I am talking about mining not the fees. Surly this isn't a good thing.
How will it go down so that when the block rewards are very low the fees will be sufficient for the mining cost?
The costs of mining are limited by the expected share of the block rewards. When the subsidy halves, unprofitable miners will drop out and the difficulty will fall, raising the revenue of the more efficient miners that remain. Hi, i want to ask. Did bitcoin transaction fee ever change before? If yes, who is have authority to change it?
Few years ago when 1 BTC = $1, if tx fee still same compare to tx fee now, that fee was too little i think (in dollar terms)
There is no authority that sets the fee policy. Anyone can pay whatever fee they want and miners are free to include or exclude transactions as they see fit. However, most miners and clients have followed the fee policy set by the Bitcoin Core client. The fee used to be much higher in BTC and has dropped as the value of a Bitcoin has risen. |
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My confirmations are taking FOREVER.
Difficulty is increasing and confirmation times are actually averaging 7-8 minutes sir. Keep in mind the Poisson Distribution. 7-8 minutes is not accurate. Poisson distribution or not, the last ... 10,000 blocks took 96,453 minutes to confirm, for an average time of 9.65 minutes 1,000 blocks took 9,900 minutes to confirm, for an average time of 9.90 minutes 100 blocks took 1,008 minutes to confirm, for an average time of 10.08 minutes |
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The poll demonstrates to me that for all its wealth, power, technology, and resources, U.S.A. is such a backward country.
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It is extremely unlikely that any fork is going to change how private keys and bitcoin addresses work because it would cause a total disruption, invalidating all wallets, not just cold wallets.
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Are there any Android BTC clients that remotely use my Bitcoin Core wallet so I don't have to use another wallet specific for my phone? I am running my own BTC node.
thanks
you can try to export your private key and import it in your android wallet. That is a bad idea because as soon as you send bitcoins using one wallet, the balance shown by the other wallet will be incorrect different. |
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I received mine very quickly. Everything is as advertised.
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All the newbies want to get bitcoins for free, but the easiest, fastest, and most convenient way to get bitcoins is to just buy them. You can spend weeks clicking on faucets to get a few dollars worth of bitcoins, or you can buy them this afternoon -- your choice.
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Let's make some real calculation: Each month, you borrow $100 to buy food, and those $100 goes to the food company as income, and food company put $100 to bank, and bank loan out $90 (10% reserve requirement) to another borrower, he spend all $90 to buy products from your employer, your employer have $90 income, and he is so generous and gives you all $90 as salary. So, how could you payback your $100 loan with $90 salary at the end of the month?
The reason these examples are stupid is that they assume that one person holds all the money in the world and that value can only be traded using that money. Of course, neither of those assumptions are ever true. Ok, lets assume that 7 billion people holds all the fiat money in the world and value can be traded using those money. Did that change the way how it works? Putting billions of semi-conductor components into a CPU does not change the basic electrics theory that you can prove in a flashlight Yes, because now I can produce something of value and exchange that for money that can be used to pay back the loan (and the interest). If you can do that, the rest 699999999 people will also be able to do that, and every one of them will need more money than they had originally borrowed to do that, that still does not make the ends meet If I borrow $1000 and repay the loan at $100 per month for a year, I don't need $1200. I need $100. |
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The issue is not as much the ratio of debt to wealth as much as it is the ability to pay off the debt.
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Yanis Varoufakis, Greece’s new Finance Minister, agrees that because it is deflationary, bitcoin would be bad for Greece. But he goes on to say that bitcoin is a flawed currency because it is deflationary.
I would be shocked if any politician anywhere said that a currency with a fixed money supply was a good thing. Governments depend on the ability to print money to pay debt. However, he is right that Bitcoin would not help Greece. The problem with Greece is not the currency. The problem is with their inability to control their spending. |
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The "total received" value is not the amount that the address holds. For example, the 4130 address currently holds only 17 BTC.
Anyway, an address with 4130 BTC is equivalent to a bank account with $1 million. Do you consider that abnormal?
To answer your question, bitcoins are accepted globally, just not by many people. Bitcoin hasn't been around that long so it is not surprising that it is not widely accepted, but acceptance continues to grow.
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Let's make some real calculation: Each month, you borrow $100 to buy food, and those $100 goes to the food company as income, and food company put $100 to bank, and bank loan out $90 (10% reserve requirement) to another borrower, he spend all $90 to buy products from your employer, your employer have $90 income, and he is so generous and gives you all $90 as salary. So, how could you payback your $100 loan with $90 salary at the end of the month?
The reason these examples are stupid is that they assume that one person holds all the money in the world and that value can only be traded using that money. Of course, neither of those assumptions are ever true. Ok, lets assume that 7 billion people holds all the fiat money in the world and value can be traded using those money. Did that change the way how it works? Putting billions of semi-conductor components into a CPU does not change the basic electrics theory that you can prove in a flashlight Yes, because now I can produce something of value and exchange that for money that can be used to pay back the loan (and the interest). |
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Let's make some real calculation: Each month, you borrow $100 to buy food, and those $100 goes to the food company as income, and food company put $100 to bank, and bank loan out $90 (10% reserve requirement) to another borrower, he spend all $90 to buy products from your employer, your employer have $90 income, and he is so generous and gives you all $90 as salary. So, how could you payback your $100 loan with $90 salary at the end of the month?
The reason these examples are stupid is that they assume that one person holds all the money in the world and that value can only be traded using that money. Of course, neither of those assumptions are ever true. |
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I'm in the no-need-for-faster-confirmations camp.
The bigger problem with 2 minute blocks is the higher orphan rate, resulting in more wasted energy.
I want to point out that paying the subsidy every 5th block won't work because nobody will mine the other 4 blocks, or more likely will be that each miner mines 5 blocks at a time to maximize their chances of getting the subsidy in the 5th block. A better idea would be to simply divide the subsidy by 5.
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The laws vary from state to state. Most states require you to register as a Money Services Business and to comply with their regulations. The federal government also requires you to register as an MSB and to register in the states you do business in (to the extent that they require it).
IANAL
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This article is about a paper that was written 6 months ago.
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Bitcoins should actually be depicted as triangle, not circle, because triangle is the simplest geometric shape. Once combined then it can become a mass or shape: rectangle, circle, hexagon, etc. They can be of many sizes, thickness, and colors. The blockchain would actually be depicted as a 3D sphere/globe because all the transactions are intertwined. Hop to it.
To Eastfist, The members of the Bitcoin Marketing team here at the Bitcoin Corporation want to congratulate you for coming up with such an unbelievably incredible and ingenious idea. It is now so obvious that a triangle would be so much better than a circle, yet it took a genius like you to figure it out. Your idea will spark a new resurgence in the adoption of Bitcoin by the public, and with this new symbol, Bitcoin shareholders are sure to see the value of their bitcoins go to the moon! We are forever in your debt. We are not worthy! Sincerely, The Bitcoin Marketing Team |
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The topic of money itself is too complicated for the average person, yet people still use it. Bitcoin is no different.
It is not a big deal because people do not need to understand how Bitcoin works in order to use it.
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“The continuing evolution in the technology of payments, particularly with Bitcoin, raises interesting ethical questions.”
All new technologies raise ethical questions because they give people the abilities to do things that have never been done before. |
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