower in value than the current target. Nonce are increased for each attempt till it is found. Blocks are used to prevent double spending (spending spent coins). After 6 confirmations, it is hard for attackers without 51% of the network hashrate to reverse their transaction.

hi welcome to the forum. be sure to check all the stickies that you will found as it will help you understand how things work here :)

Welcome to Bitcointalk! I see you already get your question answered by some of out senior member here so I will not talk much about that. I see that you have a good start - won $125 worth of Bitcoin from gambling. However, please be caution with your money. Check out this thread https://bitcointalk.org/index.php?topic=1129534. Most of the people said that their worst mistake was to gambling their Bitcoin. Also, do not join any HYIP/Ponzi. They might be profitable in short term but in long term you will loss more than you earn. Do check out some faucets if you have not. WeekendBitcoin and Bitcoin Aliens is my favorites. They are consider dust to some people but it can be used to cover some transaction fees in the future.

Reading all you can here will help you frame your questions and get a more specific answer from fellow forum members.

Good luck with your future gambling!

So, where did you gamble to win that money. I would say that is more of a gain than most of the new users here will ever get.

Yes I need to do that. I'll read it all first to at least know the terminology.


Yes, Thank you. I understand that. I have been active on other boards for few months and worked. Thanks for guidance


Thanks a lot for the link.

I saw the whole video and now I know what exactly is a comfirmation and blocks.
also what is 51% attack, mining.
It covered everything I had in mind yet.


Thanks for suggestions.
Yes I'm going to spend a while grapsing what am I dealing with and how can I efficiently use it.


What kind of issues?  ???


Thanks, yes I won't make it a habit. probably
what kind of future implications?
isn't it only can be used to make transactions ???


everything people discuss here goes above my head.
I need to know basics first.

Torus gave me that video and that helped me a lot.
Will get deeper by time


Thanks for the information. so it takes 10 minutes roughly to solve a block and how many transactions are in one block?

now one block contains transactions happened at the same time right?
so means one block contains all the transactions happened at 3:01:22 lets say (H:M:S)
and it takes 10 minutes to get 1 confirmation.
so in the mean while until it got solved there were 600 more blocks generated (without considering milliseconds, that'd be 60000)

wouldn't it only add up by time and people will have to wait years to get confirmation?


Yea, absolutely need to do that


Thanks for the thread.
I read few pages. There were few terms i didn't understand
I'll get to them later

also about weekendbitcoin, it asks for an address.
I use circle which gives me different address everytime.
How should I use it


I will probably not as what gentlemand said kinda bothers me


bustabit

Possibly some scamming around here. Do your research about the reputation, don't only rely on the trust system and use escrow. :)
The max hard limit of a block is 1MB, given that an average transaction is 250bytes, the max transaction can be 4000+. Size differs due to number of inputs and outputs. Blocks contains the transaction that are in the mempool. The miner can choose which transactions to include or include none at all, ranging from unconfirmed transaction first broadcasted to transactions broadcasted recently. They do not have to be made at the same time. The time for blocks to be generated is not always constant. There are times when blocks are generated at 2 minutes apart or 30 minutes apart due to varience. But the difficulty is adjusted every 2 weeks to try to ensure the blocks would be at 10 minutes apart.

A block is solved on roughly 10 minute. I think you are interpreting the blocks as transaction that happened at the same time. Nope, miners mine blocks and try to confirm transaction into the blockchain, also known as the ledger.

Oh. That is easy. If you want a web based wallet, Blockchain.info will give you a static address. However, I would suggest you using something more secure such as MultiBit. If you want to access your Bitcoin everywhere like Circle, MyCelium will also give you a static wallet. Personally I am using MyCelium for Android and have no problem with them for a year and a month.

Watch out on gambling long term it really is not a good investment.  Look through the other threads and in beginner there are a lot of good examples and ideas on making some BTC.

I just would avoid gambling is my tip.  And welcome to the board.

In the video linked in above posts i heard him say "blocks are transactions happened at same time"
maybe I misheard. Thanks for fixing it.

Also I probably won't be spending it until I have enough of them in my vault. Currently I hold 0.55 BTC only

Now new things coming up.
how are these adjusted?
Do they make solving faster?
it yes why aren't they doing it now.
I heard circle is trying to make them faster by allowing sending to accounts on circle itself to instant but not for external accounts yet.


I used blockchain before until few days ago where people started loosing their money because of some problem. The site was down for few hours as well.
I moved my coins to circle then

Thanks for the suggestions.
I'll try MyCelium now


Thanks for the tip. appreciate it.
Will surely look through that section.
but really all I see is campaigns and faucets that either won't let me in since I'm new user here or faucets takes a lot of time.
I earn more by designing things for people on other boards

Difficulty are adjusted based on the average time used to solve the previous 2016 blocks. The minimum difficulty is one. If the difficulty rises, the target would be lower and vice versa. It can go down and go up but the time always aim to be at 10 minute. Difficulty adjustments are best made in a larger sample size. This is because of varience, if blocks continually adjust, they would go to very high and low very often as some blocks are generated seconds apart and some are generated hours apart.

Circle is basically providing a offchain transaction solution. This involves the trust on the operator to make sure that they are solvent and won't scam you. For blocks to be generated faster, a hard fork is needed and more blocks would be needed to reach the consensus of a 10 minute block. A famous incident was by inputs.io. The owner ran away with more than 4100BTC.

Thanks, but who decides the difficulty?
who makes those blocks?
what exactly is this bitcoin network and who runs it?

also about that inputs.io, it seems that it was hacked

https://en.bitcoin.it/wiki/Inputs.io

and everyone who lost their money were provided it back

https://bitcointalk.org/index.php?topic=248803.580

I'm not sure about it but I believe it's implemented in Bitcoin Core itself since the start. Blocks with a lower difficulty would get rejected by the reference client. Blocks are created by the miners who is solving complicated algorithm using specialised computer called Application Specific Integrated Chip(ASIC). They are designed for one thing, that is to mine Bitcoin. The backbone of Bitcoin network is the Bitcoin Core itself. Not everyone who lost their money had it back, most didn't. Also, he have a big negative trust rating.

I forgot to add: blocks would be faster if hashrate increases after the difficulty adjustment.

A lot of people here believe its value needs to be far, far higher than it is now if it's to be genuinely useful. That being a possibility, squandering it might fill you with regret a few years down the line.

It has the potential to change the way a lot of things are done, sending money abroad, online commerce, automated contracts that don't require lawyers, and there are many possibilities that we haven't even thought of yet. It's a very young technology.

Okay, now there mayy be millions of miners in the network, how is it that no two miner's solve a block at the same time. If it is how are numbers given, each is block is identified by it's own number isn't it.


Yes, I'll think of it.
And as I said in first post, I just take payments and get it converted to PP on boards.
Currently I have no other use. I'm not a programmer or a coder.
But yes, I do look forward to having an increase in it's price.
for eg. in last month it rose to $340 now (circle, not preev)

also this brings another question.
Why is price on circle different than on preev?

All prices are different from place to place. There's no one uniform price. The places that set the prices are the exchanges and each one has slightly different conditions. One might be more difficult to get money in and out of, another may have far fewer users so it's easier to move the price around.

They tend to smooth each other out, if there's one with a radically different price then people will exploit that difference for profit until it settles back down again.

Preev gets its price by combining the prices from multiple exchanges. I'm not sure what Circle's formula is but they're not an exchange.

Thanks for that. But circle does allow of buying and selling on BTC within itself. It's not just a wallet.
However it's mostly limited to US only

The numbers are block height. If two miners generate the blocks with same transactions included at the same time, it would depend on which blocks get extended first. If one of the block get continued by miner first, the other will be orphaned. If someone found a block while you were mining, you would have to recalculate the merkle root as the hashPrevBlock has changed.
Preev.com by default calculates the price based on a 24 hour weight volume. It can be changed by changing the settings. Circle.com has a different source and bases its price on that.

Yes. It's a buying and selling service but not an exchange. Exchanges don't make the actual sales, they provide the platform for buyers and sellers to trade on. With Circle you're dealing directly with them.

Okay, I get it now.
Thank you.

So, if i transfer say $25 from my circle account to external will it cost me extra or receiver will get less?


So Localbitcoins and coinbase are ust platforms?

welcome on board

many people earning some coins doing graphic designing which you can do as well just keep an eye on digital good section

and can you please send me some examples from your past work ?

Thank you for warm welcome.
Yes I'll PM you link to my portfolio now.

Coinbase runs an exchange and a buying and selling service direct from them which are separate. Localbitcoins is a platform. They act as a middle man holding coins for the buyer until payment goes through. It's pretty much an Ebay for bitcoins.

Maybe I'm having some issues.


"The last posting from your IP was less than 360 seconds ago. Please try again later. The thing you were trying to post was saved as a draft. This limit decreases substantially as your account becomes more established."

I'll send you in a while.


For some reason I don't like LBTC. Maybe the way it looks. Thanks again though

That is a standard error for newbies. There is a time restriction on how soon you can post or pm someone. Just post slowly and as you rank up, the level decreases to the point where you can post almost instantaneously. This happens around member or full member.

Welcome to the forum fellow newbie!

Yes, Saw a detailed thread about memberships later.
Thank you


Also, Can anyone quote https://bitcointalk.org/index.php?topic=1235460.0 for me?
I posted images but they won't show up.
Being quoted as a reply will show them up.

Well, that's cool...I agree with him. The future of Bitcoin is too interesting to burn them on gambling. Buy things you need with it to support the bitcoin economy or save it...those are the best uses (in my honest opinion).

I haven't used it for about 18 months now but didn't have a single issue when buying through bank transfer. Go with the traders with the excellent feedback and it should be fine.

I think that too


Thanks for quoting the thread.
I'll try LBTC