Bitcoin Forum

With ever increasing people using Bitcoin, how long would it take for transaction data stored in bitcoins block chain becomes too large ? I heard this is a big problem is this true?

Personally for me, when ever i m free i m using it. i m already doing a job, and bitcoin is my part time job.
I like Bitcointalk because in this place no time limit, we can use it anywhere and anytime, it is really helpful way to earn bitcoins.     

It won't become too large. People who don't want to store the complete blockchain can use pruned node, or leave out the signature section when segwit arrives. Even if you want to storethe whole chain, it is likely that storage capacity increases will outpace the growth of the blockchain. Don't believe all the doom forecasters who don't understand the situation.

I have been using bitcoin now for over 3 years and i have to say that i have never had a problem sending bitcoin or getting it confirmed when i have paid the appropriate fees.

Exactly, and I don't understand why people keep on complaining about the delay in confirmation time, as I have never faced that issue since I am using it.

yes i'm also have been using bitcoin almost 3 years,but sometime i feel my transaction sucks and getting long time to confirmed,its become major problem if i need urgent transaction,and then its really slow,its caused of fee of transaction?

bitcoin network is gone real bad, i sent some bitcoin earlier, took 2.7 hours to confirm once  ::)

well i guess it depends on the amount of the fees you use when sending your bitcoins because if you included a really small fee no wonder that it took you so long

i have never heard about such problem to be honest and i dont think that its a thing that we should be worried about, there are other more worrying things in bitcoin

Agreed delay in confirmation is no big deal it can be managed, and to be honest I never faced such issue since I am into bitcoin, as there are many good things attached with bitcoin.

They are likely referring to deposits and withdraws from exchanges. It does take a very long time usually an hour or more. With the new miners S9 having 14THs and about 1400W power usage. BTC will have to climb rapidly in price and soon or BTC will die. The miners ship about a month before halving, by the time most get them there will be less than 2 weeks until the halving. After the halving miners with the S9 will only get about 1/2 a BTC a month. So at current prices it would take over a year to see a profit. Then you have to factor in electricity cost as well. So if BTC isn't over $1000 USD soon BTC will be dead in a few months. Mining will hold no profit and the network will fail as people aren't going to mine if it causes them to lose money.

Sometimes blocks take too long to solve, but if you see that your transaction isn't confirmed and new block is solved on an average than 10 minutes, the problem is that you are using a too low fee.

The important bottleneck for Bitcoin is not storage, it's network capacity. Limited bandwidth will be a problem long before consumer storage capacities are exceeded. For example you can easily store 50x times the current blockchain size on a single HDD. If we roughly assume that blockchain size will continue to grow by 100-400 GB every year, we will still have about 10 years left to reach a capacity of 4 TB.

Network throughput will much sooner be a problem, especially considering the peer-to-peer nature of the Bitcoin network. Therefor it is crucial that solutions are implemented that reduce both the data load of transactions as well as their number. With segregated witness and lightning two promising solutions are approaching deployment. If there will be other measures needed remains to be seen...

ya.ya.yo!

yeah I am talking about deposits and widthdrawls to exchanges. you cant change the default fee, so there is massive delays in confirm times, really annoying tbh

well bitcoin has been around for what 7 years now? and the blockchain size is still managable for the average user. i think the internet speed is going to advance throughout the years and we probably wont have to worry about the size, unless bitcoin spikes and tons of new users start sending out transactions.

I don't think storage is ever gonna be a problem. That's cheap and plentiful and the size of the blockchain is pretty predictable. Getting your computer to index all that stuff if you're running a full node might be if it's a giant bunch of gigs.

If you ask me, mining is a complete waste of time and money... But since BitCoin is only managed through these machines, I gotta say, one day this will fail because miners will have no incentive to continue to run these machines if the reward isn't paying for their time and money. Transactions fees won't pay for them.

Including a decent fee helps to make the chances of having your transaction included in the next block higher, but you also have to look at the size of your transaction. If for whatever reason your transaction for example exceeds 1000 bytes, then pools will most likely ignore your transaction for quite some time. Even when you include a fee of 0.0002-0.0005BTC it won't help much in that aspect.

if you are earning it from signature campaing. i think then you need  a quite good time.  but if you doing trade on bitcoin. then i think its think its the best time to sell the bitcoin. because its rate is now so high.

I feel too, I never have a problem in sending or make a transaction with bitcoin maybe some people get a stuck or more delayed in their transaction and not paid the appropriate fees.

Definately correct. I also have been in bitcoin for 3years but i never had any problems in regards with sending and  receiving bitcoin into my wallet. I never complain about the time arrival of any transaction as long as the btc amount is intact no more no less that the verry important on that matter. Others complained about the time transaction because they want fast transaction.

It depends on my transaction. I usually have to wait 10 minutes in getting the recommended confirmation (3 confirmation) and sometimes also one minute I was able to get confirmation of the recommendation. So, it's a matter of how fast the mining deal. And if we associate this with the terms of the transaction it will be quite difficult, but I am sure in the future will not have confirmation problems

I dont think it is a problem at all, it currently stands around 80GB, i just bought a 5TB hard drive for under £100, which means it would take a few years to fill that.  with new tech being developed for bitcoin all the time around reducing the size of transactions and Moores law i cant see this ever being a problem in a developed country.

The problem comes in when everyone cannot afford to by 5TB drives, so we hoping the price of drives and the size of the Blockchain will

stay affordable as long as possible. I buy second hand drives for next to nothing, when friends wants to upgrade to something bigger, and

then use that.. so it's not a big problem for me.  ;D

This would varies on the volume you are trying to do with bitcoin i am working on some sites who are paying 50-60 payouts daily and the delay it takes would be 2-3 business days

As a student I can't manage time for bitcoin but now I have gave up paying all games mainly clash of clans which is very addictive and time killer so i pass those with bitcoin and i earn about $6 a month from faucers.

$6 a month is really not that high so spending this for your entertainment is just fine i guess. but if you are going to think for further future i guess you should start saving those amounts today :)

Dude, you just swapped the one evil for another.. How many hours do you have to spend solving Capthas to earn $6 per month? Let's see,

$6 = 0.009876 and most faucets pay 350 to 400 Satoshi / hour. If my math is correct, and let's say you earn 400 Satoshi's per hour on one

faucet, that would be 2469 hours needed for 1 faucet, or 246.9 hours for 10 faucets / hour. { So if you spend 8 hours per day, solving 10

Capthas per hour, you would Net about $6 in 30 days. } If on the other hand you got a low paying job, paying $6 an hour, you would only

have to work 12 hours in 1 month, and you would not have to use ANY faucets for a year.  ;D

Bitcoin does not require that much time, the only thing that can require much time is when you are just starting.
Then it can take some time to learn everything that you can learn with Bitcoin.

Currently with 1 MB blocks, that's 144MB/day, 52560MB/year, in 10 years blockchain will have increased 513 GB.

Today you can buy 4 TB hard drive for 150 euros, how big and how cheap do you think storage will be in 10 years?

What was your question again?

the same for me, i started studying and i cannot stay for a long time with bitcoins unfortunately but it is how it is

Yeah dude you are right, i just receive some bitcoin from my brother and it not take a long time waiting and waiting the confirmation. So for me the time is not a serious problem for now too.

I am looking for bitcoin when my time was free, it was because I was more interested in my work than to seek for bitcoin. bitcoin I was just looking for fun because it is my hobby. I am very happy looking bitcoin, because it could make me earn extra income

Personally I never faced any issues of transaction confirmation so far (I’m using bitcoins since couple of years). I think that’s probably because I have used online wallet like blockchain where fee is appropriate automatically applied.

Considering the growth, I think there must be some provision for the transaction quota or something like that which will make sure that transaction won’t take much time to confirm. We won’t face any issues at least for next few years.

I'm using Blockchain.info wallet and until now, I haven't had any problems at all.
The confirmation time is proportional to the transaction fee. I always use the lowest transaction fee possible which is equivalent to 60 minutes.

True, I think that an few hours of waiting is just acceptable since there are things that they need to make sure first before sending the transactions. Unlike sending methods in which you have to wait for how many days.

Buying a 5TB hard drive is great but it doesn't solve the actual problem of sheer size of the blockchain. Not everyone will be able/willing to invest ~$100 in new hardware just to be able to use Bitcoin. Not only that but 80GB would take forever to download on slower connections, already on my 30MB/s it takes around 6-7 hours. And you can forget about mass adoption.

Nooo bitcoin now is popular where there are new investors who choosing to use bitcoin if the transaction will be make some time before it confirmed then its okay because we can wait until it succeed and we all know that the main API or anything the main is blockchain and we can also see those transaction made every day.

No,it isn`t such a big problem,i guess.

Quantum computers will solve this issue.

I don`t think that the number of people using bitcoin increases that much.

I wish bitcoin could grow faster.

Well you are first person who said it, because whenever i transfer my amount, from bitcoin, so i have no problem in it. You should see the other benefits of bitcoins for us. For me, bitcoin is really helpful i always pay my bills with bitcoins and also i am earning with bitcoin, only hold it and sell when bitcoin on the top.

Bitcoin transaction data on blockchain now very much but there is always updating and monitoring system, so that it can be solved easily. Maybe if that happens there will be problems that arise as a pending transaction. But as long as it can be overcome would not be a big problem.

Indeed we are in the same page, Perhaps all member here they got learned through bitcointalk forum and thanks to all the member who accommodate those question if some are asking. I am also making bitcoin as my part time job through signature campaign.

Bitcoin does not really require much time at all because the only thing that you really have to do is keep in check with the price of the Bitcoin. 
You do not even have to spend every day on and that is why I like Bitcoin.

Im only considering bitcoin as my online job where i can earn weekly by just doing some post every day , and for the transaction why sometimes it would take more time before it confirmed because if you are going to see the blockchain there are many transaction are made everyday and this is not a problem this is a normal.

Yeah but if you are earning from signature campaign then you need to spend time on daily basis, but it won't take much time for that and I think 1 or 2 hours are enough for bitcoins.