how strong is bitcoin really?

[Md Saad]

It isn't as strong as excepted. But who knows any country may legal-ed is any time...............

[1714185477]

1714185477

[1714185477]

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[avikz]

I think one statistics is enough for you to understand that how strong is bitcoin really. Bitcoin market cap is little over 14 billion USD. That is higher than many country's GDP. So I think it will help you to understand the power of bitcoin.

Also bitcoin own more than 84% of total crypto currency trade volume. So that's another clue for you to understand that power of bitcoin.

[kiklo]

Like I said , BTC is Weak.


More than 50,000 unconfirmed transactions
https://bitcointalk.org/index.php?topic=1762690.0

Sh*t! It's happening again! We really need to increase that damned block size!
I've been waiting for more than 6 hours for a transaction to be confirmed, and I'm shocked to see there are more than 50,000 in the queue.
https://blockchain.info/unconfirmed-transactions

Whtas happen to the mining guys?
70k unconfirmed tx??
Never seen that before.
https://blockchain.info/tx/ce9b7a684a35c9885445eaee38f85eef5a5debe82d6aced4a9d54f18035b3e53
Withdaw from paxful 0.063 i made yesterday. (14h ago) And it stucked. Can it be pruned from database ? Can it happen that i lose my money?
Please someone confirm that tx.
Please someone broadcast it.
Thanks in advance

At the moment I have a similar problem with 0.0030 btc in about 24 hours and still waiting for approval.

I still have one unconfirmed transaction, after 16 hours, and that's a bad surprise, because I had made another transaction which went through in 4 minutes, just one hour earlier.

And now it increased 61k, My transaction is also un-confirmed from 12 hours and i'm waiting for it to get confirmed.

We can moan and bitch all we want, it will make no difference to the situation. The miners and the spammer have full control over this situation. I
will switch to any implementation where you can have a option to submit a higher fee, after it was already submitted. This is getting ridiculous that
someone can bloat the mempool and hold back 60k tx's. I have 2 tx's pending for more than 23 hours. 
I guess this is what the spammer intended with this. Would it not be nice, if some miners could concentrate all efforts to eliminate this backlog?
Sweep up all 60k tx's in one sweep!  .......... So angry now, I am talking out of my ass!

 

[BeGoods]

i dont think your friend is right, altough everything can be hacked, bitcoin is as secured as it gets

I think despite all vulnerable, but if you use a variety of authentication for your wallet, the wallet will be safe from hackers, do not be afraid because it's already been proven safe...

[lol3c]

i dont think your friend is right, altough everything can be hacked, bitcoin is as secured as it gets

I think despite all vulnerable, but if you use a variety of authentication for your wallet, the wallet will be safe from hackers, do not be afraid because it's already been proven safe...

Hacker can not attack your wallet and still your bitcoin directly from it. They can only do that by malware or trojan. Therefore, you also need to protect yourself and do not download any dangerous or strange file from the internet. Bitcoin can not protect you if you are too dummy.

[canhchuacaro1]

more and more businesses that accept bitcoin because they want the benefits of using bitcoin
Now we see bitcoin being accepted as a means of payment in most of the online shopping or exchange sites
however, still only a list of users is still a bit of a lot of people are still not aware of the existence of Bitcoin, Generally Bitcoin is still in the process of maturation.
bitcoin constantly grow so do the bitcoin price are so attractive .

[Text]

Bitcoin is really strong, I trust the security it has to keep safe our coins. No one can manipulate the flow of every transactions. In gambling, there is a possibility that someone, a hacker can control the site if he is really an expert in programming but I never know yet did that.

[deisik]

Is Litecoin capable of processing as many transactions as Bitcoin does today?

Please don't disappear and give us an honest reply to this question. It should be clear straightforward that you must compare things on equal grounds, right? Nevertheless, if Bitcoin network processes 250k transactions daily while the Litecoin network only around 5k on average, we would still have 250k transactions vs only 20k provided such comparison had any meaning in the first place. But it is meaningless since we should look at real figurers and with them Litecoin sucks heavily

Sorry for the delay , just saw your post. 

BTC & LTC both have the same 1MB blocksize, but LTC supports a block speed of 2.5 minutes verses BTC's block speed of 10 minutes.

So whatever BTC can handle per One (1 megabyte block in a 10 minute window),
LTC can have Four (1 megabyte blocks within that same 10 minute window) and therefore a 4X greater transaction capacity. 

If LTC block speed were 10 minute like BTC their transaction capacity would be exactly the same.
BTC Dev will only increase block size, because if they shorten the block speed, it throws off their reward structure and halving times would happen 4 times as fast , which means they would have to decrease the BTC reward by 4x to keep the inflation at the same rate. (Which the miners would never agree too.)

Okay, now I see your point

But what's the purpose of this capacity if it is still not being used even at 1/100th of its potential? If Litecoin block is essentially the same as that of Bitcoin but its confirmation times are 4 times faster on average, it could potentially process 1M transactions daily if it were Bitcoin. But the harsh truth is that its daily throughput is only around some measly 5k transactions. In this manner, what's the purpose of updating Litecoin to SW and LN? I understand that these don't aim exclusively at boosting processing performance, but they also might serve to attract new users to it, likely from Bitcoin, since Bitcoin remains the top competitor to all cryptocoins out there

[kiklo]

Is Litecoin capable of processing as many transactions as Bitcoin does today?

Please don't disappear and give us an honest reply to this question. It should be clear straightforward that you must compare things on equal grounds, right? Nevertheless, if Bitcoin network processes 250k transactions daily while the Litecoin network only around 5k on average, we would still have 250k transactions vs only 20k provided such comparison had any meaning in the first place. But it is meaningless since we should look at real figurers and with them Litecoin sucks heavily

Sorry for the delay , just saw your post.  

BTC & LTC both have the same 1MB blocksize, but LTC supports a block speed of 2.5 minutes verses BTC's block speed of 10 minutes.

So whatever BTC can handle per One (1 megabyte block in a 10 minute window),
LTC can have Four (1 megabyte blocks within that same 10 minute window) and therefore a 4X greater transaction capacity.  

If LTC block speed were 10 minute like BTC their transaction capacity would be exactly the same.
BTC Dev will only increase block size, because if they shorten the block speed, it throws off their reward structure and halving times would happen 4 times as fast , which means they would have to decrease the BTC reward by 4x to keep the inflation at the same rate. (Which the miners would never agree too.)

Okay, now I see your point

But what's the purpose of this capacity if it is still not being used even at 1/100th of its potential? If Litecoin block is essentially the same as that of Bitcoin but its confirmation times are 4 times faster on average, it could potentially process 1M transactions daily if it were Bitcoin. But the harsh truth is that its daily throughput is only around some measly 5k transactions. In this manner, what's the purpose of updating Litecoin to SW and LN? I understand that these don't aim exclusively at boosting processing performance, but they also might serve to attract new users to it, likely from Bitcoin, since Bitcoin remains the top competitor to all cryptocoins out there

I can't speak for the original intent since I was not directly involved,
It may be they created LTC with the 4X transactions capacity in mind,
or it may be it was just a beneficial side effect of going with a faster block speed and no one thought about it til later on.

You make a good point , why is their daily transactions so low,
Answer is they are not as popular or well known as BTC , so they are not receiving as many transactions.

There are many other Alts (Like ZEIT) that have block speeds down to 30 seconds, so it is even faster than LTC.
ZEIT has 20X BTC current Transaction capacity, and our average daily transactions is less than 100.
(Which means we have farther to go than LTC on the advertising front.
But we are moving to Ultra Low inflation in April, which will make less than 500 coins per day,
from there our price & marketcap footprint will increase.)    
I do know the original ZEIT designer was not thinking about transaction capacity,
he was more focused on it being fast enough for retail transactions, the increased capacity was just a side effect of the speed.

Litecoin is desperately trying to build some advertising hype to increase it's usage, this will happen over time anyway as BTC flaws become more irritating.
Adding Segwit, was pointless unless their intention is to join the LN for offchain transactions,
(which is stupid , because their Onchain Transaction capacity has a lot of room to spare).
LTC has better performance, but their designers are so used to playing Follow the BTC design, they can't seem to break their selves out of it.  
All they need to do is get Coinbase to include a direct wallet like BTC  & Eth has, and start an advertising campaign pointing out their strengths verses BTC flaws and their usage will increase.

Marketcap wise BTC is Top Dog, but by performance comparison BTC is the oldest Slowest Dog out there.
All they have to do is bump up the blocksize to stop this transactions overload , (but the power struggle between Core & the miners is holding everything up.)


 

[supto005]

In the event that bitcoin have feeble security, i'm certain at this point bitcoin would be controlled by government or dead.

Bitcoin is still alive is the verification that bitcoin system is truly solid. Most bitcoin stolen/lost for the most part since client blame or outsider administration bug in any case Roll Eyes

[deisik]

There are many other Alts (Like ZEIT) that have block speeds down to 30 seconds, so it is even faster than LTC.
ZEIT has 20X BTC current Transaction capacity, and our average daily transactions is less than 100.
(Which means we have farther to go than LTC on the advertising front.
But we are moving to Ultra Low inflation in April, which will make less than 500 coins per day,
from there our price & marketcap footprint will increase.)

As to me, this is a dead end road

If I'm not mistaken, confirmation times of Dogecoin are around 1 minute, and it was one of the fastest coins at the time. The idea of shortening the confirmation times doesn't seem appealing and thought over. Lightning Network makes confirmations obsolete as such through payment channels (thereby transactions are near-instant) as well as removing the limit on the number of transactions that the network can process. It would be as fast as the connections themselves are and as capacious as the network bandwidth itself is. At least so they claim

Litecoin is desperately trying to build some advertising hype to increase it's usage, this will happen over time anyway as BTC flaws become more irritating

That's sort of obvious. And when are they going to switch to SW and LN?

[staff_1307]

It says that your friend is actually very funny, he tells you nonsense, which are not worth the attention.

[kiklo]

There are many other Alts (Like ZEIT) that have block speeds down to 30 seconds, so it is even faster than LTC.
ZEIT has 20X BTC current Transaction capacity, and our average daily transactions is less than 100.
(Which means we have farther to go than LTC on the advertising front.
But we are moving to Ultra Low inflation in April, which will make less than 500 coins per day,
from there our price & marketcap footprint will increase.)

As to me, this is a dead end road

If I'm not mistaken, confirmation times of Dogecoin are around 1 minute, and it was one of the fastest coins at the time. The idea of shortening the confirmation times doesn't seem appealing and thought over. Lightning Network makes confirmations obsolete as such through payment channels (thereby transactions are near-instant) as well as removing the limit on the number of transactions that the network can process. It would be as fast as the connections themselves are and as capacious as the network bandwidth itself is. At least so they claim

Litecoin is desperately trying to build some advertising hype to increase it's usage, this will happen over time anyway as BTC flaws become more irritating

That's sort of obvious. And when are they going to switch to SW and LN?

LN will be offchain, meaning you are really depending on LN support to verify your transactions.
It is no different than sending your BTC to a Bank and using their payment system with additional fees.
LN will control your money not you.

I believe LTC already activated segwit, but no one really cares.

 

[kiklo]

It says that your friend is actually very funny, he tells you nonsense, which are not worth the attention.

You going to have to clarify your statement, so focus your thoughts and give it your best shot. 


 

[CyberKuro]

maybe your fried is not familiar with the concept of calculator or maybe he doesn't know what hack a bitcoin wallet means!

either way, you should have told him bitcoin survived from 2008-9 till now without being hacked the way he thinks and it will continue being OK until there is a big advancement in the quantum computers front.

Bitcoin is unbreakable if someone just use calculator or single computer, he need some super computers which has suitable person/team to running it. The hackers won't attack bitcoin, they actually want to get profits by hack some wallet with huge amount of bitcoin inside such as exchanges.

To me, bitcoin is not hackable; however, the bitcoin network might be hackable. So the question should be "how strong is bitcoin network?"

And Bitcoin network is vulnerable like any other network so there is no such thing as 100% security. We all have to be aware of this.

i don't know what you two mean but i am only aware of these and i doubt we can exactly call any of them "hacks"

Those problems might be weaknesses for bitcoin but we can handle it or at least they on the devs trying to.

[Przemax]

Bitcoin from a security standpoint is as strong and as weak as you will make it. It can be both ways. Its just a tool.

[Maslate]

Bitcoin from a security standpoint is as strong and as weak as you will make it. It can be both ways. Its just a tool.

We are only one that is making it weak, our negligence in protecting our bitcoins makes us weak but in general it is strong in terms of security and it's economy. Further, this risky currency is the trend now for both investment and currency and we shall continue to see the success as we continue to support it. That is necessary since we are also be ripping the profit in the end due to our effort.

[ASHLIUSZ]

In all perspective bitcoin seems to be very strong, starting from the ease of use to the security level. If its weaker technology it could have got vanished without getting popularity and increased use from people from different parts of the world. The strength it holds has made it popular even without any media use.

[20kevin20]

I guests Bitcoin is pretty strong as soon as it is considered an universal currency.. I mean if I wanted to create it and I knew programming, I couldn't this easy. It is pretty hard to create an innovation, you have to think a lot about it before proceeding with creating it. Bitcoin is the idea of a genius. What is unbelievable is that it has absolutely no bugs found yet.

[dearbesz1219]

We know that bitcoin is strong and all the wallets have milletry grade security but one of my stupid friend today said that maybe someone can hack it with just a calculater because with math and correct formulas we can even predict gambling bets if that is possible then maybe there is any chance of this

I think if Bitcoin is not strong, why many of the advertising company are accepted bitcoin, together in some other countries they accepted bitcoin as payments in the tuition fee, some are merchants in other countries, also some are for services through online, and others etc. On this things I can considered it as strong one.