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Author Topic: Can I receive bit coin as soon as I download a wallet?  (Read 2003 times)
KingFisher9
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June 16, 2011, 10:22:10 PM
 #1

I downloaded a wallet last night and its up to just over 130,000 blocks as of now

I also went to http://faucet.bitcoin.st/ last night and got my .01 BTC for free. I did this before all the blocks have been downloaded...so does this mean that I will not get the .01BTC or will I get it later once I have all the blocks? Its taking me about 12 hours to reach 130,000 blocks is this normal?

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June 16, 2011, 10:28:27 PM
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130.000 is already pretty close to the current block number. Just wait for it to complete (131313 blocks currently).

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June 16, 2011, 10:29:18 PM
 #3

I don't understand: do you need 130,000 blocks to start receiving bitcoin? ( i have 90,000 now)

I opened a wallet and sent 1BTC from Virwox.com to my bitcoin address and nothing happened. I did not receive my bitcoin and it says "0 transactions". Did I just waste $20??? HELP

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danim1130
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June 16, 2011, 10:33:21 PM
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If i have understood correctly, then yes, you will first have to download all blocks, because these contain the history of bitcoin. So if virwox made your transaction at the 131431. block, then you will first have to download every block before it to reach your transaction. Don't worry, once it happens (usually 2-3 hours), it won't take long afterwards.
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June 16, 2011, 10:34:13 PM
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I don't understand: do you need 130,000 blocks to start receiving bitcoin? ( i have 90,000 now)

I opened a wallet and sent 1BTC from Virwox.com to my bitcoin address and nothing happened. I did not receive my bitcoin and it says "0 transactions". Did I just waste $20??? HELP

Well every transaction has to be included in the next blocks found on the network. Your client is downloading all of them from the very beginning. It doesn't know yet about any transaction but it probably will as soon as your client is catching up. You should really consider reading into the technical aspects of bitcoin anytime soon. The wiki is a good start. https://en.bitcoin.it/wiki/Main_Page

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KingFisher9
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June 16, 2011, 11:01:51 PM
 #6

Cool! It just showed up.

It did take me 12 hours to download all the blocks though. Isn't this going to become a huge issue for new users a couple of years from now when it takes days to download all the blocks? What if BTC is still around 100 years from now? How long will it take then?

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June 16, 2011, 11:13:01 PM
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Wondering that myself  Grin

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June 16, 2011, 11:21:58 PM
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What if BTC is still around 100 years from now? How long will it take then?

Just a few seconds because you will have insanely high downloadspeeds in 100 years Smiley
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June 16, 2011, 11:26:50 PM
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It did take me 12 hours to download all the blocks though. Isn't this going to become a huge issue for new users a couple of years from now when it takes days to download all the blocks? What if BTC is still around 100 years from now? How long will it take then?

There are other option available in the future.  Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start.  It's the verification process that takes most of the time, not the actual downloading.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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June 17, 2011, 12:55:03 AM
 #10

There are other option available in the future.  Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start.  It's the verification process that takes most of the time, not the actual downloading.

If they do decide to include the database they better hope it compresses well. My data directory for bitcoin is at 1.8GB and growing. That's only with 131340 blocks AND an empty wallet that has not yet made any transactions. Who knows how big it will be in five years  Shocked

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June 17, 2011, 01:06:22 AM
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There are other option available in the future.  Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start.  It's the verification process that takes most of the time, not the actual downloading.

If they do decide to include the database they better hope it compresses well. My data directory for bitcoin is at 1.8GB and growing. That's only with 131340 blocks AND an empty wallet that has not yet made any transactions. Who knows how big it will be in five years  Shocked

The other option involves pruning of the blockchain's spent transactions, which is already in the protocol, but not yet safely implimented into the client.  That is why transactions are stored in a merkle hash tree instead of just a flat file with all the transactions hashed once.  The merkle hash tree permits spent transactions to be deleted from the local blockchain without disrupting the verification of other transactions in the same block yet unspent.  The only part of the blockchain that must continue to exist is the headers, which weigh in at 80 bytes exactly for each block.  Roughly 4 megs per year. 

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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June 17, 2011, 02:04:15 AM
 #12

It's sad that the 0.01 from the faucet is only enough to cover a single transaction fee. All that hard work (of typing into a box) for nothing!

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joepie91
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June 17, 2011, 02:07:31 AM
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It did take me 12 hours to download all the blocks though. Isn't this going to become a huge issue for new users a couple of years from now when it takes days to download all the blocks? What if BTC is still around 100 years from now? How long will it take then?

There are other option available in the future.  Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start.  It's the verification process that takes most of the time, not the actual downloading.
Does that not introduce centralization?

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MoonShadow
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June 17, 2011, 02:21:29 AM
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It did take me 12 hours to download all the blocks though. Isn't this going to become a huge issue for new users a couple of years from now when it takes days to download all the blocks? What if BTC is still around 100 years from now? How long will it take then?

There are other option available in the future.  Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start.  It's the verification process that takes most of the time, not the actual downloading.
Does that not introduce centralization?

Not really, because at this point the client will still verify all the blocks upon first start, regardless of where the blockchain came from.  In the future, there are likely to be clients that come with a blockchain already in it and trust this included blockchain, but that would require trust in the client developers.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
gideon g
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June 17, 2011, 03:00:28 AM
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If they do decide to include the database they better hope it compresses well. My data directory for bitcoin is at 1.8GB and growing. That's only with 131340 blocks AND an empty wallet that has not yet made any transactions. Who knows how big it will be in five years  Shocked

That's odd.  Mine is a bit under 450 MB, and that includes some relatively large logfiles as well.
joepie91
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June 17, 2011, 11:42:22 AM
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It did take me 12 hours to download all the blocks though. Isn't this going to become a huge issue for new users a couple of years from now when it takes days to download all the blocks? What if BTC is still around 100 years from now? How long will it take then?

There are other option available in the future.  Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start.  It's the verification process that takes most of the time, not the actual downloading.
Does that not introduce centralization?

Not really, because at this point the client will still verify all the blocks upon first start, regardless of where the blockchain came from.  In the future, there are likely to be clients that come with a blockchain already in it and trust this included blockchain, but that would require trust in the client developers.
Yes, but if the majority of people (>50%) uses the same client, wouldn't that allow the client developers to "force the network into a different blockchain"?

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June 17, 2011, 03:14:26 PM
 #17

If they do decide to include the database they better hope it compresses well. My data directory for bitcoin is at 1.8GB and growing. That's only with 131340 blocks AND an empty wallet that has not yet made any transactions. Who knows how big it will be in five years  Shocked

That's odd.  Mine is a bit under 450 MB, and that includes some relatively large logfiles as well.

Here's what I have in the bitcoin directory:

debug.log  595 MB
blk0001.dat  262 MB
blkindex.dat  128 MB
10 other files for 28 MB

In the database directory under the bitcoin directory there are 89 files of 9.5 MB each for a total of 845 MB. Grand Total of all files: 1.858 GB  Huh

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MoonShadow
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June 17, 2011, 05:30:30 PM
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If they do decide to include the database they better hope it compresses well. My data directory for bitcoin is at 1.8GB and growing. That's only with 131340 blocks AND an empty wallet that has not yet made any transactions. Who knows how big it will be in five years  Shocked

That's odd.  Mine is a bit under 450 MB, and that includes some relatively large logfiles as well.

Here's what I have in the bitcoin directory:

debug.log  595 MB
blk0001.dat  262 MB
blkindex.dat  128 MB
10 other files for 28 MB

In the database directory under the bitcoin directory there are 89 files of 9.5 MB each for a total of 845 MB. Grand Total of all files: 1.858 GB  Huh


Do you restart your client often?  The debug.log is just a logfile that is recording events that your client considers notable, such as restarting.  You can delete that without a hickup, and the client will just start another upon the next restart.  blk0001.dat is the actual blockchain while blkindex.dat is the file that your client uses to quickly find a particular transaction within all those blocks.  I would still recommend that you backup your wallet.dat file before deleting anything, though.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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June 17, 2011, 05:41:17 PM
 #19

It's sad that the 0.01 from the faucet is only enough to cover a single transaction fee. All that hard work (of typing into a box) for nothing!

Use the latest client version 0.3.23, it reduced the minimum transaction fee to 1/20th of the previous value.

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June 17, 2011, 05:44:55 PM
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It did take me 12 hours to download all the blocks though. Isn't this going to become a huge issue for new users a couple of years from now when it takes days to download all the blocks? What if BTC is still around 100 years from now? How long will it take then?

There are other option available in the future.  Including, but not limited to, simply including a recent copy of the blockchain in each new client release to be downloaded directly rather than over the p2p network and verified by each client upon first start.  It's the verification process that takes most of the time, not the actual downloading.
Does that not introduce centralization?

Not really, because at this point the client will still verify all the blocks upon first start, regardless of where the blockchain came from.  In the future, there are likely to be clients that come with a blockchain already in it and trust this included blockchain, but that would require trust in the client developers.
In the future, only a few pool owners, heavy miners, and people with a high number of bitcoins will actually store the blockchain, because it will reach into the TB's of size quite quickly.  Most other users will connect to one or more of these blockchain holders to verify account balances using a lite client (chainless client).

At least, this is what I see happening if there is wider acceptance and use of bitcoins.
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