It will be better to wait for sometime rather than implementing it in a hurry and later finding bugs in the system. If there is any issue with the network, then it will crash the Blockchain and the transactions will remain in limbo for many days. Such a scenario must be avoided at all cost. But at the same time, we can't ignore the rapidly rising transaction fees.
Sure it's better to wait for the time to do a proper test on the LN before implementing it on the live blockchain. The time could be enough to educate the people about the basics of the Lightning network, because now most of the people reads only the posts in the threads and they thingk that LN will be just a quick and easy implementation and a final solution. It's not that easy, there's a need for a quick user guide or a crash course for the usage of LN in order to get the users prepared by the time it goes live. |
|
|
|
|
If I remember well, Russia was in the news this year September, when the Leningrad region has offered a place for miners. The place is perfect for the mining equipment, the weather is freezy in the summer too not only in winter and they have an old nuclear power plant they can kick start again to provide cheap energy for the miners... After, the situation has also changed
|
|
|
|
yes, indeed many countries have opposed about cryptocurrency. However, we can see recently many bank industries have begun to introduce Blockchain technology, although not specifically. I am not sure why the government does not recognize the power of Bitcoin
Banks using blockchain technology and the power of Bitcoin is two different things. Banks can befefit from the blockchain technology, thay can cut their costs with implementing such systems but this is not Bitcoin and this won't allow or force them to deal with Bitcoin in any way. I have seen in the new that some South Korean (?) banks implemented the function of buying bitcoin into their ATM-s, but they don't let you trader or they don't buy Bitcoin, they just offer a service (3rd party involved). Central banks warn people, that's the only thing they can do to slow down Bitcoin at the moment. |
|
|
|
|
Bitcoin price is like a roller coaster, it's going up and down. You can choose 2 ways if you want to make profit on the long run:
1. Buying in and holding for at least a year and don't check the prices just monthly or so. This will help you to do your everyday life while your investment grows (hopefully, this is the easy way)
2. Buying and start to daytrade and make some profit on the volatility that's over 10% intraday, but this needs luck and a bit of knowledge (the hard way)
If you buy and you don't want to daytrade but you still check the prices twice or more daily, you just cause yourself hard time with no real result.
|
|
|
|
|
I have also run some tests paying on the Lightning Network yesterday and it seems nice and easy. I know that it was only a test environment but if it will be available for the normal system the processes will change radically. I don't mind if it takes half of a year to start it on the normal system because we also need to prepare for the new system. Today, only a few people know the details about LN, most of the people just talking about it and waiting for it. They think that it will solve all the current problems, but it's not so easy. There will be problems with the uneducated users who will ask that why do they pay the normal fee of opening and closing a channel when LN was advertised like it's running on small or no fees compared to the current chain transactions. It's always good to prepare for the change
|
|
|
|
All miner are on BCH, within 10/11 days, difficulty will adjust and all miner will come back to BTC again.
We cant use BTC these days, fee is very high and confirmation is taking very long time.
BTC chain is more profitable at the moment, block reward is $137,369 (8.44 BTC) vs. $205 (0.06 BCH). Also, the relative hashrate in the last 6 hours was 85% BTC vs. 15% BCH... Diff adjustment will happen on 4th Jan next year, but price has also influence on miners to decide which is the more profitable chain at the very moment, but now it's BTC's time but despite of this, the mempool is still growing in transaction count. There's no need to ask the people to stop sending transactions because the fees already stop them (but not all of the people). |
|
|
|
i have to quote myself from another BTC is dead blabla thread:
Right now i sent 1.0 BTC from my electrum wallet to binance exchange. It took 35 minutes and costs 40$... Its not the fastest and cheapest way, but its by far not that bad you all are telling
I am not "telling", I gave you a link. Click it and watch for yourself the evolution of that transaction, fees included. I've checked your transaction. 611 sat/B is huge fee, but not enough, still... According to fork.lol the average (!) tx fee is around 1000 sat/B:  That's unbelievable, I have't seen such high fee ever... https://fork.lol/tx/feeI usually check the fees before sending out a transaction, but now I won't send any transaction, for sure. There's no possible need for me that can justify to start a transaction with a kind of fee, I'll sit and wait to let the dust settle... I'm sorry for your transaction, I have already tried to accelerate your previous 3.05 BTC tx but in vain, ViaBTC is full, everybody is pushing the button to accelerate the transactions... |
|
|
|
I think that it will take few months at most, as it is very needed and there is a room for profit for whoever makes a LN node. I doubt we will see anything in the next 12 months. I would expect implementation from 2019, if we are lucky. Remember how long it took to get segwit. And segwit has become a major disappointment. I am pretty sure the same will be for the lightning network. Chances are businesses will not implement it, therefore adoption will take years. Bitcoin is screwed right now but hey lets hang in there. Maybe a miracle will happen.
LN doesn't need a fork like Segwit, protocol is already ready for it. It is only implementation that we are waiting on. As for segwit, Electrum and some other wallets and exchanges have already implemented it, it is just that many exchanges and Bitcoin Core wallet hasn't yet. I hope they will soon. It's already on testnet, I have tried it yesterday, to buy a blockaccino at Starblocks and paying via the LN... You can also give it a try, it's really interesting to see this happening. Yalls.org is fine now, but Starblocks has some network error, so if you want success you should avoid the coffe now and head for the articles https://bitcointalk.org/index.php?topic=2621873.0 |
|
|
|
The one who love to stay anonymous can still transact and exchange their coins with fiat on face to face deal or via p2p platforms like localbitcoins, this rule might not affect the one who want to make sure that they will not loss their personal privacy while making transactions on bitcoin or other cryptos.
There is always ways to remain anonymous because bitcoin transactions will always remain anonymous if you will not reveal it yourself.
It will be harder and harder for the people to remain anonymous... The top exhanges are forced to implement AML and KYC regulations, so people are forced to reveal their identity to get back their coins... This is not the new EU regulation but something else, so regulations are already here, but it's not fully implemented yet. I don't know why they are trying to regulate the transactions itself... It would be enough to regulate those places where you can exchange your coins back to fiat, because now you can't just make a living out of bitcoin, you can't buy everyday things with it at your local grocery store... Maybe they're afraid of bitcoin to get mass adopted and in that case people will be able to pay with bitcoin and there will be no need to convert it to fiat. |
|
|
|
Here is the transaction id
28210d5dade4e47b3d67bbbe586e4b4a635332b71d80ca9449c1413fd86c5758
This is now on day 5. Can someone please look at it for clarity? Thank you.
You won't receive confirmation in the coming days, unless you try to use the transaction accelerator linked above. It's really straightforward to use, just make sure you try to accelerate it every full hour, when in the first few seconds there are 100 free slots to take (and there are really a lot of people who wait for that first few seconds to accelerate their own 'low cost' transaction). Your transaction has 79 sat/B fee, but as of now, the average transaction fee is 10 times more, over 700 sat/B, this is why I say that it makes no sense just to wait for the confirmations.... |
|
|
|
On my phone, I downloaded an additional app which prompts your fingerprint when you try to open certain apps, and I locked all crypto related apps using this app. So for example, if you want to reach my mycelium wallet on my phone, you have to unlock my phone using my fingerprint first, then when you click on the mycelium app you have to unlock the app with my fingerprint once again, and once in the app, you have to type the 6-digit password to access the wallet. I think this is secure enough  This sounds like a pretty good security in case your phone will get stolen - if you have your Mycellium seed backed up, you can restore your wallet way before thieves will manage to break your phone's encryption (if this is even possible). But what would you do if someone pulled a gun on you and told you to send your coins to his wallet? Would you give up your coins or try to somehow stop it? I think a viable idea is to have some secret mechanism that triggers a distress signal that calls the cops - for example a secret pin code that does this instead of unlocking your app. If someone is pointing me a gun and asking to send all my coins from the mobile wallet to him, I would be happy to send all of them (with a fee of 9 sat/B, because ViaBTC only accepts transactions to accelerate if they have at least 10 sat/B fee ) But to be serious, if someone pulls a gun at you, you will send the coins, if you want to save your life, that's all. But there's no difference if we talk about bitcoin wallet or an everyday wallet with banknotes and coins, a gun is a gun in every sitution and everyday people (including me) won't resist at all. |
|
|
|
Sorry for boring again, but I would like to understand if I've lost my money and what's going on. So, here is a snapshot of the address where I have sent ALL my BTC: a little more than 4. https://www.dropbox.com/s/30qvo3d88z88zyi/btcinmovements.jpg?dl=0As you can see, there's a little more than 4 BTC sent to a single address. There's an outgoing very small transaction, and then there's the outgoing transaction of 3 BTC from yesterday, that didn't go through, out of the screenshot. So I went to check the address to see if the 4 BTC are there and... surprise: there is a part of them. Is this even possible??? The block explorer says there are 2.99 BTC actually on the address, if I read the data right. https://blockexplorer.com/address/1DL6CQ5LCFa517cAiHJ7Z9KEpRL1mEjWpPCan someone help me understand, please? If you have a look at https://blockchain.info/address/1DL6CQ5LCFa517cAiHJ7Z9KEpRL1mEjWpP you can see your final balance after the 9th transaction is roughly 0,5 BTC  The 9th (last) transaction is still unconfirmed, so if that was the transaction you have mentioned in the OP (the amount is the same, 3,05 BTC), then it's still pending and waiting for confirmation. You have sent it with 227 sat/B fee, which is way too little nowdays... (but really much anyway). You can check also the average tx fee at fork.lol, it's now above 700 sat/B which is ATH too... You can try to accelerate your transaction in several ways, there's ViaBTC and in the services section you can find other options. I can just imagine that coinbase also sees the transaction pending, so they haven't received your coins but they can see the unconfirmed transaction and they are still waiting for the confirmations. |
|
|
|
Lightning Transactions is the solution to bitcoin's problem, high fees and transaction time - the reason why bitcoin isn't used everywere so far. But not for long since LT is going live in a few months. Today, you can test it yourself and learn every little dirty detail about it. This is going to skyrocket bitcoin to the moon. Here are the links https://htlc.me/ - Lightning test web site _ Test it and taste it ! https://www.reddit.com/r/Bitcoin/comments/7kv04t/you_can_try_a_testnet_bitcoin_lightning/ - Instruction about how to do it and info about the lightning network First test payment was done only for the second try and since then I can't send any payment... OK I know that this is just a test environment. Anyway, the first payment was really fast and it was easy to pay thanks to the provided instructions. I hope that this will go live soon, bitcoin really needs something to speed up the small transactions. I know that LN is not decentralized, but I think most of the average people won't care about centralization or decentralization if it's only about small payments |
|
|
|
What people actually don't know this? I switched to a Segwit account in August because if you read any articles basically all of them mention you will have lower fees on Segwit than a legacy account. I have zero clue why people are still running legacy accounts, unless it is through an exchange which okay that makes sense.
I've also started with the segwit address when I have received the ledger nano s, I have sent some coins into the wallet and I have connected it to a mycelium wallet. And I have been terrified that the mycelium has showed 0 balance despite of the ledger chrom extension wallet showed the normal balance.... I have quickly googled for it and realized that mycelium is not able to use segwit addresses on the ledger nano s, so I have to use the legacy one... just one example It would be better to be able to use the segwit type addresses everywhere, but we still need to wait, unfortunately... |
|
|
|
This is one of the reasons that most companies or big players do see on bitcoin on where this flaw would really make them hesitate to engage on bitcoin. Slower confirmations and with ridiculous high fees would be the main thing.I dont know whats actually the purpose of those fork events because things do really still remain steady just like was before. Expect there would really be congestion because of sudden demand.
thousands and even millions of bitcoin transactions happen in every minute, this is what causes the queue on the block resulting in transaction bottlenecks. reasonable when the confirmation time is long enough and the rising cost of this high is reasonable, because the current bitcoin price is very high Millions of bitcoin transactions happen every minute? From where do you buy the stuff you snort? That is some serious stuff you do there. There are only ~ 25 million addresses with a balance. For millions of transactions every minute it would mean that (we consider 5 addresses with balance per person) that every bitcoin holder would need to do a transaction every 5 minutes!!!!!! Every 5 minutes non stop 24/7 or 31 . Stop giving advice here when it's actually you who needs to do some reading. 'Millions of bitcoin transactions' According to fork.lol (24h average) for bitcoin: 4.35 transactions / second 15,650 tx/hour 375,597 tx/day But I was surprised about the average tx fee: 536.38 sat/B (this is the average (!!!) ) The tx fee can also do ATH now it seems |
|
|
|
France's finance minister is planning to push for a discussion on bitcoin regulation at a G-20 summit in 2018. How would this influence the development of Bitcoin?
Looking forward to hearing different opinions!
That's a good thing since my government still forbid bitcoin because of security reason. Hope when G-20 conference decide to discuss about bitcoin, they can become more subjective and wise since bitcoin is something that people need on digital era ! What is good for individuals is not always good for the state. I'm sure that governments do not have the technical ability to control crypto-economics. Conflict ripens, this will lead to financial confrontation in any case. Just have a look at Estonia. They're small, but they will benefit from it, because if they want to tokenize the country (lands, identities, real estates, etc...) they can do it fairly quickly. They are thinking about issuing 'Estocoins' which will help the digitalization and they're already set up a digital nationality program, so they have the resources and the knowledge, what they don't have is the consent of the EU to issue a cryptocurrency for the country |
|
|
|
Hi,
I have an issue. Basically I have some money on my company's stocks. I want to buy bitcoins with these but the issue is the 2 exchanges I asked (coinsquare and kraken) told me the bank account doing the wire has to match my name. They don't accept brokerage accounts, etc. I don't understand why they care who wires the money as long as it's money.
If I wire this to my bank account first and then to the exchange, it will trigger all kinds of warnings to the government.
Is there a way to have my stocks money wired to an exchange where I can buy bitcoins?
It's been frustrating.
Thanks in advance.
They care because they have to care, otherwise they can close the business. They are forced to implement the KYC and AML things and this is why they ask to wire money only from an account that matches the name you give them at the registration. You want to double your money (or more), this is why you want to sell your stocks and jump into bitcoin, right? So you're pretty confident that bitcoin price will go up and it will meet your expectations in the future. If you're so confident, you can try to ask for a loan at your bank, using the stocks as a collateral? In this case you will have money on your account you can wire and at the end, when you have to pay back the loan, you can do it either from the incomes generated by the bitcoin price raise or the bank will sell your collateral and pay back the loan form that money. Just make sure that you risk the amount you can afford to lose, bitcoin price is very volatile, especially nowdays. |
|
|
|
you have the idea, its good. but that would be useless i mean if i need a hardware that only for storing a coin i can get a ledger or trezor or any other hardwallet, its pocket size i can carry it everywhere.
That is the point. Hardware wallets are the Bitcoin Boxes, they're compatible with a variety kind of PCs, tablets, smartphones, etc. They are easy to carry, not like a PC or a dedicated box. They are safe (unless it's proven that they don't, but it's not likely) there are a lot of people using them and they're still trusted. Also, I won't mix long term storage for coins and hot wallet functions, you can always have a mobile wallet and you can top it up from a hardware wallet as soon as you have spent all your coins from the mobile wallet. |
|
|
|
The transaction is normally fast, for the delay in transaction to occur it may be due to slow internet facility or you check your broswer and also refresh your computer.
Please stop giving advice. Transactions are not youtube videos. Once you broadcast a transaction it does not matter how fact your internet is.Most transactions are under 1kb so even a dial-up modem would send it in a split second. Breadwallet is a wallet app so it does not have a single thing in common with a browser or whatever you thik. And furthermore..... Refresh your computer Really? Why not wash, iron it and also change its tires. to the op. Either seek help from the user mentioned in the link above or try a few times to get your transaction confirmed by viabtc at xx:00 hours when the counter resets. Usually if you manage to do in the first 30 seconds you will get a spot. Also it would be helpful if you would post the tx id. ViaBTC is a great tool, but it's not the first 30 seconds of the hour, but the first 3 seconds maximum nowdays... I was about to accelerate one of my transactions last week when the fee was really ridiculous and it took 3 attempts (at full hours) to succeed at last... I usually manage to get in in the first seconds with high success rate, but last week was just a nightmare... |
|
|
|
|
OK, I think I understand it, let's say:
there's a wallet with 2 addresses. The addresses contain 0.002 BTC (oldest) and 0.001 BTC (newest), total 0.003 BTC, but this can be only seen in the wallet software, not in blockchain explorer, because the two addresses are not linked together.
Let's say that it's an HD wallet. The wallet allows you to spend the two unspent outputs in one transaction (you can send the 0.003 BTC and the wallet will combine the unspent outputs into one input and you can send it to an address in one transaction).
Not this will link the two addresses together, because you send bitcoins from two addresses in one transaction, that means you have the private keys of both addresses (that means you own those addresses).
If you don't want to link those addresses, you have to spend the two unspent outputs separately.
In Mycelium you cannot select which unspent output to use, the app will decide which one to use first. According to Google, Mycelium uses the oldes unspent output first, if it contains enough BTC to send the transaction. If not, it will skip the oldest and check the second, etc...
So, what you need is, somehow make Mycelium to use only one address to send the first transaction, and this is where the change address of an HD account comes in.
If you send 0.0015 BTC to another address, e.g. to your hardware wallet, Mycelium will select the oldest (0.002) unspent output and send 0.0015 to your hardware wallet and also take some fee (let's say 0.0001 BTC). The remaining 0.0004 BTC will go to a newly generated change address back into your Mycelium wallet. Now you still have the 0.001 BTC in your wallet (it was the newest address before), and 0.0004 BTC in the change address. If you now want to send the 0.001 BTC to somewhere (e.g. to another hardware wallet) you can send a transaction that equals 0.001 (fee included), so Mycelium will choose the 0.001 BTC address, and won't touch the change address.
My question is: is this how Mycelium works really, or it will combine the change address also into the transaction? (Does it force me to use all of the unspent outputs, and link the addresses?)
I know it's TLDR, but thanks if someone can help.
|
|
|
|
|
Show Posts
