Thanks but I have a very important question here. Let's say I have signed a transaction using timelock for 20 years in the future. Then, let's say I die and my child needs to broadcast the transaction. What if he has the same problem and I am not alive to re-sign a new transaction?
They can wait until the network becomes less congested and rebroadcast that transaction. If the network stays congested, they will have to pay a miner to include the transaction in a block. Now that (unfortunately in my opinion) there are ordinals and taproot, what if in 20 years from now the network is congested and the fees are much higher than the transaction I have signed? but as it show your transaction as failed, it means that your transaction has been dropped from their mempool as well and you should be able to broadcast a new transaction.
@OP, this is the answer what does your transaction cancelled/failed means. Your wait is over and you have to send it again with a better priority fee. For you to have the idea how much the current transaction fees that's being accepted for it to have a fast to average to no confirmation, check the website of mempool. https://mempool.space/Thanks! This is helpful |
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If the mempool of a node is very congested and it become full, transactions of higher fee which are getting broadcasted will be replacing the transactions of lower fee on the mempool. This will cause the transactions of lower fees to be dropped out of mempool. You should be able to rebroadcast your coins.
Thanks but I have a very important question here. Let's say I have signed a transaction using timelock for 20 years in the future. Then, let's say I die and my child needs to broadcast the transaction. What if he has the same problem and I am not alive to re-sign a new transaction? |
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The current transaction fee is by the way around 104sat/vb to 151sat/vb. I think the miners have rejected your transaction due to the low fee & network is congestion. That is why you got the message failed.
What do you mean? All the miners have rejected my transaction? I thought my transaction would stay in the mempool until fees were low again. Am I wrong? I read in some article if Bitcoin transaction can be cancelled if there's no miner pick your transaction into the Bitcoin block after 24 hours, so you get a notification in your wallet as failed, not pending or unconfirmed. I don't find any user complaint about failed transaction by using Muun wallet, so it's a general matter, not from the Muun wallet. AFAIK Muun wallet have different format regarding it's seed phrase, but that's should be not a problem for sending Bitcoin. Edit: The article I mentioned before https://cointelegraph.com/explained/why-is-my-bitcoin-transaction-unconfirmedThat's awkward but thanks for this info. Yeah it has nothing to do with MUUN wallet, but I have never heard the word "failed" for a bitcoin transaction. That's why I thought it might have been application specific. I mean failed is not the same as unconfirmed. This is what got me curious. Anyway |
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Hello. Two days ago I broadcasted a transaction of 55000 sats and I had set a fee of 6 sats/B For this transaction I used MUUN wallet. Now, there is something strange. MUUN wallet balance shows 55000 sats and the transaction statua is "failed" The transactions is the following: https://mempool.space/tx/1544302a89f6bfa2a36cebf583f11d3a4bf6200537059d9e2c800d5c018db9ddWhat does failed mean? I can understand that the transaction will take a looooong time to be confirmed since the fee was quite low. But why does it say failed? Also I would like to know why the fees are so high atm |
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Sorry, I seem to have missed this reply.
No worries. I do agree. There is no doubt that setting up and using a multi-sig wallet is harder than setting up a standard wallet, with or without an additional passphrase.
I like passphrases. I think more people should use them. They provide additional security should your seed phrase back up be discovered, and they also provide plausible deniability in the event of a $5 wrench attack. However, in most cases, people will still use them on a hot wallet. At some point you need to progress to a safer set up. This could take three basic forms - multi-sig, airgapped, or hardware. Even better if you use some combination of the three, and still use passphrases on top of that too.
So yes, multi-sigs are more complicated to set up and use, but at some point it becomes worth it to just sit down and learn how to use something more complicated than a standard hot wallet for your own safety.
I suppose you are right. In April I have managed to convince 3 of my friends to get their money off of exchanges into self custody hot wallets. That's a small, yet undeniable, win. Step-by-step I will eventually teach them what passphrases do and I will ask them to create a new wallet. Then I will help them go to cold storage. Then to airgapped devices. Them multisig. What I have realised is that all 3 of them need assistance and time. So as I said, step-by-step... |
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Hi, I understand that you want a loan, but asking it in Bitcoin is a bit odd. Remember the phrase "don't trust, verify". Why should anyone trust you and send you 3 million sats?
Forgive me if these things are common. However, I have never heard of anyone doing that.
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Thanks, I guess this means I need to have a machine dedicated for this purpose. (or a VM as people have already said) |
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No, MyNode is a Linux-based operating system designed for running Bitcoin and Lightning Network nodes, not compatible with Windows.
Oh, it's an OS? I thought it was a simple piece of software |
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Not quite sure how you arrived at your number there, but it's incorrect.
Picking 12 words out of 2048 gives 204812 = 5.444*1039
But if you consider the checksum, then the number of valid combinations is 2128 = 3.403*1038
You are right! I will fix it to make sure nobody is confused. |
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Adding to what o_e_l_e_o said above, I will only give 2 numbers for comparison.
If I give you 12 words (A,B,C,...,L) and ask you to put them in the correct order, then you have 479001600 possible combinations.
However BIP39 consists of 2048 words. So, If you want to guess 12 words out of the 2048 and try to arrange them in the correct order gives you 5,271,537,971,301,488,476,000,309,317,528,177,868,800 (check o_e_l_e_o post below) possible combinations.
The experiment was rediculous to say the least. It could be much more intuitive if the title was "Don't scramble your 12-word seed phrase and rely on this as a backup".
Final Thought:
It is not feasible (for the time being) for a machine to brute force a 12-word seed phrase. Even if 24-words are generally much safer than 12-words, the math clearly show us, that 12-words cannot be brute-forced.
Don't worry about being brute-forced. Worry about backing-up your words properly. Because, as you have seen in the article, knowing the 12 words is much more important than knowing their order. Finally ADD A PASSPHRASE!
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Puting 12 words in the correct order is EXTREMELY more easy than guessing 12 words from BIP39 an puting them in the correct order. I mean, let me give you 12 words (A,B,C,...,L). Then you have 479001600 possible combinations. However BIP39 consists of 2048 words. So, If you want to guess 12 words out of the 2048 and try to arrange them in the correct order gives you a huge amount of possible combinations. It's a huge number!!! Just don't (I repeat, DON'T) ever think of letting someone know your words even if the order is incorrect. |
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Now, the link i posted before has a disk that's to small for the full blockchain, but it has an x86_64 architecture. If you find one with an 1Tb disk, you're golden... It might cost you 10 or 20 bucks more, but you'll have a silent, small, reasonably power efficient device that should be very easy to slap the disk image provided by mynode onto by just following their walktroughs (disclaimer: i don't run mynode, so i have not tested this claim!!!)
I was a fan of Intel's NUC, I really appreciated them as well-build and reliable computer. It is still possible to find a good deal on computer with 512SSD or 1T, and that would be more than enough for node + electrum server etc. I do not know how it is with others ("noname?") solutions. On the other hand You may try the proposed Fujitsu and then just replace SSD (if it does not double the cost). But for sure it is better to stay in well supported x86_64 architecture. The ideas like "hey, let's try a new mac mini with M2" would cause probably a lot of unnecessary problems. Now, the link i posted before has a disk that's to small for the full blockchain, but it has an x86_64 architecture. If you find one with an 1Tb disk, you're golden... It might cost you 10 or 20 bucks more, but you'll have a silent, small, reasonably power efficient device that should be very easy to slap the disk image provided by mynode onto by just following their walktroughs (disclaimer: i don't run mynode, so i have not tested this claim!!!)
I was a fan of Intel's NUC, I really appreciated them as well-build and reliable computer. It is still possible to find a good deal on computer with 512SSD or 1T, and that would be more than enough for node + electrum server etc. I do not know how it is with others ("noname?") solutions. On the other hand You may try the proposed Fujitsu and then just replace SSD (if it does not double the cost). But for sure it is better to stay in well supported x86_64 architecture. The ideas like "hey, let's try a new mac mini with M2" would cause probably a lot of unnecessary problems. I will search for a raspberry Pi, since I think it is the most used option. Thank you both though. |
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--snip-- That's pretty accurate unfortunately in my case. Anyway, can I use any of those ( https://youtu.be/uJvCVw1yONQ) alternatives instead of Rarpberry Pi? Depends on the architecture... I know there are precompiled bitcoin core binaries for x86_64 (linux + windows) and arm (linux), and there are probably some other precompiled binaries for other common "combinations" of os and architecture. If you plan to run it on a different architecture and/or OS that the ones that have precompiled binaries, you might have to compile everything yourself... If it were just bitcoin core it'd be doable, but if it's a whole range of tools, it might not be worth your effort... I know there are a lot of stores that sell second hand, revised mini computers that are dirt cheap, these might be a better alternative if you don't want to end up spending weeks to get things compiled and running. Here's an example: https://www.amazon.de/-/en/Fujitsu-Esprimo-Business-Computer-Refurbished/dp/B0854LM164/ref=sr_1_3?crid=3J55WATHIU45A&keywords=general%C3%BCberholter+mini+computer&qid=1682518983&sprefix=refurbished+mini+computer%2Caps%2C80&sr=8-3(i'm not affiliated with amazon, nor this store!!! use at your own risk!!). BTW: this particular example's HDD is to small to run an unpruned node, but a pruned node would do just fine on this hardware, 115€ delivered to your door (in the EU), just slap a linux distro on there, configure your node to be pruned and you're done  ... Actually bitcoin core is very easily running on my machine. It's all the other features that I want to enable. The computer that you have presented above looks good. Thanks, I will try to find one. |
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Bit of sarcasm, but you write software for Linux to learn and contribute, you write software for Windows to make money.
That's pretty accurate unfortunately in my case. Anyway, can I use any of those ( https://youtu.be/uJvCVw1yONQ) alternatives instead of Rarpberry Pi? |
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Everything and everyone lead me back to using linux again. As a person who's writing and studying software, I can tell you this: if you're used to Windows and you want to delve into software, you're sooner or later going to change habits. I have concluded that the best way to run a node is to have a machine dedicated for this purpose. Well, yeah. It has to be uptime 24/7 and the hard drive will contain coins if you extend it with a lightning node, so it's preferred to not run any other software. Thanks, I am a developer too. I have used multiple distros (primarily ubuntu & debian) and of course I am used to using and developing FOSS. However, currently, I have restricted my coding time to my work schedule. My personal computer is mainly used to chill out and play games. So I have moved to Windows at home. But! I am gonna have to go back I guess. Thanks to bitcoin, I will have to re-visit my past. |
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It's Linux based so you can't run it directly. BUT, they have a virtual machine version of it: https://mynodebtc.github.io/advanced/install-virtual-box.htmlSo you install virtual box and then run the VM from there. So long as your hardware can handle it it's fine. Keep in mind once it's up like that you can't just reboot your PC, you have to shut down the virtual box (can take a while as everything exits) then reboot, then bring the VM back up. You may be able to do it with the Windows Subsystem for Linux https://learn.microsoft.com/en-us/windows/wsl/install but I have never tried. -Dave Everything and everyone lead me back to using linux again. I have concluded that the best way to run a node is to have a machine dedicated for this purpose. |
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Hello! I have read multiple times this website https://mynodebtc.github.io/intro/introduction.html but I don't understand if MyNode is a software like Bitcoin Core which can be run on Windows. Sorry if the question is too simple. I am thinking of running MyNode on a windows machine, in order to be more feature rich than running simple bitcoin core |
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Hello! I just started syncing the data. I am just wondering, what am I syncing actually?
I don't read Fulcrum source code, but syncing (on Electrum server) usually involve obtaining blockchain data and create database which contain various index to speed up many things (such as retrieve TX from specific Bitcoin address). What does my electrum server need to download?
Whole Bitcoin blockchain and node mempool (to show unconfirmed transaction to Electrum wallet). ok, so I guess that's why I need txindex=1 in bitcoin core conf file |
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It may worth mentioning that both those tutorials are made for local use (server and Electrum on same computer).
So for accessing it from mobile that may need a little more configuration.
As it seems to be a private/home solution, testing connection in the same network should give the answer if all is configured properly. For access from outside, probably router configuration should be checked, if static ip is used (or dynamic dns solution). Or server should be configured to use TOR. Anyway - it means computer must be switched on the whole time. I think sooner or later OP will come to the conclusion that a separate machine for that purpose is a better solution (PI or NUC etc). I 've alreade come to this conclusion my friend...  I mean, for real, it took me approximately 30seconds to realize what you say. Both for performance and privacy reasons, I believe I should have a dedicated system to run as a bitcoin node. Moreover, I am thinking of buying a machine and running mynode software to it... We 'll see. But thanks for pointing that out. |
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Which crypto wallet is better to take for a beginner? Now there are many varieties, there are screens, there are ordinary ones, there are also cheap and expensive ones, how to choose and what to rely on?
Hi! The question is very generic. Have you checked here ( https://bitcointalk.org/index.php?board=37.0) first? Perhaps this thread should be opened there. And I assume that you can find an answer navigating through the threads in that board. One post that could help you is this https://bitcointalk.org/index.php?topic=1631151.0However, 1. what do you want to do with your wallet? You want to use it for Bitcoin only, or for altcoins too? 2. do you prefer to use it mainly using mobile or computer? 3. do you want to buy a device and store your keys offline? (recommended) note 1: I assume from the post that you want to buy a hardware wallet, though I am not absolutely sure. note 2: what do you mean "there are ordinary ones"? |
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