And this is a significant part of why bitcoin is still considered "experimental". There is no way to know if the concepts coded into bitcoin's decentralized consensus and maximum quantity will actually stand the test of time other than to test them out and see.
There are a lot of possibilities. The blocksize could increase significantly allowing for many more transactions per block (meaning the total block reward from transaction fees could be larger). The blockchain may become a clearinghouse of sorts where on-chain transactions may become the domain only of significantly large transactions that can afford a substantially large transaction fee. Other developments that we can't even predict today could occur. It sure will be interesting to be a part of this and see how it all plays out.
Indeed, it is important to remember Bitcoin is still a beta. Perhaps the time between blocks will be reduced, since the size of the blockchain probably won't be a problem in 10 years or so. The size of Blockchain can be a problem for some people, the blockchain is already very big, it takes time for first timers to download and verify the blocks. The size of blockchain is already 20GB, if the time is reduced, the blockchain may grow to 40GB within 3 years. |
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is blockchain most secure wallet?
No, your computer can be compromised and your block chain account can be hacked. Offline paper wallet is the most secure. |
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A lot of my shares were used in a block but there are no payouts. Its getting so frustrating.
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I wouldn't recommend mining to anyone, unless they get the ASICs for free. I know that it will not even cover the electricity costs, but hopefully in the future the exchange rates might increase. Another option is to mine for altcoins such as Litecoins and Terracoins, and to convert them to Bitcoin using exchanges such as BTC-E or Vircurex. Slightly more profitable.  how much more money can i make mining litecoin with a 5GHs making vs mining bitcoin in week or month? 5GH/S Litecoin?  No its impossible to have 5GH/s Scrypt miner. Litecoin is less profitable nowadays, you need high-end ASICs to mine Bitcoin and litecoin. Litecoin uses Scrypt while Bitcoin uses SHA256. Scrypt is slower than Bitcoin by around 100 times. GPU mining scrypt typically have hashrates in Kh while Scrypt ASICs have hashrates in MH. |
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I wouldn't recommend mining to anyone, unless they get the ASICs for free. I know that it will not even cover the electricity costs, but hopefully in the future the exchange rates might increase. Another option is to mine for altcoins such as Litecoins and Terracoins, and to convert them to Bitcoin using exchanges such as BTC-E or Vircurex. Slightly more profitable. Not much profit for most alt coins, ASICs are coming out for Scrypt already. |
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If the blockchain can only process 10 tx/s,
That limit can be changed. how will the tx fees be enough to secure the network when all the Bitcoins have been mined?
The amount of fees you have to pay can be changed. It is also up to the miners to accept a transaction with a certain fee or not. If a miner will only accept 1 BTC fees, but you can only pay .5 you are out of luck for that particular miner. Especially if we consider the fact that most transactions will likely be off-chain.
Thanks.
What? Off-chain the way I understand it means: not on the blockchain. Thus its an internal action on some server, where you have an account and the person you are "sending" coins to has an account. Basically its just changing data in a spreadsheet. That has nothing to do with transactions fees as they are only needed (if at all) for on-chain transactions. Thanks for your answers. However, you seemed to have missed my concern; will it still be profitable for miners to secure the network with only the transactions fees when most coins will have been mined? It still seems that it would be unprofitable; even if the transaction-limit can be changed, it would have to be by a lot to make it profitable. And of course the fee can change, but if it gets too high, Bitcoin will lose one of its main advantage over fiat, which would make it relatively irrelevent for commerce so it would bring down its price, and the problem would be worse. Yes I understand that off-chain transactions do not pay fees; that's part of the problem. In a few years, when the vast majority of coins will have been mined, miners will have no reasons to stay with Bitcoin if most transactions happen off-chain and thus pay no fees; plus the problem mentionned above. I may very well be wrong though, that's why I'm asking the question in the beginner section  Yes, the bitcoin price will be higher since no new coins will be mined. The users of bitcoin could be more than what it is now. If miners include more transactions with the current minimum transaction fees. Even if alot of people choose not to mine, those who still mines profits more if they have low electrical fees and ASICs that have already ROI. I do not think most people would want bitcoin to be offchain, it compromises their identity and they need high trust on the operator. |
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how will the tx fees be enough to secure the network when all the Bitcoins have been mined?
The amount of fees you have to pay can be changed. It is also up to the miners to accept a transaction with a certain fee or not. If a miner will only accept 1 BTC fees, but you can only pay .5 you are out of luck for that particular miner. Unless the miner is actually retarded, he would accept standard fees. |
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 Wow seriously, Ghash.io |
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Don't waste your time in faucets or paid to do sites.
they just want to make you work for them for satoshis.
well, newbie need bitcoin to start trading right? and faucet gives free bitcoin too A faucet pays less than 400 satoshis, it will take a long time to collect a significant amount of bitcoin. |
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just put the ads in your signature space and sign up on the thread it's very easy OP is not a member yet, he can't sign up. |
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Whats the most have someone made? just curious, cause I obviously cant get there right now.
Or average btc earned.
Hard to give an average because some posters only do the minimum 50 posts a month, but most probably do a couple hundred or so, but there's a few users who do well over a thousand a month including me. Bryant.coleman earned over 2btc last month and that's the highest payout I've ever seen. Wow, how do you make over a thousand? Are they all constructive? |
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for me the answer is YES. First time I started mining in January 2014 the profit was around $10/day, but now only 1-2$/day Now I need a miracle to become rich with that little hash speed   What ASIC are you using? What is your electrical cost? Have you ROI yet? |
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"SPV wallets will always be fast no matter how popular Bitcoin gets." why do you think so? come on, it will be like any other wallets , no difference Bitcoin core requires user to download full blockchain which takes a long time. However, SPV wallets do not need to download any blocks. |
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I mined for over 12 hours and had "zero shares" and nothing added to my unconfirmed or confirmed balances Someone please explain what's going on .... ? Make sure you have your username and password correct, and the pool URL too. Try other pools too. |
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Someone should really contact the support to fix it, a lot of errors lately, my transaction showed up as unconfirmed on Blockchain.info but confirmed on other sites.
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I'm feeling good with PrimeDice, maybe it hasn't the best rates but the "dev" is well known and trusted by a large amount of positive feedbacks.
It might not be the highest paid deal currently but it was for a long time and hopefully will be again soon. I respect Stunna more than any other sig operator here, plus I never have to worry about getting paid at the end of the month as I've never ever had an issue or problem with him so far. To me that reassurance is worth a lot. I agree, there is a couple of signature campaigns that did not pay out, it is the best to choose one that you trust most. In this case, I also trust Stunna's signature campaign. |
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Use Lamassu a few times before.
Based on my experiences:
1) It is user friendly
2) It takes a very short time
3) It is only one way(Buying only), I think a 2 way(Buy and sell) version is coming soon.
4) The interface is quite interesting.
Was this machine you used in the US? Unfortunately, no I used this in Singapore. -ranochigo |
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You cannot mine Bitcoins on any VPS because the VPS provider would be terminating your VPS if you are occupying your CPU at 100%. You cannot use any normal computer to mine bitcoin since the difficulty is too high. You will need an ASIC, however some ASIC takes a long time to ship and you may never make ROI depending on your hardware cost and electrical cost.
-ranochigo
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Use Lamassu a few times before.
Based on my experiences:
1) It is user friendly
2) It takes a very short time
3) It is only one way(Buying only), I think a 2 way(Buy and sell) version is coming soon.
4) The interface is quite interesting.
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That works too, I guess it is also as secure. But I think your mouse strokes are even more random, just in case. |
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