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Title: a Q for the bitcoin system Post by: vasilis89 on October 21, 2011, 09:58:02 PM i am facinated right now from the bitcoin. I am thinking get in siriusly. But there is a quation i have to do. As i understand the transactions complete when a new block is discouvered. So what will happen in the future when the blocks became more scarce? the whole market will have to wait until a block happen so all the transaction complete after 2-3 day?
2nd.. is the bitcoin client also a miner? and 3rd.. say i have an online store and i accept bitcoin. There is any script (php.. something) so i can understand how transactions works for the bitcoin currensy system? Title: Re: a Q for the bitcoin system Post by: MoonShadow on October 21, 2011, 10:03:42 PM i am facinated right now from the bitcoin. I am thinking get in siriusly. But there is a quation i have to do. As i understand the transactions complete when a new block is discouvered. So what will happen in the future when the blocks became more scarce? Blocks will not become more scarce, only the reward for the block. Blocks will continue to be added to the blockchain roughly every 10 minutes or so until every bitcoin client on Earth stops 'mining' or the Sun goes supernova, whichever comes first. Quote 2nd.. is the bitcoin client also a miner? Yes and no. Every full client is also capable of mining, but only if you tell it to do so. Thin and light clients don't mine, however. Quote and 3rd.. say i have an online store and i accept bitcoin. There is any script (php.. something) so i can understand how transactions works for the bitcoin currensy system? There are, but I can't really direct you to such a script. They wouldn't tell you much, either, as scripts would only do a small part of the transaction handling. Title: Re: a Q for the bitcoin system Post by: k on October 21, 2011, 10:11:21 PM Quote So what will happen in the future when the blocks became more scarce? the whole market will have to wait until a block happen so all the transaction complete after 2-3 day? The protocol is setup so that blocks should be found at ~10 min intervals for ever. The difficulty adjusts to maintain this approximately constant block creation rate. Maybe you are thinking about the reduction in block reward to limit the total number of bitcoins to 21 million. When the block reward is reduced it is envisioned that transactions fees included in the blocks will replace the block reward to maintain the incentive for miners to mine. Quote 2nd.. is the bitcoin client also a miner? Older versions used to be but that is no longer the case as it was too slow and removed from the standard client. There is other mining software that is much quicker. Look in the mining sub-forum perhaps. Quote 3rd.. say i have an online store and i accept bitcoin. There is any script (php.. something) so i can understand how transactions works for the bitcoin currensy system? Not sure exactly what you are asking here. Some other sites for good info: https://en.bitcoin.it/wiki/Main_Page (https://en.bitcoin.it/wiki/Main_Page) http://bitcoin.stackexchange.com/ (http://bitcoin.stackexchange.com/) Title: Re: a Q for the bitcoin system Post by: SomeoneWeird on October 22, 2011, 04:42:17 AM Quote 2nd.. is the bitcoin client also a miner? Quote Older versions used to be but that is no longer the case as it was too slow and removed from the standard client. There is other mining software that is much quicker. Look in the mining sub-forum perhaps. It's still in the client, just the GUI option has been removed. But DONT use it. It's shit. |