I was given 1.25m BTC to test delays and multiple withdraw addresses. BitWhisk.io sent me a detailed information about the whole process. I was able to set a time delay for each address up to 48 hours. I have decided to test 2 outputs with a delay of two and six hours. I didn't check how transaction fees changed, I set the transaction fee to 1 sat/b which wasn't enough to get confirmation soon. Fortunately, I was told that BitWhisk automatically increases the fee after 10 blocks and it worked. The whole process was easy to understand, there should be an additional information about fees. This is what a status page shows you after sending BTC to the provided address.  |
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2018 might be a good year for some of the major altcoins, but I have my doubts about the performance of Bitcoin. Two of the major things Bitcoin needs to address is transaction speeds and fees. I have read articles about many businesses that have stopped accepting Bitcoin because of how volitile the price is on a minute-by-minute basis. It makes sense to me too. There is always a risk that by the time a transaction for a product has been made and the Bitcoin subsequently traded for dollars that the value has gone down and the merchant ends up losing money. I think now more than ever what Bitcoin needs is stability in its "value". I feel bad for the poor bastards who invested their life savings in Bitcoin when it surged to $20k just to have it shed over half its value in a matter of days. That may not be much to cry about for the Winklevoss twins, but for the common hard working man or woman, that must have really hurt.
If they invested in Bitcoin then they should have been aware of the potential risk. Bitcoin is slowly getting better in terms of scalability. Lightning Network is being developed, it will be used for small transactions that need to be inexpensive and fast. Right now, Bitcoin transaction fee is just 1 sat/b, it isn't really expensive. Valve and Microsoft stopped accepting BTC for some time but as far as I know, it's available again. |
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Thanks for answer. I will buy one and if i don't know something i will ask here.
Why do you want to buy Ledger Nano S? Is it because of huge altcoin support? I have owned Ledger and had some connectivity problems recently. Unlike Trezor, you are not able to connect to other Bitcoin node which means that if their infrastructure is overloaded, you won't be able to use their dedicated app (although Electrum should work fine). Now if i want to send again bitcoin to address i get from ledger nano do i need to connect every time ledger nano to computer to confirm that i accept transaction or not?
Nobody has mentioned that you don't have to accept incoming transaction because everything is done on blockchain. Ledger is only responsible for storing your private keys which are later used to prove that you are the owner of certain address. Someone sends a transaction, miners confirm it and you can finally spend it whenever you become online. |
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This product must be a joke. They still haven't shown a working prototype. The funniest thing is that they even copied the screen image from TREZOR resources, the address you can see on their device is actually an address which belongs to one of the TREZOR's employees. If they ever manage to manufacture this product, TREZOR might be forced to lower the price of their first model, mostly due to community pressure. Honestly, I'm afraid that one of my family member could accidentally use that hardware as a coaster. I hope it's at least waterproof...
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This version is definitely a huge step forward. I was quite surprised when I saw news about the new version. I browsed Github some time ago and I saw a discussion where someone said that 0.16.0 was supposed to be released somewhere around May. Full SegWit support was one of the most demanded features. What a shame that BIP 173 addresses aren't default ones. I know that there might be still some compatibility issues but it could at least force exchanges, wallet providers and other services to start supporting them. Getting a new receiving address give a Segwit one start '3'. I'm still trying to work out how to get a bech32 address.
If you still can't find it here's a picture of it.  |
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i'm starting to lose a little faith in ledger overall. it looks like they're letting the ledger blue die but haven't definitively told anyone yet.
I have recently seen a reddit post about it. No one from staff replied, I can't find it anymore. Two resellers of Ledger hardware included information on their website that Ledger discontinued Blue model. As far as I know, Ledger does not accept pre-orders for that model. I'm not surprised, who needed such big screen, Bluetooth and even battery in device which can't work without a computer? Release of Trezor T might have forced Ledger to create something better. A lot of people love Ledger for huge amount of altcoins available in their wallet. I would rather have a stable app which works all the time or at least lets me change the node like Trezor do. Today, Ledger have announced that they're releasing native desktop and mobile apps!   Well, last year they were saying that they would release new software by the end of the year. Now, it's Q2 2018, I wouldn't be surprised if there were delays. However, I have to admit that mobile application looks great. |
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TorGaurd is taking huge risks by doing this, but they have given customers their word that they would refund people, if they lose any money, due to exploits in the Lightning Network. I think most people are just doing small "test" transactions now, to see how it will react in a live environment.
As a matter of fact, I believe their are even a limit on the amount that you can send & receive now, to protect people from themselves. ^smile^
Great marketing, I wouldn't be surprised if they gained a lot of new customers only because of Lightning Network mainnet payments. I have tested Lightning Network quite a lot on the testnet and at first I had mixed feelings. I opened a few channels with the biggest available nodes and some of my channels were closed without any particular reason after a few days. I have checked LN explorer and it turned out that it wasn't node's fault. However, it got better after some time, now all of my channels on the testnet are running without any problems. I didn't have enough courage to test it on the mainnet, though. |
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Does anyone know when Lightning Network will be available? This will be a good addition to Bitcoin.  Lightning Network is available on both mainnet and testnet. However, I can't recall any user friendly Lightning Network clients for mainnet. Most of them are still being developed so that is why they are configured to send and receive transactions on the testnet. I doubt that anyone would like to lose their bitcoins due to bug in the code. You can check the number of nodes and channels right here. Zap is easy to use and it seems like it might be one of the first ready-to-use Lightning Network clients. I'm quite curious when will Trezor and Ledger start working on LN support. As far as I know, TorGuard accepts Lightning Network payments for their service. You might try to contact them to learn more if you are interested in their offer. |
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If that's how the exchange transaction work. So, what the reason behind some exchange site charging their account holder some certain fee for making deposit since the network fee is not needed to be pay to miner?
There isn't any good reason to charge a Bitcoin deposit fee. As far as I know, HitBTC charges about 0.0006 BTC every time you deposit Bitcoin. They introduced this fee 2 months ago when Bitcoin network was overloaded. The reason why they introduced this fee is because they want to provide stable service. They could have come up with a better excuse. They still charge 0.001 BTC withdrawal fee. Ridiculous, we should ditch exchanges which behave like that. I can't wait to see fully working atomic swaps. Source: https://blog.hitbtc.com/introducing-deposit-fees-for-bitcoin/ |
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That's because it's still experimental and there is a chance to lose all funds you put in there.
I'm curious to see how this will develop in the future: if many exchanges support LN, I see no reason to keep any funds on a non-Lightning hot wallet anymore. It will be directly from on-chain cold storage to LN and if needed back to on-chain cold storage.
That's why I wrote "Current version", my point was that Lightning Network cannot be used for cheap transfers of bigger amount of BTC. It shouldn't be a huge problem as long as fees will stay as they are today. We all know that they are all rushing to make Lightning Network usable. Even though people know the risk, they are still trying to use Lightning Network because they understand how huge impact it will have on Bitcoin future. I also can't wait to see the results. |
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Recently I discovered that you cannot sign messages in SegWit address... Technically you can sign, but it cannot be verified. Some wallets, like ledger, let you sign. But they will sign with a Legacy address, even if you are using a SegWit wallet. Really weird. I even started a discussion about this https://bitcointalk.org/index.php?topic=2885058For me this is a serious matter because I will lose many airdrops =/ As far as I know, the only wallets that support signing messages with a SegWit address are Trezor (beta wallet) and Electrum. I have already tried many websites which were supposed to verify the message and unfortunately, all failed. I only managed to verify messages signed with a SegWit address using Electrum but I don't have my Trezor yet to test whether or not there are any problems or differences between them. It looks like many people will be confused while verifying messages unless someone creates a standard which could be implemented everywhere. |
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Most complaints/comments will come from the people that where pushing for bigger Blocks and they will say, "I told you so!"
The only difference is that without staying at the 1 MB blocksize limit, we wouldn't be able to force people to use SegWit. Even Coinbase claims that they will have 100% SegWit support by the middle of the next week. Increase of the blocksize will be mandatory in the future after Lightning Network becomes used by thousands of people. If we didn't go for SegWit, I guess we would be constantly raising the blocksize which would lead us to nothing. Don't like LN? Nobody forces you to use second layer. Current version of LN protocol has a limit of around 0.04 BTC per transaction which means it can't be used for bigger transfers. |
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Why normal bitcoin users can't use their money to run their own full nodes themselves instead?
Bitcoin don't need more full nodes, by the way. 20 pools can handle all the problems with propagation.
It depends on who is a "normal" Bitcoin user for you. It took me about 3 days to synchronize with the network, I guess that "normal" Bitcoin user wouldn't be so patient to wait 3 days "only for better security". Usually they depend on web or light wallets. There are about 11 thousand Bitcoin nodes right now and it looks like it won't change anytime soon due to Lightning Network which also gives you ability to create a node which in fact will earn (small amounts of) money. |
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It is really difficult to tell what exactly caused such enormous FUD. A lot of thing happened last month. The recent problem was misinterpreted speech of India government. Bitcoin price fell to $4000 in India in just a couple of hours. Fortunately, it turned out that it was a mistake. South Korea announced that they won't ban exchanging cryptocurrencies but they will require verification. Also, there was a a lot of money was stolen from a Japanese exchange. Let's hope Bitcoin will recover soon.
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I don't see any particular reason why would Valentine's Day help with stopping Bitcoin from falling more. Do you expect a lot of people to buy Bitcoin as a Valentine's gift? I guess that most girls would be surprised with such gift and thought that the person who gave her BTC is crazy. In my opinion, Bitcoin will start to grow in the next few days due to large number of investors wanting to buy a lot of BTC for a fairly low price. It is a matter of time before Bitcoin recovers.
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I must admit that I didn't expect Bitcoin to fall below $9000 dollars. However, I don't panic at all. Don't you think that someone is trying to manipulate the price and force people to sell? Both bad news about India and South Korea were fake and caused a lot of unnecessary confusion. I wouldn't be surprised if Bitcoin started to surge in the next few days. I have already bought more BTC, now I am patiently waiting for the end of the correction. Don't panic sell, HODL.
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Maybe Bitmain will release a new version of the Antminer so that might be why there are so many miners in stock. They probably want to get rid of their "old equipment". I heard that people sometimes receive from them used hardware which is covered with dust. Let's hope that Bitcoin won't crash, it would make both GPU and ASIC mining extremely unprofitable which could lead to huge sells of used GPUs. ASICs were designed only for mining so I guess they can't be used for anything else.
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