Now I intend to switch to Coinbase to avoid problems with HD hardware and the like
You mean Coinbase.com? A wallet you can not have control over, Coinbase company have the private keys and have the full control. Although, your opinion left to you, but not a good suggestion because non custodial HD wallet is the best, because you have the private key and the full control. Only the task is to protect it and protect any other thing related to you wallet. I will advise you to hold on to the wallet. but for each transaction I try to do I have a minimum cost of 6-11 satoshi, both for transfers of 100 satoshi and for transfers of 0.001 - commissions and fees that at today's value is like 250-450 euros in value...
What I do worng?
6 to 11 satoshi are cheap fees, it means you are paying around 0.00000006 - 0.00000011 BTC which is very small amount and not possible, but according to your comment, I believe you mean 6 - 11 mBTC, which means 0.006 - 0.011 BTC, that will amount to around 250-450 euro, and it is a very high fee. With your explanation above, you have several input on your wallet, and you need to consolidate the input. I will advice you to send the bitcoin back to your electrum wallet in a way the replace-by-fee is enabled. Sending the whole bitcoin to one address on your same electrum wallet with a very low fee (edit the fee to like 5-10 sat/vbyte) will solve the problem, but it will take long time because the mempool is congested, but likely will be less congested on Sunday. |
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The formula for fee calculation
Input*180 + output*34 + 10 plus or minus input
To use this formula for native/nested segvit I need to replace "180" and "34" with those values which are relevant to the type of both inputs and outputs, is this correct? What advantage in using this formula compared with online calculators that allow to estimate the fee for given transaction? Yes, only the input and the output will be changed, also know that the result is actually vsize or vbytes which is measure in weight of a transaction divided by four for segwit. Those input and output size are just for easy calculation sake which will also give the same result. There is nothing bad to make use of online calculator, but making use of the ones that are not wrong in the calculation. The information above is just for knowing sake. |
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There may be better ways to do it. Why not simply encrypt the seed and store that in a few places? This looks interesting: https://trezor.io/shamir/The Shamir backup can be great in which the seed phrase is encrypted into n secrets while m shares can be used as the recovery. Which means 6 secrets can be created while 3 shares can be used to restore the whole seed phrase if set to be 3 shares from the 6 secrets. It will be good suggestion for 20kevin20 as the secrets are just not the same, while if an attacker can find one or two but useless and not able to use it for the recovery. But, it should be noted that Shamir will only convert the seed words into characters (numbers and letters) just like private keys. And in the case that 3 shares are used, this means if 3 shares can not be accessed, that can lead to permanent loss of the seed phrase. |
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There will be many tools to arrange the randomized seeds phrase easily, it will even be simple than to look for missing words. If looking for missing words in seed phrase is simple and can be recovered by some tools like btcrecover, it is also easy for the complete words to be arranged properly which can result to compromised wallet.
The safety of your wallet is by saving the seed phrase properly in a way it can not be attacked by offline attackers and also not prone to damage. Having six of it will increase the chance of offline attackers, having three correct seed phrase backup that are properly saved oflline is better.
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First of all, I will advice you to be careful of trading, it is very risky and can result to losses. Take time to learn it fully and only use low amount money for months for practice. To check the value of each coin in dollars, you will go to wallet, click on spot, you will see the coins listed and the amount you are having in dollar for each. For checking the price using Japanese candle stick or in graph, go to market, you will see the coins at selling position at the top, click on it, it will bring out the coins paires. Click on the one you want, you will be able to see the graph you are looking for. Like for BTC/USDt  |
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Doesn't 0.21.0 contain the code for Taproot?
This thread is about Taproot implementation, Taproot was introduced into Bitcoin core in October 2020, but not yet implemented as the implementation is a gradual process. On December 01, 2020, Bitcoin Core version 0.21.0 was released in which Taproot's code was available for testing. If you scroll up, you will see a post where fillippone posted about it the day Bitcoin Core 0.21.0 was available. |
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<...>
It will be good to make use of child-pay-for-parent in this case, provided if the OP is able to spend the unconfirmed transaction. Using paid accelerators is a way high. According to the txid above on blockchain explorer, leopheard paid a fee of 2.526 sat/byte for a transaction that has 3 inputs. The fee is very low and can not get the transaction confirmed in time because of the congested mempools. But, using paid accelerators will demand for much higher fee that you can still use CPFP to manipulate. Currently, I have a transaction of 1 input and 1 output using native segwit transferring to legacy address, set the fee for 5 sat/byte, although, for experimental purpose, I tried to use ViaBTC acceleratator, it demanded for $75. I can use very lower fee to pump the transaction or low fee for CPFP. Also, regarding free acceleratator, it does not just work like that, the fee used is also a determinant, if the fee is too low like in this case above, it will not be included in the 100 list per hour. People that make use of the free acceleratator earlier per hour (but not that only) and that pay higher fee but not getting confirmed transaction will only be included. So, the likely chance that the transaction above can be included in free acceleratator is not likely this time around when the mempool is so congested. |
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You need to go to OP board (the first post in page 1) to read the terms and conditions for applying. Also, always check the title, it is either OPEN or CFNP (close for new participants). CFNP means no application needed. |
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Bitcoin Taproot Upgrade Nailed Down for July, but Some Finer Details Still Aren’t Finalized. A release date and activation timeline are set for Bitcoin’s Taproot upgrade, but developers and other stakeholders are still debating the best method to coordinate Bitcoin’s biggest upgrade since SegWit.
Per a public IRC chat discussion, the code for the fully primed-and-ready Taproot upgrade will be deployed sometime between March 17 and March 31 (or April if necessary), but the actual signaling that kick-starts the activation process probably won’t start until July.
If everything goes as planned, then Bitcoin’s “economic majority” (miners and node operators who run Bitcoin’s code) could update within two weeks of the signaling period’s start. Come August 2022, Taproot’s activation period will reach its timeoutheight and signaling will end. With a date set for the end of March and the bulk of the activation parameters chosen in BIP8, the final question to answer for Taproot’s deployment is whether or not to include the “user activated soft fork” measure from the get-go or not.
I was excited to know taproot activation is coming soon, which will be this year. But, there is a question in the link that 'what happens if the mining pools don’t signal to activate Taproot? Taproot will ship by BIP8 in late March and activation is slated for July, so this question will have to be answered within the month. https://www.coindesk.com/bitcoin-taproot-upgrade-july-finer-details-not-finalized |
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Of course they are, the thing about P2p is that it's risky for newcomers, they will prolly find it easier/safer buying Bitcoin from exchange, than from an individual, cause as newcomers they would prolly not be abreast with security protocols, but other than than, P2p is great.
P2p can be risky for newbies if using an exchange that is not recommendable. In this regard, I am not implying meeting people physically that might result to physical attack, but referring to using p2p exchanges. Exchanges nowadays have made it simple, clearly stating it that before releasing bitcoin from escrow, that it should be ensured the buyer have paid. Which means the seller should make sure the money has been received and confirmed. Also, if the money have been paid, the seller should release the bitcoin from escrow, if not released within the time frame, the buyer can make a report. Like me, I prefer p2p to bank transfers. |
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Nigeria led in crypto adoption in 2020 according to the information revealed by Statista, Reliance on remittances and the prevalence of peer-to-peer phone payments have led to a steep rise of cryptocurrency use in Africa's largest economy. Out of 74 countries in the Statista Global Consumer Survey, Nigerians were the most likely to say they used or owned cryptocurrency.
Almost a third of Nigerians said this applied to them. The high cost of sending money across borders the conventional way has caused many to turn to local cryptocurrency exchanges catering to overseas workers and their families, according to Bitcoin.com. Nigerians also often use their phones to send money to each other or to pay in shops. Recently, businesses in the country have been adding crypto plugins to their phone payment options, adding another way in which Nigerians can use cryptocurrency in their everyday lives.  |
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I am so curious that many people do not know or research properly about bitcoin and many other crypto assets, they only know little about them and dipicting them bad to people. Normally, there are two types of cryptocurrencies in term of psuedonymity and anonymity, they are: 1. The ones with public ledger which transactions can be seen by everyone on blockchain. Example is bitcoin 2. The ones that are are completely anonymous in which transactions are not designed to be tracked I believe people that know about cryptocurrencies should focus on these while saying cryptocurrencies are used for for terrorism financing, money laundering and drug peddling. Although, pseudonymous cryptocurrencies can raise a concern but not like anonymous coins, that is why some exchanges are delisting anonymous cryptocurrencies, because their transactions can not be tracked. The International Monetary Fund has called for caution in the use of cryptocurrencies, describing it as a concern. It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria. The Resident Representative of IMF for Nigeria, Ari Aisen, said the concern on the use of cryptocurrencies was why many central banks were cautious about the development.
“That is why some central banks, not only in Nigeria, have these concerns about what kind of activities these cryptocurrencies are put and how best to monitor those activities.” Aisen noted that some of the activities might be illegal or related to money laundering and drug peddling. Is the above quote meaningful? I do not see it meaningful at all. Some people are not concerned about privacy and make use of exchange for crypto purchase, while many providing kyc all because exchanges are making it mandatory to do. Many people do not like exchanges because they are making people not to have privacy. Is it not proper for the government to have laws that will make exchanges be able to track crypto transactions rather than banning it. That is why I like countries like USA that do not ban cryptocurrencies but regulating it. As fiat is, it is most used in all these (terrorism financing, money laundering and drug peddling). Central banks that ban bitcoin only encouraging p2p. |
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Hello i want to know what exactly differs from bitcoin address (starts with 1 ) and the other named public key, i thought both were same, but i noticed bitcoin address is a little shorter.
They are not the same thing, not only because bitcoin addresses are shorter, they also start with different characters. Legacy address starts with 1. Example below.1Kpii5bg4GEb4sMCEQvT9T3UYUcYibfq9L Public keys generally starts with 02 or 03. Example below02bfdb40f05ba4b6b781d8ed0aad09070087f9667d8fde5ba3ad3275defe630a7c 030b91d17242b1e542b218e5d32296ea6f663fc181ab3cebc0c2849869e4eba97c Just in summaryBitcoin address is generated from public key You need digital signature and public key to spend bitcoin while using address which is the best way for privacy You can send bitcoin to a public key (not recommended) If bitcoin sent to public key, you only need digital signature to spend it Bitcoin address can be tracked on blockchain Public key can also be used to track bitcoin transactions Using address is better because the public key is not exposed. If they aren't same so why private key QR scanning generate its corresponding public key ( the one starts with 1 ) ?
It is because they are both derived from the same private key. Addresses are generated from public keys through Elliptic Curve Digital Signature Algorithm simple hashing and appending checksums. |
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To make this clear, it is clear that segwit transaction are weighed not in size but weight unlike the legacy transactions. But, to make it short, the transaction fee can be known from the input and output vbytes of each addresses.
Input
Legacy= 149 vbytes for compressed addresses, while 180 vbytes for uncompressed addresses
Nested segwit= 93 vbytes
Native segwit= 68 vbytes
Output
Legacy= 34
Nested segwit= 32
Native segwit= 31
The transaction size in vbytes for 1 input and 2 output
Legacy= 226/228 for compressed dresses. While 257/259
Nested segwit= 166/168
Segwit= 139/141
Assuming the feerate is set to 100 satoshi/vbytes
Legacy= 226/228 for compressed dresses. While 257/259
100*226= 22600 satoshi for compressed legacy addresses
100*257= 25700 satoshi for uncompressed legacvy addresses
Nested segwit= 166/168
100*166= 16600 satohi
Segwit= 139/141
100*139= 13900 satoshi
Legacy addresses start with 1
Nested segwit addresses start with 3
Segwit addresses starts with bc1
So, with native segwit, you will save much fee. With nested segwit, much fee will also be saved but not as low as native segwit. With legacy, you will pay highest fee, especially if the address is uncompressed. In conclusion, use segwit addresses to pay cheapest fee, especially cheapest while using segwit address to pay segwit address.
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With all the evidences against them, it is absolute that Getbitcap is a fake exchange that will only make use of malacious ways to scam people. I have to check Coinmarketcap and Coingecko, they are not found there. I will strongly recommend people to first check these two websites or using their apps to know the authenticity of an exchange, because exchanges are not just listed on the platforms, they have set of creteria before listing an exchange on their site which would have been proven that the exchange listed is not scam one.
It is no doubt that this fake exchange (Getbitcap) will generate addresses of the coins they will pose to support to people that visit the exchange site, anyone that send bitcoin or any other cryptocurrency into the exchange has just been a victim of scam. It is strongly important to stay away from fake exchanges and to first make use of sites like Coinmarketcap and Coingecko to check if an exchange is not a fake one.
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Bear with me for last question. Given that i have this change, how to create another tx that will bump my previous tx? Don't mind the amounts im spending, that it'll be too low. I want to know how to do it.
If truly that address is the change address, then just send the transaction to new address on your wallet with high fee. The reason CPFP is possible is because you have a change (UTXO) from the parent transaction (the first transaction) back into an address on your wallet. |
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I thought it's not bad, not my usual fee, i can wait a little bit. So I'm using mycelium android wallet for this transfer, set up my fee to 34sats/byte which is low, but it should be confirmed in few hours. After i hit send button i saw there are some leftovers in my account and that tx fee was set for 4sats/byte.
The leftover you mentioned, are they unconfirmed transactions? How many input are they in total? How many output are they also in total? When did you make the transaction? Hopefully not more than two weeks. You will need to know that these can be the reason why your transaction not confirmed in time in addition to the congested mempool and low fee paid in this present transaction. It will be good to wait till weekend, Sunday precisely. During the weekend, mempool are less congested, and many low transaction fee that are not confirmed in the weekdays have high chance to be confirmed. Also, know that if you want to use CPFP, another transaction fee will be required entirely in addition to the fee that will get the previous unconfirmed transaction confirmed. I mentioned this in order to let you know how useful replace-by-fee can be. Using RBF will only just make you to pump or cancel the transaction using higher fee (but lower if compared to CPFP if you are sending to another change address in your wallet). It will be better to get yourself a wallet that enable RBF to be used, one the best wallet that support RBF is electrum so that you will be able to just pump the fee next time for ease. |
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It is not about the use of custodial wallet that is the matter, the issue is to reveal the truth, to let people know how custodial wallets are not recommended. A wallet that has no private key generated for users but generated and controlled by the third party. Who has the private key control the wallet, freewallet users can think they have control over their wallet, but they do not, it is freewallet that have the full control. If they want, they can freeze your wallet account. Unlike noncustodial wallets that generate private key to users individually which makes the individual that have the keys to control their funds independently without relying on any third party.
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1. I do have surplus btc in the wallet, is it an easy process to do CPFP? Is my blockchain Web wallet capable / can you recommend a rookie guide perhaps? I wouldn't mind getting it confirmed prior to your estimation if it's fairly easy and risk free Grin
If you send to one address with what I see from your txid, then the other address is just a change address, which means you can do CPFP. But if you send to two addresses in that transaction above, then you can not do it. You will need your wallet to have an UTXO of the last transaction which will be the remaining bitcoin sent back to your wallet another address. If you send to only one address, then you can do it. All you need to do is to make bitcoin transaction to another address (it can also be your another bitcoin address on the same wallet) using high fee. The transaction will be confirmed if high fee is used for the second transaction (child transaction) while the first (parent) transaction will be confirmed at the same time because the miner that will but the child transaction into block will not have choice and will include the parent transaction along. 2. You say chances are it'll confirm on Sunday, almost a week from sending point. I'll assume it's your familiarity with current traffic, but what makes you know this?
Yes, it may confirm on Sunday because mempool are more less congested on Sunday and weekend generally but more on Sunday, but there are times the mempool will not be less congested in a way to make miner get your transaction confirmed. It is just an assumption that do work but may not work at times. Side note I'll be checking out the electrum wallet after this pain transaction is sorted.
This will be good. On electrum wallet, you can also use RBF to pump or cancel the transaction, the fee that will be demanded for this is not high compared to CPFP because in CPFP, you will need to pay for the two transaction (child and parent transaction), while for RBF, you will need to just need to increase fee for one transaction, although the transaction will be replaced entirely with new txid generated. |
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Although, I do not know much about altcoins, but I think bringing this up is really worth it. One thing I like about bitcoin is how it is distributed and how it is not centralized as many altcoins do but decentralized. There are coins that can be subjected to pump and dump, in fact, it is not new but stale how many altcoins in the past were controlled by scammers that pumped and dumped the altcoin. There are some altcoins that was not subjected to such pump and dump, or if subjected, the coin later was pumped. I for one, I do not trust on many altcoins as they are centralized. While talking about centralized cryptocurrencies, what first comes to mind is ripple, the first time I hate holding ripple was when I realized you will need to have a ripple reserve of 20 xrp on noncustodial wallet which can never be used again but remain useless in the ripple so called ripple reserve, also is their shady (centralized) blockchain. Let us leave that aside and look more deeper into some coins and tokens that are also centralized in term of holdings. There are altcoins that only few addresses control 50% or more of the total supply in circulation. This year, I read about ChainLink, how it is controlled by only few addresses. More than 80% of LINK is controlled by 125 walletsNew research from Glassnode indicates the top 1% of Chainlink holders control nearly 81% of the token’s supply. According to crypto market data aggregator Glassnode, Chainlink’s (LINK) token distribution is at record levels of centralization — with more than 80% of LINK not held on exchanges currently residing in the top 1% of Chainlink wallets. Glassnode’s research found that 81% of LINK not held on crypto exchanges of smart contracts is currently stashed away in 125 wallets, with the number of tokens held by Chainlink’s whales steadily increasing over the past two years. Also, in a new recent report, it was revealed that 70% of doge was controlled by 100% addresses.Calculating the exact distribution of a given cryptocurrency can be difficult because public blockchains tend to be either pseudonymous or anonymous. But data from several available sources shows that almost 70% of the entire Dogecoin supply is held in just over 100 addresses. From more researches, it will be evident how many altcoins are centralized in a way over 50% of of their circulatory supply is controlled by only few addresses. I believe anything can happen in the future which can make such altcoins to be vulnerable to high downtrend volatility which can result to losses in a long term pump and dump fashion. https://clankapp.com/dogecoin/richlist/https://insights.glassnode.com/the-week-on-chain-week-3-2021/ |
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