[What led to its introduction?]

Recently, I've been intrigued to practically understand the state of cryptocurrency in Nigeria from the legal point of view. While carrying out my research, I remembered that Nigeria once had its own Central Bank Digital Currency (CBDC), popularly known as eNaira. I want to guess that a few persons on this board have made use of it, while others don't even know how its interface looks.

What led to its introduction?
From what I gathered, as cryptocurrency started becoming popular, countries around the globe saw the need to introduce their own digital currency that would be backed by a central bank. Nigeria happens to be the 1st country in Africa to launch its own digital currency. It was quite the opposite of the Naira (note), but was its equivalent (1 eNaira ≈ 1 Naira).

Why was it a failure?
As reported and I confirmed, the eNaira wallet is no longer available on the Google Play Store, which proves that its adoption rate was quite poor and didn't meet up to the CBN's expectation. Though it was reported that there were too many poor reviews.

I want to believe Its failure was probably as a result of the CBN failing to identify the place of eNaira in the cryptocurrency ecosystem in general. It actually shares similar properties with stablecoin, but its usage wasn't fully associated with cryptocurrencies in general.
Their(CBN's) idea of people leaving speculative and volatile currencies just to adopt another digital currency that has similar properties to the naira, with zero volatility, was the endgame of the project from the onset.

And in 2020, the year before it was introduced, Nigeria was one of the top leading countries in the Cryptocurrency race. I came across some speculations that the government's intention was to limit cryptocurrency usage while introducing the eNaira to take over, which I think you can find in either the news or video link shared below.

These are clearly my own opinions, but what do you think went wrong from your point of view?.

Source - https://youtu.be/ez3O50nLshY?si=o7yB-czC-wty8mCI
Cable News

[Why it is Important to run a node]

As Nigerians on this Board that use Bitcoin on an almost daily basis and value what it offers, we can as well categorize ourselves as true participants of the Bitcoin network. Truth is, we've grown to a large extent even though the adoption rate compared to what we have in other regions doesn't match. Like some of us already know, owning a fraction of Bitcoin isn't just the only way to categorize yourself as someone who's part of the network. There are other activities that we as Bitcoin enthusiasts can engage in to make us strong participants of the Bitcoin network, and the common one is running your own node.


The Bitcoin network is decentralized, in the sense that every participant that runs a node has a valid copy of the blockchain, thereby helping to protect its integrity. The more the participants, the stronger the network becomes.

So, few weeks back, it actually came to my mind to start the whole node running process. As a Nigerian, I definitely faced few challenges, which will be discussed, but just to note that the background image above shows my progress when I almost completed my first download, while the second image at the top right shows my progress for this week, because my plan is to always get a full copy every 7 days.

Why it is Important to run a node

• To further strengthen the Bitcoin network, since you have your own copy of the valid chain.
• Allows you to broadcast your own transaction, and not necessarily through third parties like most of us use.
• For the sake of your own learning, experience and practice, etc.

Challenges for us as Nigerians
This is literally the main discussion of the thread. Running a node, especially during the process of downloading the entire data from scratch, isn't an easy task. It's even more unfortunate that we lack these basic things to some extent, so running a node might be a bit challenging. Here are the few things I experienced...

• Cost of internet subscription -

This is essentially the primary constraint that I faced, and I think most people will face in running one. Since the increment of internet subscription, getting affordable/cheap plans has been quite difficult. Though, I was able to navigate my way through, but the navigation wasn't an easy one either.

• Poor internet connection -

In the process of running a node, there is something we call "progress increase per hour", which can be seen from the image above. If it's between 0.0%-0.99%, then consider your Internet connection to be a weak one. This was literally a big problem at first, until I had to switch for different ISP, before settling for one that offer a better connection.

• Power(Electricity) issues-

Electricity plays a very crucial role because no computer can work with our power. You won't face much of this problem especially when you have a computer that can run for 5-6 hours straight. I was opportuned to enjoy that.

Possible solution and suggestions
Well, for those are interested, and feel that they can try it out, I have few suggestions that might help especially in the area of data cost and poor internet connection...

• From the aspect of poor internet,

I had to settle with the best network in my location. Good internet connection differs from areas, so yours might not be the same as mine. I actually started with glo, then switched to Airtel, before settling for MTN. And even while using the MTN, I had to use the software only at night, to get a better network.

• From the aspect of subscription cost,

I opted for a special bundle that MTN offers via *121#(Smart plan). It wasn't that cheap, but I had to do it a couple of times. Router plan offers something different though, so you can check it out via this URL- https://shop.mtn.ng/shop/data-bundles/broadband-bundles.html

So, at this point, do you have what it takes to run your own node and maybe broadcast your own transactions for any of the reasons above?.

This thread does not promote any internet service provider. You can also share any cheap plans that you know of.

Good day everyone.
A quick question please.
I recently resumed running my Bitcoin node after a few weeks. I've been experiencing one major issue, which is poor connection, or should I say: poor service from my ISP.

I just saw on the landing page of the forum that a new version of Bitcoin Core has been released (v29.0).
Is there any way I can update to the latest version without affecting my current progress?.

I believe I'm currently using v27.0

If there is one thing I like doing, is addressing issues/questions once and for all without going back to them again, and that's why I don't reply to threads that has been created over and over again.

I'm not an Economist, so I don't really know much about how the Economy works, but this country has taught me and millions of people out there, that an economy can be good, bad or terrible, so it doesn't make me novice either.

If I'm not mistaken, I want to believe that I have read few replies and threads on this local board concerning Bitcoin reserve and it's impact if eventually implemented. I have tried to understand how a reserve works, but I have been really struggling to process how it will help the Nigeria Economy if eventually implemented.

To me, having a Bitcoin reserve will demand a good level of transparency, especially on how our fiat currency is been printed. We have so much relied on the sales of crude oil, but still yet, we don't even feel like an oil producing nation.

From Tax payers money, Increase in VAT, Crude oil revenue, and even the excess money we print, we are still lacking so much in terms of Economic strength. IMO, I think the solution to our Economy crisis lies in our own hands(more of transparency), rather than having a reserve that we can't implement properly.

And to wrap it up, I think Bitcoin can only impact our lives as individuals in this country, rather than seeing it as the bigger picture to the solution to our nation's economic shambles (pardon).

So, rather than it's individual benefits to us, do you think Bitcoin can impact the Nigerian Economy despite the flaws that are already on ground?.

[Risk taker]

one thing about me I prioritise safety than profit. Because if you endup losing everything there won't be any profits for you.

Likewise, there are others that sees risks as the true way to financial freedom.
They're infact not far from the truth, but there are some risks that are not just worth taking IMO.

I have always had this discussion in mind, until I got a perfect scenario I can use as an example. Please, note that I have no issues with the points I_Anime has made, but I choose to use the two quoted text as an example as they show two different type of financial pills that can be offered or taken by anyone. Taking Risk.... Or Playing safe. _{When I use the word "pills", maybe the movie "matrix" must have come to your mind as well.}

When it comes to Taking certain financial decisions at some point, the extreme to what a person can do is sometimes required, as it can present good financial results. But on the other hand, not everyone wants to involve themselves in risk, as they believe playing safe is the best option.

Of recent, I start to ask myself this question: "To take Risk and to Gamble na the same thing?. It may be to you, while to others, it isn't. Of course, gambling fit be the same as taking 'Risk', but risk no fit be the same as 'gambling'. Though, reverse can also be the case, as everyone tends to see things from different angle.

I think sometime in the beginning of this year, I met a friend who said and I quote: "This year, It's going to be Risk...Risk...and Risk". I asked him why, and he said: "Taking risk has brought me this far". Not everyone have the guts to take certain risks at some point, but I believe everyone hopes to have something that risks takers ends up having. Certainly, the negative part of taking risk is what most people fear, but if there was no negative side attach to it, then everyone would be taking risk, abi no be so?.

So, let me ask a very direct questions...
1. What's your own definition of financial risk?
2. Where do you find yourself, Risk taker or Safe player?
3. Do you always attempt to take certain financial risk when the opportunity presents itself?.


NB: I intensionally choose not to involve/mention any type of investment assets or business, so as to hear people's opinion from a neutral point of view. Na Naija we dey, so make we talk am as e be, because I believe almost all of us here dey try put in one or two daily efforts just to outclass the financial constraints that surrounds so many sectors, especially for the employees, i.e people wey dey on salary.

[always]

Just to seek proper clarification, rather than assuming. While going through mempool.space, I noticed that the weight of every mined block never exceeds 4MWU(which in most cases lies around 3.99MWU), and the size always exceeds 1MB, which happens to be the maximum size limits of a block from what I read. Some of the sizes of mined blocks that I saw were around (1.4Mb - 1.5Mb) like the one below.

From the image above, if we are to stick with the rule that "maximum size of a block is 1MB",
1. How come most of the mined blocks always exceed 1MB, like the one above?., Or does the 1MB ranges from 1 - 1.99MB ?.

And again, I observed that the total tx in each mined block varies, maybe due to their various individual sizes, but just to be clear,
2. Does the weight of a block (which doesn't exceeds 4MWU) determines the numbers of tx that could fit into it?.

And lastly, I observed that the block weight is not displayed until a block is mined, but let me ask this
3. Is it possible to have an unmined block, even after the block weight has reached its limit of 4MWU maybe due to mining difficulty or other reasons?.


Not really sure of some of the things I've read personally, but I'm always opened to corrections. You might want to also DYOR after reading this.

[can be negative]

While checking for new articles that i might've not have come across, i saw a topic that says "How many satoshis are in a bitcoin". This is a question i could possibly answer while sleeping, but i haven't really done a research on why Bitcoin has to be measured in sats.

I did a quick research on the source code, and surprisingly, i got a very short code that is not more than 30 lines (if you add the comments). I had to snipped out some part because the confusion is actually from these two lines.

Code:

~snip

/** Amount in satoshis (Can be negative) */
typedef int64_t CAmount;

~snip

static constexpr CAmount MAX_MONEY = 21000000 * COIN;
inline bool MoneyRange(const CAmount& nValue) { return (nValue >= 0 && nValue <= MAX_MONEY); }

https://github.com/bitcoin/bitcoin/blob/master/src/consensus/amount.h#L1

I want to believe that the first line of code represents the amount of Bitcoin in it's smallest unit (sats), as stated in the comment, and there was an additional statement that insists that it can be negative.

Now, if you take a look at the next line of code, there is a true or false case (boolean). If the nValue is above zero and below the MAX, the function returns True, but if reverse is the case, then it should return False.

So my question here is:
1. How can the amount in satoshi be negative when any nValue aside the True condition must return false?


I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

[Please Note that I broke the post down into two sections for readability. Each section contains questions Incase you missed any.I am 100% open to correction as I still see myself as a learner. Pardon any of my error, and do well to also DYOR Incase the things here are new to you. I can't really say that everything written is 100% accurate.]

I recently started looking into multi signatures when I learnt that the OPcode some how contains a bug that isn't considered much as a bug because of the application of a dummy for temporary solution.

So far, I've tried to understand what multi-sig comprises of, which a 2 of 3 was practically what I studied with.

For an ideal 2 of 3, we have the following as the locking script

Code:

2<pubkey1><pubkey2><pubkey3>3 OP_CHECKMULTISIG

While it's corresponding unlocking script

Code:

0<signature1><signature3>

Where the two signatures above must correspond to any of the Pubkey assuming I didn't use any specific number.

I learnt that the error produced by the OP_MULTICHECKSIG can be resolved permanently, but the dummy variable(with a value of 0 above) was rather used as a temporarily solution. I am curious to know

1. Why is that?
2. Is there any brief explanation on how the bug could have been resolved if actually it was possible?.


The two scripts shown below are literally thesame, and they are combination of scriptsig, scriptpubsig and opcode. But I am curious, as I want to be sure of the order of execution, and how values are been pushed into the stack.

Code:

0
<signature1>
<signature2>
2
<pubkey1>
<pubkey2>
<pubkey3>
3
OP_CHECKMULTISIG

Code:

3
<pubkey3>
<pubkey2>
<pubkey1>
2
<signature2>
<signature1>
0

Question:
3. Just to be sure, which of the execution order is correct between both?.


Please Note that I broke the post down into two sections for readability. Each section contains questions Incase you missed any.

I am 100% open to correction as I still see myself as a learner. Pardon any of my error, and do well to also DYOR Incase the things here are new to you. I can't really say that everything written is 100% accurate.

[https://punchng.com/serap-sues-cbn-over-failure-to-account-for-missing-n100bn-dirty-notes/]

I believe some of us here are familiar with the phrase "This is not a drill", especially when you are a fan of action movies. The monetary system of the country is already f*cked(pardon), which I guess we are all feeling it's effect in one way or the other, so when I say this is not a drill, you should be able to understand how bad it has become. Nigerian inflation rate keeps rising as weeks and months passes bye, and the innocent citizens are left to feel the hardship.

Printing of excess money into circulation is no longer a news, as it is literally practiced in some countries around the world(but nigeria done become oga for the matter). The purchasing power of our currency keeps getting weaker every day, with no possible solution to addressing it. When we even purchase a product today, let's say for N500, there is a higher probability that the product will increase in price, than to decrease (i.e, wen I buy something today for N500, 95% chance dey say the thing go increase tomorrow, while 5% chance dey say e go decrease).

Recently, I came across a news headline on the punch news paper, with a caption:

"SERAP sues CBN over failure to account for missing N100bn dirty notes"

https://punchng.com/serap-sues-cbn-over-failure-to-account-for-missing-n100bn-dirty-notes/

This news wasn't something I could easily ignore, because I understood the consequences such action would have in the current economy. Not been able to account for the whereabout of 100billion naira dirty notes in the past 17years, means one thing, and that is: those money are still in circulation. Ideally, old/dirty notes are retrieved by banks, as they consider them not good in appearance. The problem here is, since this are considered dirty notes, it means new ones have been printed overtime to serve as replacement.
But due to the level of corruption that has eaten up our monetary system, we don get additional 200bn naira notes in circulation, plus the new notes wey government still dey print till today. Just imagine the once wey we no dey aware of.

Situations like this are practically what causes more havoc to the economy, and also reduce the purchasing power of our money. There is no ideal fixed amount of money in circulation, as more money are pumped into circulation at any point in time.

Bitcoin on the other hand has it's monetary system/policy figured out by Satoshi himself. The hard cap of 21million(approximately) coin is a fixed value, which means when that entire amount(21M) enters into circulation, there is nothing further to be added. The Bitcoin network is transparent, decentralized and open, such that no single entity or individual can get Bitcoin from thin air. Though, the hard cap of 21million can be changed, but trust me when I say, it's not going to be an easy task, as it requires/takes collective effort from the entire Bitcoin community to make it happen, which means, more Bitcoin can't be added without a general community consensus.

There are some implementations in Bitcoin that has helped to increase scarcity, and also control inflation. This scarcity has helped in terms of price growth, which is clearly unlike our monetary policy that has nothing in place to control inflation.

Like I pointed out in my previous post: "there is nothing the masses can do about the devaluation of naira, so we need to opt for better options". Investing in Bitcoin, is probably one of the best advice anyone can get in tough times(hardship) like this. The monetary system/policy guiding Bitcoin is open and transparent, and no activity can be done behind the scene inorder to produce more of it, thereby causing inflation. Our Monetary system is f*cked - This is not a drill.

Happy New month to all fellow Nigerians.

It is advisable to always DYOR and make your own investment decisions. I am not to be blame for any action that comes afterwards, as this thread is clearly to air my opinion.

[assuming]

The title of the thread says: Bitcoin over dollar, but I still dey naija, so why I no use: "Bitcoin over naira"?. You see, at some point, when an issue can no longer be addressed, it surely means two things, which are: [1] it's either the issue has been solved, or [2] the issue is to complicated to be solved. The devaluation of naira has become an issue that can't be addressed, just by the talk of the common masses, which is why it is best to opt for something better.

I have often heard people make choices between: earning in dollars or naira, which majority happens to choose the dollar over naira. When such comparison is been made, then it definitely means the source of dollar income is likely to come from somewhere outside the country.

But in recent times, as Bitcoin is gradually becoming part of us, I think ideology behind this choice will start changing, as people would opt for: earning in Bitcoin than to earn in dollars. I have my reasons for this which I will have to explain using a basic day-to-day calculation illustration.

Code:

A[$100/month] - [N1500/$] - [N150,000]
B[$100[btc]/month] - [N1500/$] - [≤N150,000≥]
C[N150,000/month] - [N1500/$] -[N150,000]

The example above comprises of three different people, what they earn, and assuming the exchange rate is (N1500/$). Mr A earns $100/month, which when converted gives us N150K. Mr B on the other hand earns $100 worth of btc, which when converted and maybe hodl can give us an amount greater or less than N150K. Mr C earn exactly N150K.

Code:

Petro [July] = N800/litre
Petrol [September] = N850/litre
Petrol [December] = N900/litre

The illustration above gives an explanation to the salary earners. The price of Petrol around the country is at an average of N800/litre. Aside petrol, other things like food stuffs, electronics, transportation, school fees, light bill, etc are also increasing daily. And we know say anything wey go up for wi country - no dey come down.
The salaries of both Mr A and C will devalue over time, as price of things continues to go up. This is where Bitcoin comes in. From July to December, there are chances of having higher price discovery, as Bitcoin has the potential to grow in price.

Sweet side of it

• As time passes, Bitcoin tends to grow in value and price, unlike your naira and dollar
• By hodling on to such income, you tend to be on a gaining side.

Opposite of the sweet side

• The volatility of Bitcoin can put you at loss for a certain period (especially when the thing don dip).
• It might not work well for those who leave a hand-to-mouth life. Which means - as money dey come, dem dey spend. Though, due to the volatility of Bitcoin, which can make price to change at any point (time), it can also defile this second rule which I've mentioned

This thread was not meant to address the entire problem faced by the citizens of the country, since Bitcoin neva be legal tender for wi country. I just write the thread, based on the debate most people tend to have about: chosing dollar over naira. Morever, majority of us here uses Bitcoin and dollar(in the form of stable coin). As far as I am concerned, the devaluation of naira is enough motivation to opt for something better (but, comes with greater risk).

Make God no let us use bundle of money buy pure-water one day. If Venezuela come ur mind, well, na you think go there.

Aside that, I think I am supposed to be a full member today, but not sure of how the activity stuff counts. Let's see how that goes, and congrats to me in advance.

Caution - This thread is not a financial advice. Just clearly what the Op thinks.

[I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.]

I have been curious about why Bitcoin mining consumes a lot of power(energy). Although I haven't come across a mining device physically, but there are some articles and videos I have seen that talks about this consumption.

I have been curious to know, and there are certain things that have come to my mind in the last few days.

From what I have learnt, the difficulty of mining is said to readjust after every 2016 blocks, which is around 2 weeks, while the average time to mine a block is 10minutes. But I am not sure if the computational power of mining devices like ASIC for example, are built to increase relatively with an increase in difficulty level of mining. So I came up with a conclusion that: in order for these machines(mining devices) to match up with difficulty increase, it might result in more energy consumption.

Though, I also think, putting ON mining machines for long can also consume power, but there should be some additional task that tend to make the machine work more, thereby consuming more energy.

I am not certain on the accuracy of my conclusions, which is why i would like to get a more detailed answer to:

• Does an increase in mining difficulty lead to higher power consumption?.
• And also, is it possible to mine more or less than 2016 blocks for a certain difficulty level?.

I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

I recently tried generating random mnemonic words after reading about BIP39 and BIP32 (though I haven't fully understood them). I realized that it is possible to generate these words in different languages, but I wasn't sure if translating from one language to another would be a problem, especially in cases involving security or exposure.

Code:

净 歇 切 镜 坯 住 伤 磨 局 彻 川 产

Assuming the mnemonic words above belong to, let's say Mr. A (who lives in China). Another user, let's say Mr. B (who lives in Germany) comes across those words somewhere online (maybe Mr. A accidentally posted them online). If Mr. B decides to translate those words into English so that he can try them on his device,

Is there any chance that he will be able to access Mr. A's wallet?


I have literally tried doing some translation using Google translator, which I doubt if the entire translation is correct. example, this word (川) when translated gives  (Sichuan), which is not an active word under the 2048 mnemonic words that we have.

you can find the list of words here - https://gist.github.com/DMeechan/9761fea1031c95f71c39ac2b80884bc5


This was the site I used in generating the words, which was done for practice purpose - https://iancoleman.io/bip39/#chinese_simplified

[Rendezvous Routing]

Recently, I have been trying to wrap my head around the word Rendezvous Routing and how it relates to the Lightning network. when I used my search engine, most of the results that i got were explanations to Rendezvous protocol and not routing. I began having a thought that: the Rendezvous Protocol is probably the source, or have a connection with the routing itself. from most of the explanations I got online, Rendezvous Protocol seems to be a term solely for Peer-to-Peer network, like this one below...

rendezvous protocol is a computer network protocol that enables resources or P2P network peers to find each other.

https://en.m.wikipedia.org/wiki/Rendezvous_protocol

Lightning Network on the other hand, have so many approaching definition that probably everyone can give while defining it. From what I've learnt so far, it is decentralized layer 2 solution that acts as payment channel, built on the Bitcoin blockchain. it is greatly recognized in solving/addressing the issue of scalability. whichever definition we all know as individuals, it's important to note that LN is primarily used for the fast transfer of Bitcoin off-chain, before broadcast is finally done on-chain.

It's not still clear to me how Rendezvous Protcol or routing relates in anyway with the LN, perhaps some of the BTT forum members might have an idea.

So my questions:
1. Is Rendezvous Protocol In anyway related to Rendezvous Routing ?
2. What's the answer to the thread title?
3. During the process of setting up(creating) payment channel, is there an application of the Rendezvous Protocol?.



I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

[as reliable]

So recently, I have been trying to understand the basic knowledge behind how the generic-seeder works. I came across few statements that caught my attention..

The generic-seeder is a blockchain network crawler that maintains a list of IP addresses of the most reliable nodes on the network and shares those node IPs via DNS request to anyone requiring an entry point into the decentralized network.

https://github.com/guapcrypto/DNS-Seeder/blob/main/README.md

And also...

If you just want to crawl a network to get a list of the connectable nodes, without worrying about the DNS setup, you can do that too.

Aside from having genuine nodes (which ideally, should be the majority of nodes on the network), the quoted text above with the underlined phrases raised my curiosity, as those statements suggest that there are specific factors that qualify a node "as reliable", which am not aware of.

From a learner's perspective, the only thing that comes to mind in determining how reliable a node is, should probably be the block height. But on a second thought, there are other nodes that doesn't keep all historical data, like the prune node, which am not sure should be enough reason to consider them less reliable if they actually are(maybe am mistaken).

My questions are:
1. Based on the first quoted statement above, are there specific attributes that qualify a reliable node?.(for simplicity, when we say that a node is reliable, what makes it reliable?).
2. From the second quoted statement, connectable nodes was mentioned. Are there nodes that are connectable and those that are not connectable?. ( Incase full and prune node can be use as examples, I will appreciate that).


I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

[Keep your private keys separate from your car keys]

Even without saying much, I believe the image above has passed the right message/information as stated in the title. I recently came across this image on X formally called Twitter, with a caption "Keep your private keys separate from your car keys". It's clearly a situation of a missing bunch of keys with an attached hardware wallet.The victim might not have thought that a day would come when he/she would misplace his/her keys

I have seen real life scenario where people tend to attach so many things to their keys. The reason most people tend to do this is their mistaken belief that keys can hardly be misplaced. Just imagine someone offering over $10K to anyone who can find the keys, then you can imagine how much is on that hardware device.

Don't think this is a joke of something, as it can happen to anyone who use similar method. I hope we all learn from this person's mistake to avoid becoming the next victim of such situation.

Keep your Bitcoin safe.
And don't forget to Keep your device safe as well.


X(Twitter) source: https://x.com/BitcoinNewsCom/status/1809554110330327265?t=-fL6oP4KTnWifaFuZjgevg&s=09

[Blockchain]

In the study of Bitcoin, we discover that there are several terminologies associated with it, and each of these terminologies are linked together in one way or another, making Bitcoin function just as it was created.

Since my recent days of learning about Bitcoin, I have become acquainted with one common terminology, and that's Blockchain. Blockchain is a word I see almost every day on BTT threads, Bitcoin news/articles, Bitcoin PDFs, etc. Seeing this word often shows its great importance and its general use in crypto related matters. I believe you also see this word often.

Not until recently, when I came across...

This is the Bitcoin sources from November 16, 2008 - a few months before the current blockchain began.

where Satoshi Nakamoto mentioned Timechain. I just couldn't jump into conclusions on what Satoshi meant, but using the word Timechain sounded more like describing the Blockchain as shown below..

Code:

//
// The timechain is a tree shaped structure starting with the
// genesis block at the root, with each block potentially having multiple
// candidates to be the next block.  pprev and pnext link a path through the
// main/longest chain.  A blockindex may have multiple pprev pointing back
// to it, but pnext will only point forward to the longest branch, or will
// be null if the block is not part of the longest chain.
//

https://bitcointalk.org/index.php?topic=382374.0

From the coded comment above, Satoshi describes a Timechain as a tree shaped structure, containing the Genesis block and the next block to follow (candidate block), etc. His definition here sounds more like the modern day definition of Blockchain.

From my perspective in trying to analyze both words (Timechain and Blockchain), Blockchain sounds more fluent, maybe because I am used to it, while Timechain on the other hand: sounds more like the arrangement of the chain in respect to arrangement order, which should be determined by time. Though, I can't still find the difference from a Blockchain, which leads to my question:

1. Is "Timechain" never a word with defined meaning?.

2. If the explanation above is actually the defined meaning of Timechain, then why is it not found in so many crypto glossary?.

3. Are there other written documents where Satoshi made mentioned of Timechain?.(if there are others, then it means the word "Timechain" is probably not a coincidence).
  Attention -
The full source code above was posted on this forum in 2013. I couldn't find the original copy. I will appreciate if anyone can share it here. The full source code is the original, as it was emailed directly to some users like Cryddit and others by Satoshi himself. vjudeu pointed it out in his reply below.


I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

[Alan Turing]

So, I came across the term "Turing completeness" few days back. The name Alan Turing flashed across my mind, as I once watched a movie about him titled "The Imitation Game" (if I am not wrong). Fortunately for me, Turing Complete/Incomplete concepts are related to many things, including Bitcoin and Ethereum.

I have been wrapped/trapped in the Turing/non-Turing concepts for a while now, which has made me almost skip it and find something else to read about. But as long as Bitcoin is involved, the urge to learn about its Blockchain part, keeps dragging me back. So I need to learn how it relates to Bitcoin.

From the major and simple definitions I could gather, they defined Turing complete as any system or the capacity for a computer to perform complex computations when provided with the necessary resources such as memory and time. The definition was quite easy to understand, as I could easily picture something like smart contract from this definition. Next was for me to identify what it has to do with Bitcoin.

Most of the articles online classified Bitcoin as Turing incomplete, while Ethereum as Turing complete, which I can't understand or comprehend their reasons for, which is because Ethereum can execute smart contracts. Ideally, we all know that Ethereum was primarily designed not just to conduct its regular token transactions but also to build DApps and implement smart contracts on it. This point really doesn't justify anything much, because Bitcoin is never an exception.

Though, I still find the entire Turing complete/incomplete contradicting, what actually prompted the question above is that: Bitcoin was primarily designed as a p2p electronic cash system, but not until few years back when we began to see other implementations on Bitcoin like the LN. The lightening Network, lightening for short, according to lightning.network

is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants.

which means there are smart contract-like concepts on the Bitcoin blockchain as well. Then why is it still considered Turing incomplete, I asked myself. I guess I am getting the entire concept wrong, starting from the Turing complete system.

My Questions:
1. What is actually a Turing complete system, and what are simple examples of things that are Turing complete?.
2. Why is Bitcoin classified a Turing Incomplete system, but Ethereum a Turing complete?.
3. Are there advantage and disadvantage for any system that is either Turing complete or incomplete?.
4. Does Bitcoin still operates on the Turing-Incomplete system?.
5. Is solidity programming strictly for implementing Smart contracts on the Ethereum Blockchain only?.

A simple explanation to these questions would be appreciated, as I have already spent about two days trying to understand them without positive results.


I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

[My Question]

I am here again with questions that have raised my curiosity, but this time, they are security related. Security matters are practically the concern of everyone, whether it be within or outside Bitcoin matters. But there are needs to pay massive attention in this area so as to protect a true technology(Bitcoin) with value and transparency.

we can't underestimate the number of users who have chosen to run a node inorder to contribute more security to the Bitcoin network. These has strengthen decentralization and transparency among every participants that are connected to the network in one way or another. An attack on the network is practically what most people have learnt about, or will learn about in their Bitcoin journey.

51% attack happens to be very common, since majority of us must have come across a written article that provides explanation either here on BTT or elsewhere. it involves an entity gaining control of more than half of a blockchain network’s computing power(hash rate). This attack is proposed to have so many consequences such as reordering of the blocks, stealing and altering of transactions, etc.

Not until recently, when I came across Eclipse Attack. This attack sounds different from the one above, as it involves:
An attack that is been targeted at a specific node within P2P network. This attack obscure(make things unseen) a node's view, thereby rendering it isolated.

If by trying to manipulate a single node so as to prevent it from receiving information from other genuine nodes, then how does it become a threat when all other nodes are not disturb, but just only one?. like, isn't it a waste of time for anyone who is trying to manipulate just a single node?.

I really don't know how beneficial this type of attack can be to anyone who is having it in mind, because it's not even as threatening compared to the 51% attack. I also came across Sybil attack, which I might be confusing it with an Eclipse attack, so here are...

 My Question:
1. Are miners major targets or just those who runs a node?.
2. does an eclipse attack pose a massive threat to the network compared to a 51% attack?.
3. Is Eclipse Attack same as Sybil Attack?.


I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

[Blind Signature]

The image above represents a regular wallet and all it comprises of.

Signing a transaction using a private key is a practical way of proving that a particular transaction is authorized by someone. Inorder to verify the authenticity of that signature, the corresponding public key is required. This has been my only understanding of digital signatures until I came across Blind Signature earlier today.

From what I could gather, blind signatures was invented by David Chaum(popular cryptographer), and it's also a form of digital signatures that contain hidden messages, before they are signed and broadcasted. I am not really sure of why blind signatures was invented or what it's trying to achieve, but I think "Confidentiality" has something to do with it.

We all know Bitcoin transactions are pseudonymous and not anonymous, which means our transactions can be monitored but not traced to our real world identities. Every transactions are stored on the Blockchain as a record, which means the coins are not practically moving from one wallet to another.

I am not sure if there are practical applications of blind signatures in Bitcoin transactions, as it sounds odd to me for someone to initiate a message (transaction input) that is hidden.

So my questions are:
1. Are blind signatures applicable to Bitcoin transactions?
2. If yes, how do we view them on the Blockchain?. I would appreciate a convincing example.


I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion. You might want to also DYOR after reading this.

[I hope my questions haven't in anyway deviated from Bitcoin technical matters. If I have, please pardon me. And here is the reference link to all quoted text above]

So earlier today, I started a book titled "The internet of money"(volume one) - by Andreas M. Antonopoulos, which I downloaded here on BTT as a basic recommended book for anyone who wants to understand basic concept about Bitcoin. I wasn't too sure or certain of what it might contain, but I was quite surprised with some mind blowing talks(write up) by the author after reading few chapters for the start.

The first phrase that caught my attention was "Byzantine Generals’ Problem". I wasn't too sure of what it meant, but the author went on further in relating it to Satoshi, which is quoted below...

It was first described in 1982. Until 2008, it was an unsolved problem. Then, Satoshi Nakamoto said, "I
have solved it." Guess what happened next? Everybody laughed, ignored him, and dismissed him. He
published his paper, and three months later, he published software that allowed people to start building
the bitcoin network.

How come i can't find the phrase "Byzantine Generals’ Problem" on the Bitcoin white paper, I asked myself.

While reading further, I came across this statement that also caught my attention...

There are
almost 200 currencies controlled by central banks and governments, but there is only one mathematical
currency today, and that is bitcoin.

I wasn't too sure of what the author meant by only one mathematical currency. In as much as this is a strict board for Bitcoin technical related matters, which am trying not to involve things outside context, but it still troubles me why other crypto that uses Similar PoW mechanism are were not referred to as mathematical currency.

My Question:
1. How is the Byzantine Generals’ Problem related to Bitcoin.
2. Did Satoshi specifically wrote the phrase on the Bitcoin white paper?.
3. Is Bitcoin practically the only mathematical currency?.
4. I have read across few Bitcoin codes written in C++. What other codes was Bitcoin written in?, and please, share me a GitHub link that contains any of those codes.

I hope my questions haven't in anyway deviated from Bitcoin technical matters. If I have, please pardon me. And here is the reference link to all quoted text above .

Reference
The Internet of Money: https://drive.google.com/file/d/1ldSYNJBGIOTPtS3-q0eP_UNon8XN9sJ6/view