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There's no need for increased transaction capacity, bitcoins price is at an all time high and transactions continue to flow, people are paying the fee to transact on the bitcoin network.
If there's a need for more transactions people can use other chains like litecoin, litecoin is the same as bitcoin but with increased capacity, I don't see a rise in litecoin transactions.
Market will speak and if/when there's necessity for a scalable solution to be adopted it will.
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I was having some btc left at havelock (0.120 btc) and just set them to withdraw, but nothings happens... it just says "pending..." what is wrong here???
How long did you make the request? They usually take some time to process payments but until now they always honored withdrawals, you need to wait a little longer. |
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Search open source projects, you don't need to build everything from scratch.
You don't need to be a programmer to set up a blog.
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It's about reaching consensus between all actors:
1) Node runners
2) Miners
3) Merchants
4) Wallet developers
that's basically it as far as I can tell.
So right now he situation is, 65%+ of nodes are pro segwit, we got a ton of merchants and wallet developers being pro-segwit, but only 25% of miners are signaling for segwit activation, so we are looking at a situation were the majority of actors except miners want segwit, so we will see of miners finally start collaborating and signal for it to activate it.
Where did you get that number? there are sites that list these things such as https://coin.dance/nodes and i believe 21.co had a section for nodes too. and according to coin.dance (first link) 82% of the nodes are signalling segwit (running bitcoin core) that is unless i am missing something about the version of the clients since coin.dance says nothing about version of the clients these nodes run. Segregated Witness soft fork was introduced in Bitcoin Core 0.13.1. As you can see here: https://bitnodes.21.co/nodes/1 /Satoshi:0.13.2/ 1804 (30.32%) 2 /Satoshi:0.13.1/ 1209 (20.32%) Lets ignore 0.14 for now, Segregated Witness capable nodes are a little above 50%, and this does not indicate people running those nodes are 'pro segwit', it just indicates they like to run up to date software... |
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It's about reaching consensus between all actors:
1) Node runners
2) Miners
3) Merchants
4) Wallet developers
that's basically it as far as I can tell.
So right now he situation is, 65%+ of nodes are pro segwit, we got a ton of merchants and wallet developers being pro-segwit, but only 25% of miners are signaling for segwit activation, so we are looking at a situation were the majority of actors except miners want segwit, so we will see of miners finally start collaborating and signal for it to activate it.
Where did you get that number? |
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I didn't start on the early days so I'm not sure really sure how things were before, the miners had the ability to do stuff just like now, being able to approve changes on the bitcoin core code?
I wanted to bring this idea and see what people actually think, instead of waiting miners to approve SegWit why not make the community do so since bitcoin is decentralized and not everyone is really able to run a miner somehow by proving the ownership of a specific amount of bitcoins?
I know, some people might say that this could easily be faked by bots sending bitcoins to each other etc... but something should be developed for this, like locking the bitcoins until the vote finishes.
I believe you're describing proof of stake, bitcoin is a proof of work system. https://en.wikipedia.org/wiki/Proof-of-stakehttps://en.bitcoin.it/wiki/Proof_of_workAlso this: https://vote.bitcoin.com/ |
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Well, it's not just the fees, it's also the inconvenience and unreliability, we always have to check if the network is congested and if it is wise to make a transaction at that moment and will it confirm, low value transactions are a no go.
I just stopped making bitcoin transactions.
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It will be returned as usual when a transaction doesn't get confirmation for a longer time. And if you are worrying about it, you don't have to worry about it. But still there are miners that are confirming transactions even there are no fees included. I haven't read and experience other results when your transaction isn't approved at all.
@batang_bitcoin I knew that unapproved transactions are returned but I wonder. Are they returned with 100% of the value or fees is deduced from this operation ? Sorry if the question look stupid. But someone needs to be rewarded for return it Everything goes to the original address, the transaction never happened, no one has to be rewarded. |
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Let's assume we entered the value of the fee too low in a process we have done. You can even get the value of the fee 0.
Miners receive transaction fees as rewards for transactions they approve. They approve higher transaction fees earlier.
What happens if our zero fee entry is not approved at all? Is there such a possibility? Or how long will it be approved at the latest?
Transaction gets dropped and coins return to original sending address. The timing depends, transaction may be rebroadcast. Does this have a certain time? For example, 0 fee was entered. The transaction was not approved by the miner. How long after the refund is made. For example, 10 satoshi fee values were entered. Since the transaction fee is very low, is this also sent back? Or will they wait until the transaction is approved? So, when 0 or a very low fee is entered, what is the maximum approval period of the transaction? How long after the refund is made. The default setting, I believe, is 72 hours, but it can be changed and node operators set the expiration time they think it's best. Everything goes to the original address, it's like it never happened. |
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Bitcoin users are already affected by network congested and cannot move their coins.  It always pains me seeing how digital infrastructure is so much neglected and not just in terms of security but also in reliability even by big companies which depend on this kind of infrastructure, and eventually things broke. |
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Let's assume we entered the value of the fee too low in a process we have done. You can even get the value of the fee 0.
Miners receive transaction fees as rewards for transactions they approve. They approve higher transaction fees earlier.
What happens if our zero fee entry is not approved at all? Is there such a possibility? Or how long will it be approved at the latest?
Transaction gets dropped and coins return to original sending address. The timing depends, transaction may be rebroadcast. |
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It's an industry in its infancy, the vast majority of bitcoin startups will fail or already fail and amateur hour is already over, if you want to make money you need a well funded team and a solid business plan.
Even if you don't want to build a company there's a lot of learning and work to be done and results, like with everything online, will not come quickly.
You need to learn how to fail.
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It can be used in a lot of industries, you just need to put your imagination at work. Take a look at https://www.civic.com/ by Vinny Lingham the 'bitcoin oracle', it's an identity protection system. |
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You have been outbid in the fee auction all this time, if transaction rate doesn't go down, and consequentially the fee required, your transaction will never confirm.
As of now you need to pay 3x the fee you've paid to have your transaction included.
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If this project wants to get HUGE/MAINSTREAM they need to offer Paypal and Credit Card payments.
If you believe that's what it needs you can build that service and make money from it. |
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The price of bitcoin will continue to increase if no one is able to transfer their coins and dump them on exchanges.  |
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Thank you for sharing, I was not getting why the amazing price increase was happening, was afraid it was one of those pump and dump groups.
Well, those are great news.
SJCX ┗(°0°)┛
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It may be difficult to change bank and it may be even more difficult to escape those fees if every bank does it, however escaping bitcoin fees is really, really easy. Yes it is easy but due to decentralization of bitcoin nodes it is hard to make all of them upgrade to new wallets so that current problem regarding block size can be corrected with segwit activation. Only 25% of bitcoin nodes have upgraded till now.  No dude, you don't have to use bitcoin, just use some other coin and problem solved... That is if the service is accepting that coin. Not all shop is accepting altcoins, like for example if I want to convert my BTC to fiat currency, do I have to use that altcoin? Lol no, using altcoin is not a solution specially if we are to transact to a pure bitcoin shop. AlphaBay uses Monero... Unless it's a darknet market you don't need bitcoin for online shopping. There are a lot of exchanges with fiat/altcoin markets. |
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