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Lost coins will be recovered in 10 years by quantum computers.
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In order to create a watching-only wallet, you had to import the seed from somewhere. That somewhere is where the bitcoins were sent.
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... also like to invest their money in gambling, so you should invest your money in such place where you have some good experience.
"investing" your money in gambling is the stupidest thing that you can do. Not really if you understand how investing in gambling sites works. Maybe you mean gambling alone is stupid. But man, we are talking of investment here where the house always wins and they are getting richer and richer. Putting your money with them will guarantee profit, so that's what it means. I assumed that "invest their money in gambling" meant to gamble because some people seem to consider gambling as a form of investment. Otherwise, I would have expected it to be worded as "invest in a casino" or "invest in a gambling site". If my interpretation was wrong, I apologize. |
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In typical journalistic fashion, the article was written by someone that doesn't quite understand the topic. It is said over and over and this resume the whole situation :
"Miners will continue to earn fees and because of a reduced supply the price of bitcoin will rise and so to the fees paid to miners thus, most miners will continue to mine bitcoins keeping the network running"
Minor correction: the supply isn't reduced. The supply continues to increase until at some point it will be fixed at 21 million. Increasing adoption with a fixed supply causes the price to rise. On the other hand, falling adoption with a fixed supply causes the price to fall. |
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... take for instance, the magic of Fibonacci retracement, Bollinger bands, etc
TA works because it is magic! If you really want to understand the magic of TA, look up confirmation bias and survivorship bias. |
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... also like to invest their money in gambling, so you should invest your money in such place where you have some good experience.
"investing" your money in gambling is the stupidest thing that you can do. |
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If BTC really dominates our world, will 2.4 quadrillion satoshis be enough for the blockchain functionality to run other applications ? What will happen when limit approaches?
I think this can be changed through a fork later on if it's needed. And there are less and less BTC each day because people lose their coins. You are going to have a hard time convincing people in this community to do that. They cannot even decide on big or small blocks as it stands now. We will just have to hope that Side chains will reduce the need for more coins. People will also not just use Bitcoin, there are about 800+ Alt coins out there... and the banks have not even started with their Blockchain based technologies yet.  If we ever get to the point where the value of 1 satoshi is too high, then there can always be a side chain with a token whose value is pegged to a fraction of a satoshi -- 1/1000th of a satoshi, for example. |
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According to Blockchain.info the estimated transaction volume over the last 24 hours was about 343,500 BTC, and the total mining revenue was 2000 BTC. The cost of the Bitcoin payment system is about 0.6% of transaction volume.
Visa's yearly transaction volume is about $3300 billion, while its revenue is about $14 billion. The cost of the Visa network is about 0.4% of transaction volume.
Visa is currently more efficient than Bitcoin, but I expect that to change in the future.
Can you look at the estimated transaction volume over the last 365 days instead of just 24 hours? You are comparing 1 day to 1 year, maybe you should compare a longer time frame such as 30 days, for both Visa and Bitcoin. Eyeballing the graphs for the last 60 days, the average daily mining revenue is still about 2000 BTC/day, but the average estimated transaction volume is about 220,000 BTC/day, so the rate over the last 60 days is about 0.9% It is always interesting to note that most of the transaction costs are paid by the holders (and hodlers) of bitcoin in the form of inflation, and not the users. |
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i think yes if transactions are done from one address you can pay few satoshis but if you use multiple bitcoin addresses for your transaction then oviously you have to pay transaction fees for each address and you can not just fraction your previous fees amount you can get lower fee by using many address because the fee computed by how many transaction has been accepted on your address. The size of the transaction data (which determines the fee) is not affected by the number of addresses. It is is affected by the number of inputs. The fees for sending from a single address with 1000 inputs and sending from 1000 addresses each with a single input are the same. Simply stated, each time bitcoins are sent to an address, another input is associated with that address. When a wallet sends bitcoins, it finds a sufficient number of inputs associated with the addresses it controls, and uses them in the transaction. Whether or not the inputs are associated with a single address or with many addresses is unimportant. |
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Why would the netflix executives wants bitcoin as a global currency since netfilx is a US based business model and you cannot subscribe to netflix without a US based VPN if you are not from the US,so i dont understand the logic behind it .
According to Netflix, it is available in every country except China, Crimea, North Korea and Syria. |
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According to Blockchain.info the estimated transaction volume over the last 24 hours was about 343,500 BTC, and the total mining revenue was 2000 BTC. The cost of the Bitcoin payment system is about 0.6% of transaction volume.
Visa's yearly transaction volume is about $3300 billion, while its revenue is about $14 billion. The cost of the Visa network is about 0.4% of transaction volume.
Visa is currently more efficient than Bitcoin, but I expect that to change in the future.
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Keep in mind that this is a CoinTelegraph article. I don't pay much attention to CoinTelegraph because most of what they produce is just speculation and embellishment.
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A site, such as Coinbase or Xapo, does not credit your account until there has been a sufficient number of confirmations. You now have 8 confirmations so you should ask them what's going on if they haven't credited your account by now.
Once you send bitcoins to an address, the only way to get them back is to ask the owner of the address to send them back.
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You didn't got me did you ? I meant if someone gets the database by brute force like " http://directory.io " Then he can Search the database like he's searching Note pad and can easily find a particular Private key of an address. For Example a website is giving facility to find your address on " http://directory.io " With your Private key. It's " https://bitcoin-checker.appspot.com/ " What will happen if Instead of Private key it search the website ( http://directory.io ) with Bitcoin Address and trace Private key ? Consider the size of a database necessary to do what you suggest, i.e search for private key based on bitcoin address. A minimum-sized database would simply be a list of private keys -- one for each bitcoin address. This database would require 32 bytes per bitcoin address, and there are 2 160 addresses, so the database would have to be at least 2165 bytes in size. How big is 2165 bytes?According to this article in 2011: For anyone that's ever wondered about the world's data storage capacity, scientists have come up with a nice little number: 295 exabytes.
295 exabytes is about 2 68 bytes, so a database with 2 165 bytes would be 2 97 (about 160,000,000,000,000,000,000,000,000,000) times the current storage capacity of the entire world. How long would it take to generate this database?First, you need to generate addresses for at least 2 160 private keys to generate the entire database. Let's use that number to simplify things. A top-of-the-line PC can generate nearly 64 million (2 26) addresses per second ( https://en.bitcoin.it/wiki/Vanitygen#Expected_keysearch_rate). At that rate it would take about 2 134 seconds, or 6.9x10 30 (6,900,000,000,000,000,000,000,000,000,000) centuries to generate the database. There are about 2 billion PCs in the world ( https://www.reference.com/technology/many-computers-world-e2e980daa5e128d0). If every PC in the world was a top-of-the-line PC and was working on this database, then you could cut it down to only 3,500,000,000,000,000,000,000 centuries. Go for it! |
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If BTC really dominates our world, will 2.4 quadrillion satoshis be enough for the blockchain functionality to run other applications ? What will happen when limit approaches?
the maximum amount of bitcoin that will exist eventually will be 21 million bitcoin which you can multiply by 10^8 to get the satoshi equivalent which you can never get 2.4 !! so we will have 2.1*10^14 2.4 quadrillion is 2.4 * 10^15 or 2.4 * 10^24 (depending on what scale you are using) none of which is true here. Let's just call it a draw. 21 million BTC is is 2.1x10 15 satoshis, not 2.4x10 15 or 2.1x10 14 |
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I didn't meant for a single Address
I meant he generate all the private keys which are possible and then search them using the addresses .
Isn't that correct
It has already been done here: http://directory.io  |
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Perhaps you could learn a little more about money laundering. Here is a definition: The process of taking the proceeds of criminal activity and making them appear legal.
It doesn't specifically refer to moving money between countries. |
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I'm confused about transaction fees.
...
Many places I have read that we should use a new address for every transaction, but that leads to lots of addresses with small amounts.
Wouldn't it be faster and cheaper to have fewer inbound addressees?
In short, no. The number of addresses is not important. The key factor is the number of inputs, which is generally the same as the number of incoming transactions. If you receive a total of 1 BTC over 1000 transactions (regardless of how many addresses), then sending that 1 BTC will cost much more than if you received the 1 BTC in one transaction. |
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I don't think all the Bitcoins will ever be mined. It will slow down the closer it gets to the 21 million.
Approximately every four years, the subsidy is halved. Today it is 1,250,000,000 satoshis per block, but one day it will go from 1 satoshi to 0 satoshis. |
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