Bitcoin Forum

Update________________

Bitcoin Blackout - No transactions for 24 hours.

Christmas Eve this Sunday December 24th. 00:01 Eastern Standard Time.

Facebook Event: https://business.facebook.com/events/2035024043411449/ (https://business.facebook.com/events/2035024043411449/)
Facebook Post: https://www.facebook.com/HelpMyWallet/posts/922006654617992 (https://www.facebook.com/HelpMyWallet/posts/922006654617992)

Like and Share! No transactions on Christmas Eve. Bitcoins confirmed by Christmas Day!

Take back our Network!


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Please kindly stop making Bitcoin Transactions for a day or two...The Blockchain needs to catchup!

Let's do a blackout for Bitcoin Transactions.

288000+ Unconfirmed Transactions.

https://blockchain.info/unconfirmed-transactions (https://blockchain.info/unconfirmed-transactions)

HelpMyWallet.com (http://HelpMyWallet.com)

This is my cry for help...  ;D

Yes , the miners are attack bitcoin for gains high fees, this make a price down for BTC and high fees. dont send more BTC.

Hello author! I understand you very much! But you really think that you can just ask and people will stop make any transaction? It will be paradise if all people here will be like big family and stop make it but I don't believe in it!

It is not impossible. People are known to do even more amazing things when they come together on something.
Perhaps organizing an event of sorts is in order. Like the Earth Hour when people turn their lights off, just for Bitcoin, or something like that.

You must be one of us with stuck transactions, and can't afford pushing it.  :-[


Without a common front we struggle against each other for our own gains.

who can afford it at this rate? I spent 32 usd to move less than 1k. It's been multiple days now.  Just add that to another checklist of things a crypto trader needs to check before moving btc. 

People won't stop sending transaction mostly due to decreasing Bitcoin value. After a while of thinking, I decided not to sell my BTC because of expensive and slow transactions. Bitcoin price should be back to normal soon. As far as I remember, Bitcoin value vastly decreased in September. It took 2 weeks before Bitcoin price was back to normal. What a shame that many exchanges still don't support SegWit, it could help a little. I hope that Lightning Network will be introduced soon, I have used in on the testnet and it worked great.

This is not a good advice. Bitcoin is created for doing transactions. Even if  people stop sending bitcoin, for sure it's not a solution. We need a solution which solves this problem for all the times.

All miner are on BCH, within 10/11 days, difficulty will adjust and all miner will come back to BTC again.
We cant use BTC these days, fee is very high and confirmation is taking very long time.

At the moment, the bitcoin fee is too high. I think this is an obstacle for small investors. Currently, major trading sites in the world have also increased fee, which makes the traders feel quite frustrated. I think that commercial sites should have a more rational way to attract investors instead of raising fees.

Yes, the rates are really very high right now. I send 30 Dollars when I want.


I do not think the low commission rates are in the literature, so it would be wiser not to send it for 3-5 days at the moment
If so, how do we transfer it?
ı dont understand now ...

Not impossible.People are known to do more amazing things as they gather in a sort of sequential event.
 As Power Turns an hour when people turn off their lights, just for Bitcoin,or something like that.

BTC chain is more profitable at the moment, block reward is $137,369 (8.44 BTC) vs. $205 (0.06 BCH).
Also, the relative hashrate in the last 6 hours was 85% BTC vs. 15% BCH...
Diff adjustment will happen on 4th Jan next year, but price has also influence on miners to decide which is the more profitable chain at the very moment, but now it's BTC's time but despite of this, the mempool is still growing in transaction count.
There's no need to ask the people to stop sending transactions because the fees already stop them (but not all of the people).

No, we shouldn't stop sending Bitcoin, we should start using Segwit so transaction sizes go down.
You'll also pay far less fees if you use Segwit to send your Bitcoins, so if it's an option to use Segwit, please do.

I've made a topic about this, but it got buried pretty fast, I'll share it here anyways.

https://bitcointalk.org/index.php?topic=2628386.msg26744871#msg26744871

Let's encourage people to buy miners or better yet let's encourage miner companies to build faster miners.

You can ask some people but not the majority, bitcoin is a peer to peer transaction and a mode of payment, people are buying stuff online and offline using bitcoin it just cannot stop your appeal is useless but once this hyip and mlm stop doing business using bitcoin transactions will ease up.

We can't just yell on our closet to stop people sending bitcoin. You can do it alone and stop sending for now to avoid high fees but we don't know if this will stay for long or it will be solved in due time. I'm neutral on this thing and it's better to be calm and watch the market play and it's sick to see the unconfirmed transactions increases.

This number rises and falls like ultrafast clock. I think we not only have to pause using bitcoin but we don't have to spam network and don't let miners to set very high fees. Just look these paid accelerators, they use current situation as they want and set so high fees, if we had much money we would send with high fees + viabtc's free accelerstor is spammed. Time to use cash or altcoins.

Far easier..
Use Segwit, both you and the rest.

Lower fees, doesn't require a genius to operate, and we can still continue using bitcoin, not just hodl them.

And since we're on the subject, contacting the guys in this list and bombarding them with request of deploying  segwit would help a lot more:
https://bitcoincore.org/en/segwit_adoption/



1. Miners don't set fees, users do.

2. How can you use "cash" over the internet?

I think that no one would co operate to do so.Now the saving button for bitcoin is only in the hands of the core team.They should wake up from the sleep and try to solve this issue.The problem has exceeded the limit due to which some times,even the fee is more than the amount sent.

Its totally against the vision of satoshi who created bitcoin as a platform where people could send money P2P at very low fee.But its no more.

Yeah got a transaction stuck from 1 exchange to the other.. Can't even push it trough with an additional fee.. No idea what to do now...

I really do not want to do transaction because Blockchain transaction is very long and until now Bitcoins still not been confirmed. I sent Bitcoin 2 days ago

2 or 3 days later and still unconfirmed.

So much for a P2P system that works. Anyone want to design an off-chain alternative and get some of the major exchanges to adopt it? All of the fly by night bandwagon fans are on Bitcoins nuts and it is being choked out... and not in a good way!

The fees are enough to stop people from sending transactions lmao. It's sad, but Bitcoin is pretty much unusable right now.

In my opinion, it's better to advocate against dumping. I don't have any data to support this, but I only really see two reasons for the massive transaction pump at this point:

1) Network spam attack. Bitcoin Cash has done this before. They can do it again. They paired the last attack with massive FUD and with Roger Ver moving his coins. Now, this network spam coincided with Bitcoin.com's co-founder dumping. Could be a coincidence, but I don't buy it.

2) People panic dumping. You can always delay your transactions unless you actually bought something, which few people really do. What other transactions can't be delayed then? That would be panic dumps, with people wanting to preserve the value of their money.

We'll get through this like we did the last.

this is very much alarming news for this platform. we have observed that Bitcoin and other cryptocurrencies price has fallen down and the transaction process also has been hanged. that's why we have to take a very careful step to transact Bitcoin.

If your statement would be true then we have to wait for a couple of days for sending Bitcoin in order to convert into money. So wait and observe what's going on. I think within a couple of days, the situation will be calm and quit.

There are romours that miners holders are doing many small transaction to make a big congestion over the blockchain.

BTC would need a system to deprioritize meaningless transactions to avoid this type of DDOS attacks

Well I just hope all the transactions will be confirmed before the year ends. It's very alarming and I don't like to start my new year with this kind of problem. Aside from high transaction fees, I didn't expect this to happen in blockchain. We really can't predict what will happen in the next few days. I'm waiting for my payment to be confirmed and it's still stuck for how many days already and I'm needing it so I can buy stuffs before Christmas, but it seems like it will take more days or weeks perhaps for it to confirm and it's quite annoying.

I do really understand now why there are a lot of threads in the "Service Discussion" offering to accelerate pending transactions. I'm also tempted to seek help. But, they are one of the reasons why there is an ongoing chaos within the Bitcoin network. I guess we have to live this way temporarily until someone will fix up this kind of a mess. Also, I can imagine now once Bitcoin becomes more mainstream and will be accepted as an alternative payment method globally. With the continuous number of transactions keep rising up, there's no way that the network will cope up with the current demand of BTC users. Let's just hope that an excellent dev team will find a solution for this. Otherwise, we should look for an alternative digital currency that can sustain what Bitcoin has done a few years back.

both of those will sell
spam form ver and others.
new users worry to lost all money and sell them btc

Wow 288000+ has not been confirmed, this is a very large number and needs to be investigated. I'm worried about fee for bitcoin transactions because every day his fee is more expensive, maybe this is what makes the transaction becomes difficult

The current unconfirmed transactions are down now to 263350 so that was a good indication that there are transactions that were confirmed already but still that's a high number.


It's Christmas season mate so we can't stop people of doing it so and we all want to enjoy the holidays so everyone is just cashing out and keep on transacting. If you want to stop sending bitcoin, you can do it alone but it can't push others of following.

AS said , problema happen becuse there is people making congestion on the network and therefore fees are huge.

Damn! 288k! I thought we already have many miners already LOL
But I agree with your suggestion, let it rest for a while, do not do any transaction for a while. Do not let the miners increase their fee as much as they want :P

I agree. I've sent some btc with a small fee almost a week ago and it didn't arrive yet

I totally agree with you.. A lot of unconfirmed transaction in bitcoin now. I thought I was the only who noticed this one. That's why I did not have any transaction with bitcoin started last day.

Yes this is a nice idea, although i do not believe people will do this and if just in case we do this for a day most likely the next day transaction after the blackout will just be doubled.

The blockchain really need to have a breather but somebody should think a permanent solution.

People aren't just going to not use their Bitcoin, but people should try to consolidate transactions, and take it easy to some point if you can.

Sorry but I don't believe in solidarity here in this community but maybe it's only now such situation! About Earth hour...come on...people kill people, starts wars, make deforestation maybe they think that money make oxygen? I don't believe in big full of solidarity crypto family especially when we are talk about money. Hope I am wrong..

In as much as that is the best option for this present situations it will be very hard for people to stop transactions for a day in bitcoin. The amount of unconfirmed transactions are increasing day in day out the blockchains are congested and the transactions fees is on the increase but that will not stop the people from carrying out transactions. Your advice is the best but only if the people can act like one big family and stop as you have said.

Its sounds funny but if we all can make this blockchain can take a rest for a short period of time. But the question is we are not the only one who are using bitcoin in this furom there are a lots of people who are always using bitcoin outside in this furom. I think they are the one who always making sending bitcoin transaction.

I just tweeted this tweet:


 
Would be good if all of us started tweeting something like that xD Let's make some noise!

I think it's because of congested transactions on the blockchain, it could be annoying sometimes though, but we hope to have a change for the better soon.

Bitcoin Blackout - No transactions for 24 hours.

Christmas Eve this Sunday December 24th. 00:01 Eastern Standard Time.

Facebook Event: https://business.facebook.com/events/2035024043411449/ (https://business.facebook.com/events/2035024043411449/)
Facebook Post: https://www.facebook.com/HelpMyWallet/posts/922006654617992 (https://www.facebook.com/HelpMyWallet/posts/922006654617992)

Like and Share! No transactions on Christmas Eve. Bitcoins confirmed by Christmas Day!

Take back our Network!

yes true, the transaction is not only done by this forum community but the whole world who know and have bitcoin. it seems to be difficult to do, too many transactions that I think is not fair. bitcoin is out of control, especially with the current price, everyone has the right to hold or discard it.

Sounds interesting, bitcoin network is too congested. Give it a holiday! :-)

I think maybe we have to see a big delay of the transaction in this few day later because until now the transaction is getting bigger and waiting for the confirmations. I agree that the network needs to refresh a day or two and after that, I hope the network can run smooth and the transactions don't need to wait for a long time to get confirmed.

Not feasible.   My income is mostly automated.   It costs too much to shutdown and restart.

Yeah, we can make it take a rest and then what?
Are we going to turn into some communist country with monthly ratios os gasoline and cars driving on certain days based on their number plates?

Even if we do stop making transactions right now the numbers in the mempool will drop.
It's Christmas, two weekends, New Years Eve, the numbers are even now dropping from 280k to 240k.

But what after it?
Once activity returns to normal what will a boycott do? Other than hurting trust in the coin.

A lot of people is in need of money right now because of christmas season so I don't think bitcoin transaction can be prohibited though I feel the grudge of those people experiencing unconfirmed transactions we still cannot ask everyone to do something in favor of you the best thing is find a good way to solve your issues and continue hoping bitcoin will soon get better

I have mixed feelings about this. Sure I want the blockchain to calm down a bit, but I don't think a sort of "Earth Hour" solution is the best way to address this. Soon what, we need to do this every week? I'd like this attempt to be successful though, just for the curiosity if it would actually work out or not.

Currently we have 235,635 Unconfirmed Transactions[1] though, still a lot, but a lot better than the recent 280,000. Hopefully it comes down more.

[1] https://blockchain.info/unconfirmed-transactions

Why are you all trying to use bitcoin like money? Bitcoin is for profit, like an investment. If you make a few thousand on your investment you pay a “brokerage” fee (exchange fee, transaction fee) to sell it. Big fucking deal! Stop trying to use bitcoin to buy shit! Hold it until you’re ready to sell and make your profit.

Stop bitching about transaction fees and delays. Google wallet is free and fast. Go use that to buy shit instead of bitcoin.

You can't stop people sending their btc from wallet to another. What if they badly need the btc and they are something need to pay for? You must need to convince more miners in order to help and confirm the pending transaction in bitcoin network :D This is a big help. instead of promoting a cancellation of all transaction in bitcoin blockchain.

Alright, here's a suggestion that can help without cramping peoples style too much. If you move some money over to Coinbase or something like that, and have it linked to their visa card, you can spend as much as you want any time you want, and the transactions take place off the blockchain. They pay out Visa in big mass payments, which consolidates the transactions. I know people don't like the whole "soft" wallet thing, but think of it a different way, more like your buying prepaid Bitcoin Visa cards that can be recharged.

Yeah calm is the answer of this crowding of full transactions today. Many of the bitcoin holders today are affected by the FUD happening specially the promotion of this BCH is the true Bitcoin. Hope the storm will settle soon because the transaction was too high.

Yes i will join your boycott but yesterday I had to pay an extortion fee of $25 to move coins from
Coinbase to my Jaxx wallet to ensure that I get in on the Segwit2x fork on the 28th of December
that seems to be hidden in the news we get feed to us.

It might be a scam, well hot air but it would be good if the fork was real and the price of X2B
was going up when i looked so who knows.

if you like high fees and poor exchange rates then use Coinbase but expect "Technical errors" if the price
of BTC is moving fast and to wait ten days using SEPA to move money from Coinbase and back to your own
bank account.

You also risk not being paid out on forks or having to wait to access the money because like
you say " transactions take place off the blockchain "

Did I tell you how they scammed me out of $10 ? Well never mind, many others are telling the same story

Easy solution - start a mining pool, and give members priority for their transactions.

That's why I said to think of it as a "prepaid Bitcoin Visa card" not as a normal wallet, or a marketplace to buy or sell. Don't use it as an exchange, just a payment processor. I can use my Shift card anywhere Visa is accepted anytime I want. No minimum, no waiting for transactions, no fees on the transactions. I mine, so I just point my pool to pay out to the Coinbase account till there's $500 or so there, then point it back to my regular wallet when it's "charged". No fees. Did I mention NO FEES? I'm working on setting up a Bitpay card right now as well, (Visa also) but I'm not an expert on that yet. My idea is to have equal amounts on both the Shift and the Bitpay cards, and if I go to buy something, (larger purchase, not for an egg Mcmuffin and a coffee) I'll take a quick look at which one has the higher exchange rate at the moment, and use that one. Just trying to share with you all what I do to stay ahead of the game.

if all be smart and stop using bitcoin will be better but all try to get some profit from correction and buy more.

number of  Unconfirmed Transactions back less than 200,000 but still so high

I hope it does not go quite as far as that because of the knock effect but today you are my hero because I thought
that i was the only one here that dares to call in to question the block-chain or Lightning but then I noticed your
advert in the footer that many addictive gamblers here tend to use to peddle their wares but in your case I
decided to click the Youtube link .

I would send you a $1 in BTC as a compliment if you pay the $40+ transaction fee for me
but if you have a BTG address then games a good one.

So what's the purpose of this? If there are no new transactions going through then miners will chase down the unconfirmed transactions? Do you think we can clear 288,000 transactions in a mere 24 hours? I suppose it's 48 hours if you account for the time frame from the earliest timezone hitting Christmas Eve to the last timezone that completes that same day. There's are 24 time zones across the globe.

This is the first I've heard of this but I like the idea. Are you the sponsor? How's the promotion of this event going worldwide?

Indeed you are a smart man !

Hope you stack a little silver/gold like me and I hope BTC plays a part in pushing the price down even more
and I am sure you can work out why and those that mine it are real nice people and will even post it to my
door with transaction cost being free after stamping a nice little picture on the front of it.

I am not good at maths so maybe you can help me

60 seconds in a min so that's 3,600 per hour and we times that by 24 to give a total of 86,400 seconds a day

Now it get complicated processing the transactions because we don't have any dead periods waiting for new orders
to arrive so instead of processing seven a second like the max speed is on BTC we will call it eight instead for the reason given.

86,4000 X 7 = 604,800 without me even having to cook the numbers so maybe you can help me
with my mistake b/cus i am useless when it comes to maths

Just think these miners will be sitting in the cold after about (top of head) eight hours because they use these
power hungry mining devices to heat the room they are working in and they won't have much work to do.

Such is impossible, here's the reason: People are going to dump bitcoin on Christmas or new year's Eve and flee to some place where they can spend their weekend peacefully. Bitcoin blackout if in case it ever happens it'd be countered immediately by whales and traders. So why think of such a ridicule. But still just for the sole reason of not to degrade you, I wish you luck  :).

You're math is close.

3,600 seconds per hour, which also means 86,400 seconds per day. If we divide 86,400 by 7 we'll have the number of 7-second intervals = 12,342 "transaction processing intervals" within 24 hours. Now we need to see how many unconfirmed transactions need to be squeezed into each of these "transaction processing intervals".

288,000 unconfirmed transactions / 12,342 transaction processing intervals = 23 transactions that need to clear every 7 seconds for 24 hours straight to have gotten through all the unconfirmed transactions.

Now this DOESN'T take into account the number of miners or the fact that the period. I think this is doable. We need 23 miners online clearing nothing but the unconfirmed transactions to clear them all. We can do this!

Now, where is the tally of unconfirmed transactions? How can we measure success? IF it doesn't work for Christmas day we should ramp up the promotion and hype to occur on New Year's Day - which is more recognized across the entire world. No new transactions on New Year's Day!

My two transaction is not complete too... Guess the miners are super busy.

Although the blackout as you call it is necessary but it is very tough to convince all the people to do so. The number of unconfirmed transactions are keeping on increasing day by day and it is rising the price of transaction fee drastically. The blockchain network needs time to confirm the pending transactions so that the network becomes stable. The blackout is necessary but it is difficult to let the people do it as they will most likely do the transactions if they need it to. So we must find a better way to do it than a regular blackout.

LOL pretty much this. people have made arrangements priori to this announcement, and this is money. a surprising amount of businesses are actually staying open on Christmas nowadays as consumers venture outside of the home on this traditionally low key day. folks watch movies, eat at restaurants, use gas stations and grocery stores (gma forgot the eggnog!). if you use btc to pay for things like this..


.. then of course this isnt really an option.

but if the ones that can do, this should indeed have a wonderful effect on the congestion.  ;D

Bitcoin blackout is very necessary but how do you really convince people to stop transactions when all they want at this moment is Christmas money for there friends and family, this is not going to work out. The heavy transactions are really cause slow in confirmations of transactions.

Let also the office workers enjoy there holidays....
Be considerate.... Hahaha

Hahaha let the other guys have fun during holiday seasons....

This is not a real event. Blokchain does not sleep and does not celebrate. The bitcoin network works round the clock.

We can't hold peoples mind.. the blackout might happen when there are disasters going on the city or a worldwar fight it may happen that bitcoin transactions will stop in just a minute.

I knew I was doing something wrong, just new it so if BTC can manage 7 transactions a second then we divide the number of seconds in a day
and we don't times it by seven like I did.

Wow I love this and it means the more electricity I consume each second will result in a smaller electric bill since we divide the time by amount instead or multiplying it.


Again you beat me because I ran some code needed to start a virgin node and to start with it ran a DNS lookup
that returned a dozen IPs from the lookup of "Well known nodes" and then I asked them for a list of all the other
nodes that were up and working and these are know as "full nodes" and the result was, err well more nodes than i could count.

Clearly "full nodes" must mean they are "Full up with work" and this is why I never managed to get the code working that
asked for ledger headers from these nodes because they were "Full up with work" and could not service the requests.

I blame Russia Today and Ebay for my mistake because they was showing me like warehouses full to the roof of miners and
i had the number at something like 50,000 and not just 23 

This isn't a full time 'fix', but it would be nice to let the network catch up. I know this wont make much a difference because not everyone will see it, but it is worth a try and we'll at least speed up the confirmation process. I also think someone should pin this thread for more people to see.

I guess that not many people will listen to your proposal. I don't need to send my BTC anywhere right now so I'll leave it where it is. All transactions I have made recently, were from and to SegWit addresses. Why people won't switch to SegWit? I understand that many web wallets and exchanges don't support it yet but Electrum has already released a new version with bech32 base, native SegWit address generation. Unfortunately, not every client recognizes this new type of address as a valid one.

Here i have to expose some of my lack of knowledge but Segwit was going to be a new fork, copy the block-chain, rinse and repeat and may or may
not still be going ahead on the 28th of Dec and is currently being listed as B2X  at about $1000

Some of the code needed for the new system was being developed but you seem to be saying it can be turned on in BTC
and will somehow work with the older system so I am a little bit lost here not that I am saying you are wrong about this.

Does this involved depositing BTC with a type of broker who then hands out IOUs (Fake micro units of btc) much like
Lightning does that are kept outside the real block-chain because I am more than a little bit lost about how this will work

Too much of unconfirmed transactions, lightning technology should be used more.

it is better now i see fee back to 200 sat and can send 100$ with 15$ only.

unconfirmed number less than 200,000

People still do Earth hour. There is no reason for this not working in Bitcoin. It is money, yes, but people donate money all the time for a better cause.
Andreas Antonopoulos received millions of dollars recently with BTC donations by community for his hard work in promoting Bitcoin over the years.
This isn't even asking people to give away money, just stop using it for a short amount of time.


Bitcoin is still better as a currency then anything else invented so far. For you it might be for profit, but for some this is a new way that we use money.
After all, that is the whole point why the price goes up, because some think that one day it will be more useful then any currency we have today.

No problemfor the blockout atleast you have internet into your mobile youcan transact bitcoin. Yes its the mosteasy way to have your bitcoin check every minutes.

If this is implemented, its going to do a whole lot of good at this time where a lot of people are beginning to lose faith in the whole bitcoin while jumping to the next available coin. I can't imagine someone sending an amount in which the transaction fee is even higher than the amount sent. I have a feeling op is only making jest of the current situation to have said bitcoin needs to catch up and if the core developers wants to still save what we have left, now is the time to do that.

To the ones who are hoping to see the lightning network soon, please, dont make false promises because we all know that it is not going to  get implemented soon.

And i doubt that there are not going to be transactions, remember that we are on christmas right now, everybody wants to cashout

well, without this initiative i'm kinda doing it already, this year christmas is for my parents, my wife and my family.
I will put BTC and crypto world aside and enjoy my well deserved vacation (it has been a hell of year at work), i'll check it every now and then but no transaction from me.
This is a nice initiative but it will not solve the issue we have at the moment, let's hope 2018 will be a succesfull year, especially solving this issue!

Im not sending anything. This makes me pissed off. New currencies deffinently have a place in this market. And the more decentralized the better. Which is the most decentralized crypto ever?

Yes decentralized and you can still have that without ending up with some monolithic 200gb block-chain
held by 20,000 servers because it does not scale as you are stating to see and really any two bid programmer
would understand this and this is why it cost 72-90KWH of electric just to process one transaction.

decentralized coordinators and hierarchical breakdown of data will work just fine but you will need more than just one machine
running in a student bedroom to get it working and don't even get me started on this PoW crap

I mean, come on we don't price data in bytes, we price data in megabytes or gigabytes or am i the only one
here that can see the king has no clothes on.

I think that's the main reason why the price of bitcoin went down and the fees got increase.There's no way to stop sending bitcoin , because if we stop the mining process would also stop. Many people are running there mining machine they're using their power  and money to run it all power will be lost. Bitcoins tx can't be stopped for a day as well buz millions of people using it.

Most of the block reward comes simply from newly minted coins. In future this will not be the case, but we are not there yet.
Lack of transactions will not significantly impact the mining industry, it will just readjust the balance.

You understand that’s not really true, right? ALL of the block reward and fees come from newly minted coins. Miners get their payments from fees and block reward. Both fees and block reward are awarded when a miner finds a block. It’s true that eventually the block reward subsidy will end (or become insignificant).

The number and size of transactions determine how much transaction fee money comes from mining. Sometimes stupid people put way too high a fee and others put way too low a fee on a transaction but they are usually balanced in amount. Increasing fees (readjust the balance as you say) harms the mining industry because fewer people are willing to use bitcoin. The more data a transaction carries, the more fees you need to attach. A larger block size will lead to more confirmed transactions, which means the cumulative fee will be high, even though each transaction charge will be low.

Mining fees (and currently the block reward) are necessary to keep the miners willing to secure the network (mining is bitcoins security system). Without miners, the network would be attacked because it would create an opportunity for a successful 51% attack.

Uh...Would you care to explain please? Mining fees are payed from the inputs of the transaction. I am not that certain about the details of the protocol, but I do assume that these coins are funded to the miner's address with only one coinbase transaction that doesn't reference these inputs. So in a way, I would understand if that was what you meant, but the coins still practically from those old inputs.


When I said "readjust the balance", I was referring to decrease of hashpower, not increase in fees, so I am not sure what you mean by this.
The balance I was referring to is the amount of hashpower that will be there in Bitcoin. If there are no transactions mining would go on, as miner's would still get the block reward, it is just that the hashpower will decrease.
And about the amount of people using Bitcoin and that harming miner's. well of course, this is the indirect factor I wasn't referring to.
If you have less transactions, it means you likely have less users, which means price of BTC goes down, which means the block reward is smaller.
But this is obvious and not something on a technical level that I was discussing.

miners take control of  bitcoin fees for more than month.
fee is so high and price keep stable make every things is so bad

Sure, I can explain that for you. Most things about bitcoin are not self explanatory or obvious. Fees incentivize miners to include transactions in a block. Once a transaction has been included in a block it is confirmed. Unconfirmed transactions sit in something called the mempool until they are confirmed. When you hit send on your client your transaction is sent to a bitcoin network “node” (a full client with a complete copy of the blockchain) and transmitted throughout the network (all of the full clients connected together). Miners can select (from the memory pool, ie. the nodes holding area) which transactions are included in blocks that they mine. Since miners want to maximize income, they will include transactions from the mempool that include higher fees.

I misunderstood what you meant by “readjust the balance”. Now I get you. In mining, there’s something called the difficulty adjustment. The Bitcoin network difficulty is the measure of how difficult it is to find a new block compared to the easiest it can ever be. It is recalculated every 2016 blocks to a value such that the previous 2016 blocks would have been generated in exactly two weeks had everyone been mining at this difficulty. This will yield, on average, one block every ten minutes. A “decrease in hash power” simply means the difficulty adjusts to maintain the 2016-10 minute yield which has nothing to do with price.

“If you have less transactions, it means you likely have less users, which means price of BTC goes down, which means the block reward is smaller.”  Let me address each part of that statement because there are a lot of components at play there.

The block reward is a fixed amount paid to a miner every block. By design, it cuts in half every 210,000 blocks or roughly every four years. It has nothing to do with fees.

Less transactions can simply mean people are sitting on their btc and not transmitting them to the network. It doesn’t really have anything to do with the number of users. 10 users could send 100 transactions a day or 1000 users could send one and it would have the same outcome on the network.

Speculators are controlling the price of bitcoin. They buy and sell against each other in a really costly game of “tug of war”. The bitcoin price can be manipulated by thousands of dollars without necessarily needing very many transactions.

The size of a bitcoin block is fixed at 1mb. Our beloved Satoshi snuck a limit on the blocksize to 1mb and after he did it he said it was to control spam blocks on the network. Because Satoshi screwed us, only a limited amount of data (and so a limited number of transactions) can be added to a block at a time. With more and more people sending more and more transactions, the cost for getting into the next "block" of bitcoin transactions is getting higher and higher. Fees are going up because of Satoshi’s unilaterial decision to fix the blocksize. With so many people using bitcoin worldwide it would be almost impossible for the “fee” to reduce because some users stopped making transactions.

I know that’s a lot of info that could possibly use a more in-depth explanation. I will be happy to do that for you if you tell me what part is unclear.

 :D QuestionAuthority, you are amazing man, I love you. You gave me the whole Bitcoin 101 thing. You should post this on a new topic for some new users.

I am sorry man, I didn't mean to get you to write everything from the start, I already know everything that you said, I know transaction scripts, mathematical proof of public key cryptography, all of that as well. I just wanted to know why you say that fees come from newly minted coins, but I guess I can understand that in a way as well :D

As for the price manipulation thing, yeah, I agree with that as well, but you know, I said most likely the price would decrease if there were less users and I still think that is the case, but I don't want to get off-topic here.

The point was that the user named Qunenin showed concern that if we stop making transactions, miners would not be able to turn profit anymore so they will all leave. I just wanted to explain that miners don't just earn bitcoins by getting mining fees, but that they are earning them mostly with the inflation of Bitcoin.

LOL

Oh ok, I understand you now and I agree with you. Stopping transactions would likely have no effect on miners anyway. If enough people did it long enough then I suppose it would reduce the fee cost but that’s not likely going to happen. What most people don’t understand about miners (and I was one for years) is that they also make transactions. I used to exchange and spend a portion of my mined btc every month on electricity, equipment upgrades, loan payback for the equipment I bought, space rent and repairs. Mining pools also send btc to their pool members (thousands of people) sometimes daily as payment for their share of the work they perform for the pool. Even if every non-miner stopped making transactions there would still be transactions happening.