Each node of the network (miners and all other nodes that run Bitcoin client) has a copy of the ledger. Thus, the ledger is stored by the nodes (it is distributed in exactly this sense!). The ledger is periodically updated with new blocks of transactions being sent to the nodes. Hypothetically: If I am a miner and want to create a fork I can easily do it by creating a block and sending it to the network and the network will add it to the ledger. For example, for the chain A-B-C-D, I can add a block B2 to B, thereby creating a fork at node B. Of course, this block will most likely be orphaned because it is not the longest branch and the miner did it, say, for fun. Is my understanding right? If not, please point out what is not right.
You are correct, except that your block will be rejected or eventually forgotten by everyone else but you. Nodes typically only keep the blocks in the longest chain, though they may keep orphaned blocks for a little while in case they somehow becomes the longest chain. |
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Indeed, we might as well do the same to "theymos" someday!
He seems like a nice guy and has done more than enough to this community.
Nobody cares about the people how manages this community, but at least some of us know that is not an easy job.
I assume you are being sarcastic. I'm sure Theymos is doing very well. Thousands of bitcoins have been donated to this site. |
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It is possible to make a "dead man switch". You create a transaction sending your bitcoins to an address, but use the "nLockTime" feature. This feature makes a transaction invalid until a certain block. You give the transaction to the person you want to get your bitcoins or put it in your will.
If you die, the transaction can eventually be used to send your bitcoins. If you don't die, then you can invalidate the transaction by sending the bitcoins to another address before that transaction's nLockTime is reached.
For example, assuming the current block height is about 500000.
1. You create a transaction sending all your bitcoins to your will's executor, but set the nLockTime to about a year from now (block 552560). The transaction is not valid until block 552560.
2a. If you die, then the executor will be able to publish the transaction after block 552560 and receive your bitcoins.
2b. If you survive the year, then you send your bitcoins to another address before block 552560, invalidating the transaction. Then you create a new transaction with nLockTime.
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I have the following situation : I use a Ledger Nano s. Today I purchased bitcoin and the nano S displayed my account number that I used to receive my bitcoin. I just now looked backed into my wallet and I notice that the address is different. It does mention my same balance though. How is this possible ?
An address is not an account or account number. Every time your wallet uses an address, it will generate another. The wallet keeps track of all the addresses it has ever used, so there is no problem. |
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1. You can't spend from a paper wallet.
2. You can't get the private keys from a hardware wallet.
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The problem is that you have many small amounts sent to your blockchain.info wallet.
The fee is based on the size of the transaction (in bytes) and not based on the value of the transaction. The size of a transaction is based on the number of transactions that sent the bitcoins to you. That can be confusing, so let me give you an example.
Let's say that you that you received 0,1 BTC in one transaction and now you want to send it out. You received the bitcoins in a single transaction, so your transaction is going to be small because it only has to reference a single prior transaction.
On the other hand, suppose you received your 0,1 BTC in 100 transactions of 0,001 BTC each. The transaction sending your 0,1 BTC has to reference 100 prior transactions, and it will be very large.
In more specific terms, each reference to a prior transaction (called an "input) adds about 180 bytes to the size of the transaction. Right now, earn.com estimates that you must pay 0,00000350 per byte to have your transaction processed in one hour. That means that it costs 0,00063000 BTC for each input. If you have 100 inputs, you will have to pay around 0,063 BTC for the transaction.
It also means that any input less than 0,00063 BTC is not spendable because it costs more to send it than it is worth.
I hope that explains everything.
If you are not in a hurry and you can set a custom fee, the solution is to set the fee to 10 satoshis/byte and hope that the transaction is processed sometime over the next few days. That should lower the cost to about $40.
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A Ponzi scheme with nobody in charge? Somebody doesn't know what a Ponzi sceme is.
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this is very terrible, i lost my last wallet.dat while reinstall my Windows. have anymethod to restore my wallet?
It is vital to back up your wallet.dat (or the seed, if that applies). If you did not back up your wallet, then there is no method to restore it. |
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I forgot my password to my blockchain wallet, now I can't access it
Blockchain.info has several recovery methods if you took the time to set them up. I believe you can recover your wallet with either the seed (a list of words) or the account mnemonic (a longer list of words). The site has details and instructions. |
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Don't mine on a laptop. You will only lose money.
When I started I tried mining with a laptop. Yes it was really not profitable, at the time, but I was shocked a year later to see with how much the coin appreciated in value. So the current value may be small, but if you mine a good coin you can be expected a nice surprise a year later. To this day I keep my laptop mined coins as a reminder that the value of time when hodling your coins. Yes, but you would have even more coins if you simply bought them instead of mining them. |
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Mining any crypto with $500 is no more profitable than mining gold with a shovel. You are better off just buying.
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Don't mine on a laptop. You will only lose money.
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Their survival does not depend on fiat.
Consider the euro. Does its survival depend on the dollar? If governments around the world banned the exchange of dollars for euros, would the euro fail or would the dollar fail? Or would neither fail?
Currently, exchanges between fiat and crypto are important for establishing value because markets using crypto are small. Eventually, as adoption grows, fiat will no longer be relevant.
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Say I buy coin from Coinbase / Localbitcoins. If I want to move what I just bought into another wallet, it will be charged?
If you move bitcoins from one address to another, a mining fee should be paid (or miners will probably never process it). The appropriate fee depends on the size of the transaction (in bytes) and not its value. Services that hold bitcoins for you (such as Coinbase, LocalBitcoins, and exchanges) may or may not charge you a fee to send bitcoins for you. It is up to them to decide what fee to charge, but they pay the mining fee. I also heard when you buy, in general the buy price is about 3% higher than market price. Same when you sell. This mean if I trade at 6% higher, it will only be breakeven minus the fee (unless I keep them in the online exchange wallet)?
That is correct. Some people/companies buy and sell bitcoins as a service. That's how they make money. Another question is, if I want to keep coins in H/W wallet for safety, I have to consider fee and the time for transaction confirmation which is tired to the fee. If there is a big drop and gain, everyone wants to do the same, the time will take longer even if you choose fast transaction.
Not quite. Generally, the higher the fee that you pay, the sooner the transaction is confirmed, though there are exceptions. You always have the ability to pay a fee that makes it very likely that your transaction will be in the next block. If you have bitcoins that you may want to sell at any moment, then you should keep them on an exchange. |
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Bitcoin is not proof-of-stake. You can't control it by holding Bitcoins. You could potentially destroy it by repeatedly buying and selling huge amounts, but that would cost a lot of money.
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Warren Buffet said that during the dot.com boom picking winning stocks were like shooting fish in a bucket.
Shoot the fish!!!
The other part of the analogy is that the fish were toxic. |
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For every person going short in the futures market, there is a person going long.
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Relatively few people have managed to decipher the codes needed to extract bitcoins from the 21 million locked inside the mathematical problems set by its creator...
Those who have employed enough computer power and code-cracking know-how can consider themselves rich ... The rest have deployed huge amounts of energy and time for no return.
It is clear that that author knows nothing about Bitcoin mining. |
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The article is click-bait. The title is false and is hardly relevant to the article (which itself doesn't even say much). Among the bitcoin-related media sites, CoinTelegraph is one of the worst.
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I'll update you guys in a few days to let you know if I got my initial investment back....I the site goes down in the next few days you guys can neener neener neener and "I told you so" every day for the next 365 of them.  I still only lost a few bucks  This smells like a scam to me. You claim that you bought $30,000 of hashing power at a cloud mining site, but you also claim that you are building your own cloud mining facility. Not only that, but you promote the site on your FB page. To me, it looks like you are running a scam cloud mining site and trying to hook suckers by pretending that you are just a customer with a good experience. I predict that in the next few days there will be several posts by you and other newbies (who are really just you) talking about how they are making a good profit at that site. |
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