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Author Topic: BU - Bitcoin Unlimited  (Read 683 times)
GizmoHF
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March 09, 2017, 08:42:44 PM
 #1

Hello,

So there are is big battle going between Segwit and Bitcoin Unlimited. I have some questions about Bitcoin Unlimited.

What if Bitcoin Unlimited will win the battle;
1) Will it be easier to mine bitcoin again? (Like at the beginning of bitcoin)
2) Will the transactions go though faster? Right now there are 40k unconfirmed transactions

3) What other benefits does Bitcoin Unlimited have except there are unlimited Bitcoins?

4) What do you think it will do to the price? Many people say it will MOON, but when there is unlimited resource of something I only see it dumping..

Thanks for answering my question. I greatly appreciate it Smiley


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March 09, 2017, 08:55:19 PM
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I think you have a lot more research to do.
In answer to your questions:
1. No - The difficulty level will not drop to cpu mining rates.
2. Faster transactions is the aim, with bogger blocks this should be accomplished.
3. Bitcoin unlimited does not actually mean an unlimited supply of bitcoins (that would be a disaster for bitcoin) it also does not mean unlimited block sizes.

You have probably started a long a heated discussion here if just 2 of the members i have in mind find this thread.  Wink

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March 09, 2017, 08:56:52 PM
 #3

Hello,

So there are is big battle going between Segwit and Bitcoin Unlimited. I have some questions about Bitcoin Unlimited.

What if Bitcoin Unlimited will win the battle;
1) Will it be easier to mine bitcoin again? (Like at the beginning of bitcoin)
2) Will the transactions go though faster? Right now there are 40k unconfirmed transactions

3) What other benefits does Bitcoin Unlimited have except there are unlimited Bitcoins?

4) What do you think it will do to the price? Many people say it will MOON, but when there is unlimited resource of something I only see it dumping..

Thanks for answering my question. I greatly appreciate it Smiley



1.  No.  It won't, it'll still be pretty hard, probably less profitable in fact because far more transactions would be in each block as I recall.  It would still be a strong enough business for the major companies though.

2.  Yes.  Much, much, much faster, which is the point for both SegWit and Bitcoin Unlimited - pretty much the only point.

3.  I can't really answer this.  Transactions will be faster, there won't be unlimited Bitcoins - mining rewards will stay the same as far as I know and the max will always be 21 million to be reached in 2040.

4.  It will go higher because Bitcoin can become commonly adopted as transactions are more convenient.

GizmoHF
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March 09, 2017, 08:57:27 PM
 #4

I think you have a lot more research to do.
In answer to your questions:
1. No - The difficulty level will not drop to cpu mining rates.
2. Faster transactions is the aim, with bogger blocks this should be accomplished.
3. Bitcoin unlimited does not actually mean an unlimited supply of bitcoins (that would be a disaster for bitcoin) it also does not mean unlimited block sizes.

You have probably started a long a heated discussion here if just 2 of the members i have in mind find this thread.  Wink

Thanks for your reply. I indeed do have a lot of research to do.

I hope they will find this thread, let the fun begin!
GizmoHF
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March 09, 2017, 08:59:09 PM
 #5

Hello,

So there are is big battle going between Segwit and Bitcoin Unlimited. I have some questions about Bitcoin Unlimited.

What if Bitcoin Unlimited will win the battle;
1) Will it be easier to mine bitcoin again? (Like at the beginning of bitcoin)
2) Will the transactions go though faster? Right now there are 40k unconfirmed transactions

3) What other benefits does Bitcoin Unlimited have except there are unlimited Bitcoins?

4) What do you think it will do to the price? Many people say it will MOON, but when there is unlimited resource of something I only see it dumping..

Thanks for answering my question. I greatly appreciate it Smiley



1.  No.  It won't, it'll still be pretty hard, probably less profitable in fact because far more transactions would be in each block as I recall.  It would still be a strong enough business for the major companies though.

2.  Yes.  Much, much, much faster, which is the point for both SegWit and Bitcoin Unlimited - pretty much the only point.

3.  I can't really answer this.  Transactions will be faster, there won't be unlimited Bitcoins - mining rewards will stay the same as far as I know and the max will always be 21 million to be reached in 2040.

4.  It will go higher because Bitcoin can become commonly adopted as transactions are more convenient.



As bitkilo said, I have a lot of research to do; but why is it called Bitcoin unlimited if the max is still 21 MIllion?

Edit: Oh, it is the block size instead of the amount that can be mined.
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March 10, 2017, 12:19:30 AM
 #6

Hello,

So there are is big battle going between Segwit and Bitcoin Unlimited. I have some questions about Bitcoin Unlimited.

What if Bitcoin Unlimited will win the battle;
1) Will it be easier to mine bitcoin again? (Like at the beginning of bitcoin)
2) Will the transactions go though faster? Right now there are 40k unconfirmed transactions

3) What other benefits does Bitcoin Unlimited have except there are unlimited Bitcoins?

4) What do you think it will do to the price? Many people say it will MOON, but when there is unlimited resource of something I only see it dumping..

Thanks for answering my question. I greatly appreciate it Smiley



1.  No.  It won't, it'll still be pretty hard, probably less profitable in fact because far more transactions would be in each block as I recall.  It would still be a strong enough business for the major companies though.

2.  Yes.  Much, much, much faster, which is the point for both SegWit and Bitcoin Unlimited - pretty much the only point.

3.  I can't really answer this.  Transactions will be faster, there won't be unlimited Bitcoins - mining rewards will stay the same as far as I know and the max will always be 21 million to be reached in 2040.

4.  It will go higher because Bitcoin can become commonly adopted as transactions are more convenient.



As bitkilo said, I have a lot of research to do; but why is it called Bitcoin unlimited if the max is still 21 MIllion?

Edit: Oh, it is the block size instead of the amount that can be mined.

The "Bitcoin Unlimited" name just makes reference to the removing block size limit.

https://www.reddit.com/r/btc/comments/5v6n57/when_bitcoin_unlimited_makes_fun_of_the_segwit/

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March 10, 2017, 12:33:44 AM
 #7

Hello,

So there are is big battle going between Segwit and Bitcoin Unlimited. I have some questions about Bitcoin Unlimited.

What if Bitcoin Unlimited will win the battle;
1) Will it be easier to mine bitcoin again? (Like at the beginning of bitcoin)
2) Will the transactions go though faster? Right now there are 40k unconfirmed transactions

3) What other benefits does Bitcoin Unlimited have except there are unlimited Bitcoins?

4) What do you think it will do to the price? Many people say it will MOON, but when there is unlimited resource of something I only see it dumping..

Thanks for answering my question. I greatly appreciate it Smiley



1.  No.  It won't, it'll still be pretty hard, probably less profitable in fact because far more transactions would be in each block as I recall.  It would still be a strong enough business for the major companies though.

2.  Yes.  Much, much, much faster, which is the point for both SegWit and Bitcoin Unlimited - pretty much the only point.

3.  I can't really answer this.  Transactions will be faster, there won't be unlimited Bitcoins - mining rewards will stay the same as far as I know and the max will always be 21 million to be reached in 2040.

4.  It will go higher because Bitcoin can become commonly adopted as transactions are more convenient.



As bitkilo said, I have a lot of research to do; but why is it called Bitcoin unlimited if the max is still 21 MIllion?

Edit: Oh, it is the block size instead of the amount that can be mined.

The "Bitcoin Unlimited" name just makes reference to the removing block size limit.

https://www.reddit.com/r/btc/comments/5v6n57/when_bitcoin_unlimited_makes_fun_of_the_segwit/
Bitcoin Unlimited is not proposal to remove the blocksize completely, it is just a proposal to increase the blocksize from the current 1mb block that is the max size miners are currently mining.
If BU gets in miners will then be allowed to mine blocks up to 2mb and therefore including up to double the amount of transactions already being mined into blocks.

I do not try to say that i know a lot about this subject so any further questions may be better answered by someone with greater knowledge on the subject but watch out because this thread could become 10 pager overnight, some members can be very passionate about this subject and that is good to see, it shows they care about the network and are prepared to argue their case all night if needed.

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March 10, 2017, 01:15:11 AM
 #8

Bitcoin Unlimited is not proposal to remove the blocksize completely, it is just a proposal to increase the blocksize from the current 1mb block that is the max size miners are currently mining.
If BU gets in miners will then be allowed to mine blocks up to 2mb and therefore including up to double the amount of transactions already being mined into blocks.
That is incorrect. Bitcoin Classic was the proposal to increase the maximum block size to 2 MB. Bitcoin Unlimited is a different proposal which allows users to set their own acceptable block size and allow miners to choose a block size that they want to mine.

bitkilo
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March 10, 2017, 03:26:43 AM
 #9

Bitcoin Unlimited is not proposal to remove the blocksize completely, it is just a proposal to increase the blocksize from the current 1mb block that is the max size miners are currently mining.
If BU gets in miners will then be allowed to mine blocks up to 2mb and therefore including up to double the amount of transactions already being mined into blocks.
That is incorrect. Bitcoin Classic was the proposal to increase the maximum block size to 2 MB. Bitcoin Unlimited is a different proposal which allows users to set their own acceptable block size and allow miners to choose a block size that they want to mine.
Yes you are correct, sorry i got mixed up, hard to keep track and remember the exact details of all the proposalsñ

GizmoHF
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March 10, 2017, 07:19:04 AM
 #10

Thanks all for the reply. This makes a lot more sense now Smiley
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