a Q for the bitcoin system

vasilis89 (OP)

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a Q for the bitcoin system

October 21, 2011, 09:58:02 PM

#1

i am facinated right now from the bitcoin. I am thinking get in siriusly. But there is a quation i have to do. As i understand the transactions complete when a new block is discouvered. So what will happen in the future when the blocks became more scarce? the whole market will have to wait until a block happen so all the transaction complete after 2-3 day?
2nd.. is the bitcoin client also a miner?
and 3rd.. say i have an online store and i accept bitcoin. There is any script (php.. something) so i can understand how transactions works for the bitcoin currensy system?

MoonShadow

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Re: a Q for the bitcoin system

October 21, 2011, 10:03:42 PM

#2

Quote from: vasilis89 on October 21, 2011, 09:58:02 PM

i am facinated right now from the bitcoin. I am thinking get in siriusly. But there is a quation i have to do. As i understand the transactions complete when a new block is discouvered. So what will happen in the future when the blocks became more scarce?

Blocks will not become more scarce, only the reward for the block. Blocks will continue to be added to the blockchain roughly every 10 minutes or so until every bitcoin client on Earth stops 'mining' or the Sun goes supernova, whichever comes first.

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2nd.. is the bitcoin client also a miner?

Yes and no. Every full client is also capable of mining, but only if you tell it to do so. Thin and light clients don't mine, however.

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and 3rd.. say i have an online store and i accept bitcoin. There is any script (php.. something) so i can understand how transactions works for the bitcoin currensy system?

There are, but I can't really direct you to such a script. They wouldn't tell you much, either, as scripts would only do a small part of the transaction handling.

"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'

k

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Re: a Q for the bitcoin system

October 21, 2011, 10:11:21 PM

#3

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So what will happen in the future when the blocks became more scarce? the whole market will have to wait until a block happen so all the transaction complete after 2-3 day?

The protocol is setup so that blocks should be found at ~10 min intervals for ever. The difficulty adjusts to maintain this approximately constant block creation rate. Maybe you are thinking about the reduction in block reward to limit the total number of bitcoins to 21 million. When the block reward is reduced it is envisioned that transactions fees included in the blocks will replace the block reward to maintain the incentive for miners to mine.

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2nd.. is the bitcoin client also a miner?

Older versions used to be but that is no longer the case as it was too slow and removed from the standard client. There is other mining software that is much quicker. Look in the mining sub-forum perhaps.

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3rd.. say i have an online store and i accept bitcoin. There is any script (php.. something) so i can understand how transactions works for the bitcoin currensy system?

Not sure exactly what you are asking here.

Some other sites for good info:
https://en.bitcoin.it/wiki/Main_Page
http://bitcoin.stackexchange.com/

SomeoneWeird

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Re: a Q for the bitcoin system

October 22, 2011, 04:42:17 AM

#4

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2nd.. is the bitcoin client also a miner?

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Older versions used to be but that is no longer the case as it was too slow and removed from the standard client. There is other mining software that is much quicker. Look in the mining sub-forum perhaps.

It's still in the client, just the GUI option has been removed. But DONT use it. It's shit.