Will difficulty continue to increase after 21 mill coins have been mined? Or will it stop increasing? Also is it correct to say that mining helps verify transactions?
The difficulty is completely independent of how many coins have been mined. It is related *only* to the hashpower of the network. It is impossible to say what it will be after the 21 mil coins have been mined -- since that will depend entirely on how much computing power is available to the network. Yes, part of mining is verifying transactions. Miners are supposed to reject invalid transactions, such as coins that have already been spent or transactions initiated by someone who doesn't hold the private key for the coins. The mining process then seals these transactions into the blockchain, with each successive block making the previous transactions more and more irreversible. Thanks. Bitcoin is quite well designed. |
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What are you trying to compile? If you want to use the reference client you can just use the pre-compiled binary.
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Will difficulty continue to increase after 21 mill coins have been mined? Or will it stop increasing? Also is it correct to say that mining helps verify transactions?
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PMed you but didn't receive a reply yet. Please check your inbox.
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That is in theory. In practice there is a bug with the 0.8.0 version where only ~70K blocks are loaded from the bootstrap.dat file instead of 200k+. This is my experience and you can read about it on this thread: https://bitcointalk.org/index.php?topic=153120.0I assume you are responding to "I found out that using the new version 0.8 it only takes a couple hours", since nothing I posted is in theory. There is no bug in Bitcoin, anyone that has taken the time to actually file a bug report and follow up with testing after having such problems synchronizing the blockchain, it is determined that there are hardware problems with their computer causing inconsistent or unrepeatable errors. The OP hasn't specified his internet connection speed so how can you compare his experience with mine? Maybe his connection is much faster. Anyway there is nothing wrong with my computer. It is rock solid stable. |
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I am running bitcoind for the first time, mine is at 218590 blocks at the moment and it looks like its only getting 2 blocks per minute now.
Is it normal that bootstrap.dat (4.5gb) takes more than 10 hours to update the whole blockchain?
Hi Abdussamad,
I have read about electrum before but is it usable for a bitcoin payment gateway system?
Btw, I found out that using the new version 0.8 it only takes a couple hours to process the whole blockchain.
The bootstrap.dat torrent includes blocks up to 216116, the complaint is about speed after this point. The quotes above show the original poster already found out his problem is from not using the newest version of Bitcoin. No need to respond.That is in theory. In practice there is a bug with the 0.8.0 version where only ~70K blocks are loaded from the bootstrap.dat file instead of 200k+. This is my experience and you can read about it on this thread: https://bitcointalk.org/index.php?topic=153120.0 |
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You could just use an online account... no waiting, just start sending and receiving... (They even offer offline storage, so you have the same "protections", as long as you secure your data.)
It is only unsecured accounts that can be "taken". Secured accounts, if not backed-up, just get "lost"...
I imagine many of the blocks are just that... "lost" transactions, stuck in limbo... lol.
He needs a wallet to build a payment system based on BTC. So he needs a daemon like bitcoind. |
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Electrum is a client so it is not suitable for a payment gateway. For that you need bitcoind.
I too used 0.8.1 of Bitcoin-qt and it took a very long time to download the blockchain. Eventually I got tired of waiting and gave up on it.
The time it takes depends a lot on your connection speed. I only have a 1Mb/s connection so it was very slow for me.
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Ditch bitcoind/bitcoin-qt and grab electrum - electrum.org
10 hours is nothing. When I started with bitcoin about a month ago I too downloaded bitcoin-qt and it went on for days. It's just not usable for those of us on slow connections.
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Well, mine was hacked, losing 1 bitcoin. USE TWO FACTOR AUTHENTICATION!
What was your password? Do you use Windows? I would never! Completely clean Ubuntu computer. 'Twas a big 108 BTC major hack - others were affected. I only lost 1.2 however. Now I use 2FA and a paper wallet for my new Bitcoin  Well that is odd. Linux rules out malware. What kind of password was it? |
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I understand that the seed in number form is 128bits of entropy. But is the mnemonic 128 bits too? 12 words out of 1600 are 128bits of entropy? Just curious.
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Well, mine was hacked, losing 1 bitcoin. USE TWO FACTOR AUTHENTICATION!
What was your password? Do you use Windows? |
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So Bitcoin-24 goes down and now bitfloor too.
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BTC-E don't accept direct international bank wires anymore. You have to use okpay.
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We will stand for:
- Respecting the 21 million limit
- Decentralisation, no intervention of any kind
- Not changing the crypto (we keep SHA256)
Not changing the cryptography algorithm is stupid. Eventually SHA256 will be broken and we will HAVE to adopt a new algo. That is actually one of the strengths of bitcoin as I understand it - you can use a new algo to keep up with changing times. |
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This site tracks the average confirmation time. How many confirmations is that tracking? Time till one confirmation or 6 or what? |
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I use localbitcoins.com and have done a transaction. I personally think it fulfills a vital role in the community. If you need to liquidate your bitcoins rapidly for some reason it's one of your only real options. As to the variance from current traded price and what they are charging, that has to be there to protect the parties to the sale from the volatility of the market. I can't speak for everyone, but I buy bitcoins based on the 24 weighted price. Think about it, when they place an order on the site the price is locked at whatever my formula says it should be at time of sale. Then it could take hours or even a day or two to finalize the sale in person. Meanwhile, I've taken cash from my account and carried it with me (along with my 10mil) to some coffee shop to make the trade. Going the other way I use current price + a hefty percentage because we all know the way this market goes by the time I get my cash the price is likely to be above what I'm being paid for them.
24 weighted average isn't always the best. For instance when you had the crash recently the weighted price was over $200 while the spot price was $100 - 110. |
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Are bit coins becomming popular in Pakistan ?
Is there any law regarding this or is it too early ?
No I wouldn't say they are popular. Probably only a handful of people know about them. There is no law about them. |
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