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Every since I got to know about the MEMPOOL I have been kinda obsessed with it today while I was browsing through the mempool I noticed a particular transaction of over 6 Bitcoins having a fee of $0.00 this was odd to me because I usually come across those with very little fees but not with zero fees.What baffled me the most was the fact that the transaction had 33 confirmations.
Here is the hash id of the transaction 6036af43db95e0ef572f9bbc536739838b680a053a564a41120ab77b0697500e
The transaction was mined in block 809608 and was confirmed about 5 hours ago
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My country people una Weldon oo I don notice say many Nigerians no wan use ear hear Bitcoin matter especially those way no get people around them way de into Bitcoin.I don de reason the matter since say y many of them dey fear to invest for Bitcoin?
I con realize say during those first period way mobile technology tay cast for naija,some of the people way understand all this Bitcoin matter use am tay scam many people so over time people con de conclude say Bitcoin na scam .
Another thing way still de contribute na wrong idea. Many of them believe say Bitcoin de bring wealth over night.so Dem no de bother to read about am before Dem invest or hodl.the reason why Dem get dis belief na because I dn see many cases of all dis yahoo boys Dem (cyber fraudster)de use Bitcoin name de cover d scam way Dem de into some even de use am as scam scheme say like make u give Dem 5k say Dem way invest am for Bitcoin say the next mins Dem go credit you 10k based on people way no understand Bitcoin those victim go send d money and the scammers Dem go disappear later na d victim go con de feel say Bitcoin na yeye tin. To de teach people about Bitcoin no easy at all that is why I de respect people way fit de do am for we naija.
I no say people no de too de fall for those kind scam again but that wrong idea about Bitcoin sti de their head say na scam.
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You are very right there is and will always be arguments on different topics however the most important point is that both parties learn something
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Ever since I joined this forum for the past few months I have learnt alot about Bitcoin and the crypto space. The main reason why this was possible for me was I was always inquisitive and most importantly I also took corrections and sometimes did further research about some things I was not clear on.This was because I noticed most legendary,Hero and some senior members on this forum don't make replies to threads based on something they read from a random article most times but based on their experience in that particular field of Bitcoin. However some newbies on the other hand lack the ability to settle down to understand the concept of Bitcoin and end up spamming the forum with unnecessary posts like ; https://bitcointalk.org/index.php?topic=5467765.msg62888686#msg62888686His reply https://bitcointalk.org/index.php?topic=5467765.msg62887896#msg62887896 even showed he didn't know what he was talking about but he still kept arguing instead of trying to figure out his errors Newbies aways try to be inquisitive and take necessary corrections, remember that the easiest way to learn something is to believe you know nothing about it.and hence try to practice it..No one is perfect we all are just trying to get better subsequently. Like the title says ( it's just a friendly advice/reminder) |
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how is it possible to make your transactions occupy the smallest block space possible so as to reduce your transaction fees.
The first two things to do manually is to use a native segwit (bc1q) for your transaction as this has been the best compare to other address formats. I intended on using P2SH or Bech32 SEGWIT because I am aware legacy addresses incure more fees .is it set to use layer 2 in default |
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Lately I decided to explore the MEMPOOL.i came across some relatively small transactions which occupied large block spaces therefore making the fees big.I also saw a couple of blocks on the meme pool some were large amounts of Bitcoin transactions but had very low transaction fees which is accountable to the small block space they occupied.I am aware of how to use the time factor to my favour. how is it possible to make your transactions occupy the smallest block space possible so as to reduce your transaction fees. Will using the layer 2 reduce block space?
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I heard about bitcion from my uncle and he has been talking about bitcion since February 2022 and have been hearing how bitcion pays and support youths. If invest in long term. And he also warned me that bitcion is not get quick rich scheme and there are different ways one can get bitcion. And the ones he told me were:
1) buy bitcion and store it in the wallet for the next bull market to come. And he told me to buy it in the bear market and invest it for a long term investment for like 3_5 years period, so I am planning to invest for the long term.
2) trading is the buying and selling of bitcion in the market at all time or anytime which gives you profit if you can trade well. But trading is more risk than investment.
3) mining is the solving of mathematical problem through computing system when someone send bitcion to a recipient, a minor must mine the cions in the blockchain before the recipient will receive the coin.
Conclusion:
In my incusive to know more about bitcion, he told me to register in bitciontalk so I will be learning and knowing more from there. So if I make any mistake in any of my writing, please correct me. I am open to correction.
Although your narration seems vague I will advice you OP to spend more time reviewing your post if your English is bad rather search for your local board to make necessary contributions to the forum. I will advice you to read more about Bitcoin on this forum as you will gain a lot rather than making posts of this nature. |
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My country people una well done oo since wen I don de dis forum I de observe threads for other boards I notice say some times people de use offensive words wen Dem de try correct others.But since wen I de go through dis our board I neva see curse of any kind we de always de polite wen we de correct others.so I de create dis thread tay praise and thank una say make una continue to de do am oo as e help motivate newbies Dem to ask important questions for here.
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Nice post Op but I think you should work on your post title properly next time and instead of making post rather try to read more on the forum so you can gather enough information about the crypto space. Also I think this post would be better off in Bitcoin discussions.
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My country people I greet una oo I no too de new like dat for dis forum sha but I no de our local board since I b no no as I wan take introduce myself but thank God say dis thread de
Username: Mia chloe
Gender: male
State or residence: Edo
Skills:I b student but is sti de do small small ad for people online
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So what should I do to earn profit when have a PC not used and lying idle in my home?. I have armagedon 29' monitor, core i5 9 generation, 16 GB Ram and GPU 1030 GTX 2GB. I actually intend to mining, but I don't know what coins I can mine with my PC specification. It's clear enough make me lose when mining Bitcoin or top coin market cap.
From the specification of the computer I don't think it will be profitable to mine Bitcoin on the computer since the computation is low.however you can consider mining ETH,LTC,or XMR as they they demand lesser computation power.If you insist on mining BTC you can get a computer mining set up with better computation power and don't forget to consider the electrical cost in your locality before venturing mining as it is very power consuming. You can still use the computer as an air gapped hardware wallet too. |
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This is only according to an analyst from Bloomberg. However, if this is confirmed real information then the question from the community should be will cousin Elon support his statement and begin accepting bitcoin payments in Tesla again? Tesla also should start buying again hehehe.  The Bitcoin network, with its continually increasing hash rate, has seen a corresponding decrease in its emissions intensity, according to recent reports from Bloomberg. Analyst Jamie Coutts explained that this trend is contrary to most other industries and could potentially trigger the next wave of institutional investment.
Data cited by Coutts on Monday revealed that the sustainable energy mix for Bitcoin has been steadily rising since 2021 and now exceeds 50%. This increase in sustainable energy use has resulted in a slower growth of emissions relative to the network's expansion. Coutts noted that the evolving relationship between Bitcoin network growth and the global push to transition from fossil fuels could "catalyze a wave of institutional and even sovereign investment capital."Read in full https://finance.yahoo.com/news/bitcoins-sustainable-energy-mix-surpasses-060305672.htmlAs a matter of fact the entire scheme of if to accept Bitcoin or not is a profit based one.with Bitcoin being volatile digital asset, Elon will definitely estimate his chances of profit or loss if he adopts Bitcoin for purchases and if these odds according to his thesis will not yield profit he will not accept Bitcoin. |
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Cypherpunk is an activity, movement, or concept that began to be widely discussed in 1980/1990. This group emphasizes social and political change through cryptography. The basic idea behind cypherpunk is privacy, transaction anonymity and reputation. SourceThese Cypherpunk groups aren't just regular people, some of them are experts. they do understand ciphers and capable of writing software. One of the highlights is, the concept of cryptography in 1970 was first developed in secret by the military and spy agencies, until in 1980 this document was leaked to the public so that many people were talking about it. SourceThe RSA algorithm was first introduced to the public in 1983 by Ron Rivest , Adi Shamir dan Leonard Adleman - SourceWell-known list participantsJulian Assange - SourceJohn Perry Barlow - SourceAnd Other Other sources ; Source 1 Source 2 WikileaksMain Article - Source
This is a small summary of an article. I don't know cypherpunk yet and I'm having a hard time understanding it. Maybe the discussion will make me quickly understand the concept of cypherpunk (in my opinion this is the basis for the formation of bitcoin)
Edit : Bitcoin PrehistoryDo you suggest the cypherpunk to be the pseudonymous entity Satoshi who created Bitcoin? How ever. According to an article I read the cypherpunk wanted a more unique digital currency which led to the creation of Bitcoin. You can read more about it here. https://www.coindesk.com/markets/2016/04/09/bitcoin-and-the-rise-of-the-cypherpunks/?outputType=amp |
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A lot of people talk about steps to becoming a good Bitcoin investor or tech bro in the crypto space. The point is how really can this be achieved?.well achieving this is not a very simple task , however there is a simple point to note.
To become successful in the crypto space you have to first understand the idea behind the crypto space (emphasis on Bitcoin).
The first question is what is the idea behind bitcoin. It may seem vague but it was this idea that prompted the pseudonymous entity Satoshi to create Bitcoin.
This idea was;
1. Creating a currency that was not controlled by any entity especially the government.This can be summarized as Decentralization in other words you are in total control of your assets.
2. Creating a currency that would not require any means of identification.Making it quite impossible to totally track a user still making it possible to notice transactions by that user.This can be summed up as Anonymity.
3.Creating a currency as secure as possible.
With these being said,logically the main idea behind bitcoin is Anonymity,Decentralization and Security.
Come to think of it ,understanding the reason something was created gives you the best sense of use and therefore an edge over others in the same space which in this case is the crypto space.
And most importantly Don't forget to keep your keys safe 😁
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One of the most important things I have learnt from this forum is how to secure your digital assets. Here are a couple of things you should avoid after setting up your air gapped device or when installing your wallet generally; 1. Avoid visiting sites with low trust score and security warnings. These security warnings are usually displayed in your browser. 2. Use secure browsers like; BRAVE which you can get from their official page https://brave.com/ TOR browser which you can get from. https://www.torproject.org You can even make use of the local browser that comes with your OS as long as your privacy is safe and your device is protected from malware. 3.And most importantly always get your softwares from their official pages especially when installing a wallet software. This will reduce your chances of installing a malware or getting an altered or monitored version of that software. Here are some official pages of some of the most secure and popular wallet softwares LEDGER. https://www.ledger.com/ledger-live TREZOR. https://trezor.io/ MYCELIUM. https://wallet.mycelium.com/ ELECTRUM. https://electrum.org/And most importantly Don't forget to keep your keys safe mate😁 |
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I did some research on Bitcoin transaction but I wasn't too clear on some things.
Bitcoin transaction fees are the rewards miners get when they verify transactions therefore the bigger the transaction fees the more inclined miners would be to verify the block.Does this mean that if two Bitcoin transactions are carried out simultaneously, the transaction with larger block chargess would likely be validated before that of lower transaction fees?
Take note that validation is for nodes, while confirmation of tx's is for the miners. Miners can choose to include any tx in their block that they are trying to mine, but they are incentivized to first include tx's that pay the higher fees because it earns them more rewards should they find the block. That's why it is recommended to check https://mempool.space/ before making your tx, so you choose a suitable fee. I don't know if i've answered your question, so i'll like to add this; tx's aren't mined individually, but in blocks that can contain over 2000 tx's, and once a block is found, all tx's in it becomes comfirmed, now take note that all the tx's wouldn't have exactly the same fees attached to them, but fees that the miner considers suitable irrespective of when the tx was made. Also aside from network congestion which can be avoided by transacting when the network is less populated and transaction size , how does block space demand affect transaction fees?
The address that you use affects the tx fees as well, SegWit transactions for example are cheaper. I will definitely do some research about memepool and I will also read on segwit transactions so I can understand this transaction process properly |
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Life is a time game. If you are kind of lucky you make it to 60 or 70 or 80
I am 66 with normal luck I will reach 84.
So this means I got 18 years to go.
the young you are the more time you have in general.
This means DCA and hodl for 10-20 years if you are 20-40 years old it is not hard to do.
If you are 66 like me a 10 year DCA is not that attractive.
BUT NOW YOU SAY hey I am 29 I want to do a 10 year dca .
you decide $20 a week is a number I can dca. well that is 52 x 20 x 10 = 10400 usd saved via the purchase of btc.
It is possible that the average increase is 10x so you have 104,000 usd worth of btc in ten
years. How do I do this? How do I make sure to buy it. HOW do I make sure to hodl it. lastly how do I make sure I do not lose access to the asset.
well that is the question. I can be sure about buying it or earning. holding it is hard.
It is never a bad idea to hodl as an investor except when loss is imminent how ever you can decide to reserve some Bitcoins for a family member to kick start their Bitcoin journey in the future I am sure they would be very grateful. Also I wish you live as long as you want so you withness more bulls and be able to enlighten more newbies in the crypto space like us . Don't forget to keep your keys safe 😁 |
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I did some research on Bitcoin transaction but I wasn't too clear on some things.
Bitcoin transaction fees are the rewards miners get when they verify transactions therefore the bigger the transaction fees the more inclined miners would be to verify the block.Does this mean that if two Bitcoin transactions are carried out simultaneously, the transaction with larger block chargess would likely be validated before that of lower transaction fees?
Also aside from network congestion which can be avoided by transacting when the network is less populated and transaction size , how does block space demand affect transaction fees?
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will older blocks which those nodes of older version assisted in validations be affected aside being separated from the block chain?
Older blocks can not be affected. The effect will be on the new blocks of the hard forked coin. block chain?
Old blocks (the blocks mined before the hard fork) are not separated from the blockchain. We will still have the old blocks in the blockchain.
Those who agree with the hard fork and support that upgrade their software and those who don't agree with the hard fork are free to continue with the old rules and have their own chain. Blocks mined before the hard fork would be same for both groups. Ok this means that coins mined under the new hard fork will not be different in any form from previously mined ones. So only protocols used by nodes will be changed? |
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A lot of forum users especially newbies underestimate the amount of summarized information embedded in factoids especially those with source links However I came across this factoid https://bitcointalk.org/dec/p1.htmlunder my post which explained hard fork I decided to read about it but as I read through a question popped up in my head which was ;since hard forks result due to important changes in the block chain protocols and cause older nodes to become incompatible with the block chain rule, will older blocks which those nodes of older version assisted in validations be affected aside being separated from the block chain? |
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