NUFCrichard (OP)
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Activity: 1218
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June 12, 2015, 09:07:14 AM |
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So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?
If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?
Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.
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Amph
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June 12, 2015, 10:39:07 AM |
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the only difference is that we will need to upgrade to the new client, probably it will be mandatory, so see it as a simply upgrade, they could call it 0.12
nothing you need to do on your end
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virtualx
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June 12, 2015, 11:10:39 AM |
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So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?
If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?
Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.
If you use an online wallet such as Blockchain you do not have to do anything in regards to block size. I am not too sure about the security of Blockchain.info but for web wallets you would not need to do anything. Offline wallets such as Bitcoin QT you need to update. I don't know about lite wallets such as Electrum or Multibit, you probably would need to update them too. |
...loteo...
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| r | | ║
║
║ | RPLAY NOWR
BE A MOON VISITOR! |
[/center] |
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tyz
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June 12, 2015, 01:48:43 PM |
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I am interested in that question, too. Doesn't it mean that the blockchain will blow up and thus, a normal user need to download a larger blockchain?
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Muhammed Zakir
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June 12, 2015, 02:00:34 PM |
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I am interested in that question, too. Doesn't it mean that the blockchain will blow up and thus, a normal user need to download a larger blockchain?
AFAIK you will be able to use SPV clients like Multibit. |
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ranochigo
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June 12, 2015, 02:20:36 PM |
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I am interested in that question, too. Doesn't it mean that the blockchain will blow up and thus, a normal user need to download a larger blockchain?
AFAIK you will be able to use SPV clients like Multibit. MultiBit isn't able to provide the full security/features that Bitcoin Core have. [Still a good choice for a person using a wallet to only send and recieve] It is more important to say that devs should be working harder for the blockchain pruning to be able to be pushed to the public. |
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BitcoinNewbie15
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Bitcoin isn't a bubble. It's the pin!
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June 12, 2015, 04:27:30 PM |
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I too am confused about the block size increase. There have been some good answers posted here. I hope that all i need to do is update my BTC wallet for the block size increase. That sounds like it should be easy for me and BTC newcomers to do.
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jeannemadrigal2
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June 12, 2015, 05:18:09 PM |
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From what I understand the end user is ok. We don't have to worry about it, just the nodes and miners need to make the change.
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randy8777
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June 12, 2015, 11:00:21 PM |
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for us users it's only a benefit. you just have to update your wallet and that's it. same as pools and nodes. there is nothing you have to worry about.
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Joshua kingpin
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June 13, 2015, 01:29:47 AM |
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Hi
Í´m new at this BTC thing.
How long will it take to synchronize wallet? (core)
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BrianM
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June 13, 2015, 02:10:33 AM |
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The bitcoin exhange rate could change dramaticly. This could affect you.
We could see a fork, where part of the user support the new size and another group refuse to use the new block size. Then will we have a big problem. And the exhange rate could colapse because of uncertainty.
A funky thing about this scenario is that you will have double the bitcoin, the coins you own at the point of fork, will exist in both forks.
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NUFCrichard (OP)
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Activity: 1218
Merit: 1003
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June 13, 2015, 10:52:28 AM |
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The bitcoin exhange rate could change dramaticly. This could affect you.
We could see a fork, where part of the user support the new size and another group refuse to use the new block size. Then will we have a big problem. And the exhange rate could colapse because of uncertainty.
A funky thing about this scenario is that you will have double the bitcoin, the coins you own at the point of fork, will exist in both forks.
But half of those bitcoin will be worthless! It will surely only be a nightmare if some exchanges decide to back one fork, and others the other fork. It would stupidity too though, so I doubt it will happen, someone might try to keep the dead fork going for something though. Good to know that I don't need to do anything, if every end user had to do something, I think it would be a big negative for Bitcoin. |
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aahzmundus
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June 13, 2015, 11:49:32 AM |
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So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?
If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?
Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.
It shouldn't be a concern for a user per se. If you're using online wallet services like blockchain.info or coinbase, it something you have to do nothing about. So, you need not worry about it  |
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Sourgummies
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June 13, 2015, 04:21:39 PM |
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I hope some one could provide a good link so that us newbies can get a grasp on this.
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Sourgummies
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June 13, 2015, 06:05:11 PM |
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nice thank you for the links
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ranochigo
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Activity: 2968
Merit: 4193
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June 14, 2015, 07:30:49 AM |
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for us users it's only a benefit. you just have to update your wallet and that's it. same as pools and nodes. there is nothing you have to worry about.
Users can experience a inflation of block size increment if they use full clients. Eg. Bitcoin Core. It may be a problem for people will lower bandwidth allowance or disk space. So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?
If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?
Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.
It shouldn't be a concern for a user per se. If you're using online wallet services like blockchain.info or coinbase, it something you have to do nothing about. So, you need not worry about it Coinbase can choose to not switch to the new fork and you may lose your Bitcoins since they don't provide you with private key. [Same with other online wallets which doesn't allow you to fully control your private key). |
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Agestorzrxx
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June 16, 2015, 10:24:13 AM |
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If you use a online wallet, i think you will not be affected.
If bitcoin going to fork, i think the price of bitcoin may collapse. That is bad for every bitcoin holder.
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el kaka22
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Activity: 3528
Merit: 1162
www.Crypto.Games: Multiple coins, multiple games
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June 16, 2015, 10:43:18 AM |
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It will not only produce forks. If your bitcoin core accept the increased block size, then your computer's hard disk will use up very soon. For example, if the block size is 20MB per block, then at most 2880MB of space will be consumed per day, or 1TB per year.
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eyeknock
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June 16, 2015, 11:12:51 AM |
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It will not only produce forks. If your bitcoin core accept the increased block size, then your computer's hard disk will use up very soon. For example, if the block size is 20MB per block, then at most 2880MB of space will be consumed per day, or 1TB per year.
for me thats the worst part, because upgrade our clients is nothing, but if our database will increased a lot then it start to be a serious problem, because not everybody like me have lot of free space on his HDD´s. i think HDD´s companys will be happy because of that  |
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