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Author Topic: Bitcoin transaction versus bitcoin mining  (Read 192 times)
TheWolf666
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December 06, 2018, 03:04:13 AM
Merited by ETFbitcoin (1)
 #1

Transaction are stored in a block... but the number of blocks created is lowered every 4 years.
The number of transactions is increasing because of the popularity of Bitcoin.

How can Bitcoin will scale in the future if the number of blocks are lower, and the number of transactions is increasing, there must be a breaking point where it will not be possible to mine enough to satisfy the incoming number of transactions?

Another question with the same idea, at the early stage of Bitcoin, when there were not enough transactions to fill these blocks, many blocks must have been generated, but empty. Does this mean that a large part of the blockchain is filled by empty blocks or blocks that are not totally used?

What about the optimization of this blockchain?

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ETFbitcoin
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December 06, 2018, 03:20:10 AM
Merited by Welsh (1), HeRetiK (1)
 #2

You clearly need to learn more about Bitcoin

Transaction are stored in a block... but the number of blocks created is lowered every 4 years.

You meant block mining reward, block time interval is still same (even though actually it's 0.6 minutes faster)

The number of transactions is increasing because of the popularity of Bitcoin.

How can Bitcoin will scale in the future if the number of blocks are lower, and the number of transactions is increasing, there must be a breaking point where it will not be possible to mine enough to satisfy the incoming number of transactions?

What limits bitcoin scaling is Bitcoin's block size/weight and there's almost no correlation between scaling and mining reward. But there are multiple technology to solve/reduce the problem such as LN and MuSig Schnorr

Another question with the same idea, at the early stage of Bitcoin, when there were not enough transactions to fill these blocks, many blocks must have been generated, but empty. Does this mean that a large part of the blockchain is filled by empty blocks or blocks that are not totally used?

Yes, earlier block isn't full, but still used/generated as each block must have at least one transaction (which is coinbase transaction). But no need to worry about this as each block don't reserve 1MB storage space.

TheWolf666
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December 06, 2018, 03:40:57 AM
Last edit: December 06, 2018, 04:13:52 AM by TheWolf666
 #3

Thanks for all these answers. To resume...

The blockchain will continue to grow forever, only the mining reward is decreasing.
Does this means that if no more Bitcoins are generated, the blocks are still created at the same speed (2016/10 min average) and the blockchain still running with the same number of transaction maximum possible / day?

Also does this means that Bitcoin can continue to work without miners, just using these blocks automatically generated every 10 min? I guess not, because the miners are creating the blocks right? Is there a possibility that blocks can be not used (at the early stages for example)?

Blocks and Bitcoins are not the same thing I understand. Blocks are hosting transactions, or mining rewards, that are a special kind of transaction. The max number of transaction is constant, but the bitcoin creation is halved every 4 years.

Am I right?



You clearly need to learn more about Bitcoin

Transaction are stored in a block... but the number of blocks created is lowered every 4 years.

You meant block mining reward, block time interval is still same (even though actually it's 0.6 minutes faster)

The number of transactions is increasing because of the popularity of Bitcoin.

How can Bitcoin will scale in the future if the number of blocks are lower, and the number of transactions is increasing, there must be a breaking point where it will not be possible to mine enough to satisfy the incoming number of transactions?

What limits bitcoin scaling is Bitcoin's block size/weight and there's almost no correlation between scaling and mining reward. But there are multiple technology to solve/reduce the problem such as LN and MuSig Schnorr

Another question with the same idea, at the early stage of Bitcoin, when there were not enough transactions to fill these blocks, many blocks must have been generated, but empty. Does this mean that a large part of the blockchain is filled by empty blocks or blocks that are not totally used?

Yes, earlier block isn't full, but still used/generated as each block must have at least one transaction (which is coinbase transaction). But no need to worry about this as each block don't reserve 1MB storage space.

Author and Programmer: https://franc.eu.com
Programmer: https://kryptofranc.com
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December 06, 2018, 04:08:02 AM
Merited by HeRetiK (1)
 #4

The blockchain will continue to grow forever, only the mining reward is decreasing.
Does this means that if no more Bitcoins are generated, the blocks are still created at the same speed (2016/10 min average) and the blockchain still running with the same number of transaction maximum possible / day?

Yes, assuming there aren't any technology (which can solve scaling problem) applied to Bitcoin.

Also does this means that Bitcoin can continue to work without miners, just using these blocks automatically generated every 10 min?

No, miners is still needed. Additionally, they still get reward from transaction fee from transaction which included on blocks they mine.

Blocks and Bitcoins are not the same thing I understand. Blocks can host transactions, or mining rewards, that are a special kind of transaction. The max number of transaction is constant, but the bitcoin creation is halved every 4 years.

Am I right?

Yes, block can host/store transaction. In fact, all transaction must stored/included in blocks.
Yes, block must have coinbase transaction, which is transaction about mining reward for the miner/pool.
No, maximum transaction amount on blocks depends on each transaction size.
Yes, bitcoin creation mining reward is halved every 4 years.

TheWolf666
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December 06, 2018, 04:14:41 AM
 #5

Thanks for your answers, things are more clear now  Grin Grin

The blockchain will continue to grow forever, only the mining reward is decreasing.
Does this means that if no more Bitcoins are generated, the blocks are still created at the same speed (2016/10 min average) and the blockchain still running with the same number of transaction maximum possible / day?

Yes, assuming there aren't any technology (which can solve scaling problem) applied to Bitcoin.

Also does this means that Bitcoin can continue to work without miners, just using these blocks automatically generated every 10 min?

No, miners is still needed. Additionally, they still get reward from transaction fee from transaction which included on blocks they mine.

Blocks and Bitcoins are not the same thing I understand. Blocks can host transactions, or mining rewards, that are a special kind of transaction. The max number of transaction is constant, but the bitcoin creation is halved every 4 years.

Am I right?

Yes, block can host/store transaction. In fact, all transaction must stored/included in blocks.
Yes, block must have coinbase transaction, which is transaction about mining reward for the miner/pool.
No, maximum transaction amount on blocks depends on each transaction size.
Yes, bitcoin creation mining reward is halved every 4 years.

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cc80aa
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December 10, 2018, 11:15:26 AM
 #6

   bitcoin mining is a process adding blockchain transaction or other as bitcoin transaction like bitcoin ledger ,wallet process and other utilities transaction so without mining how can we process our transaction without mining.how can i work the blockchain without mining. please  correct if i wrong.
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December 10, 2018, 03:36:50 PM
 #7

  bitcoin mining is a process adding blockchain transaction or other as bitcoin transaction like bitcoin ledger ,wallet process and other utilities transaction
Not exactly true. Mining is the process of adding unconfirmed transactions to the blocks and then finding/solving the hash of the block to match with the current target. Miners/ Peers who are looking to solve the block add the transactions(hanging around in the mempool) to the empty blocks, and then solve the block hash to find a suitable hash which would be lower than or equal to the current target. The peer who does this, broadcasts them to the network and other nodes/peers accept them. By this way of dedicating their electricity to find the suitable hash, these miners are awarded with bitcoins by the network. These bounty gets halved every 2016 blocks and when this reward diminishes, miners solely depend on the tx fees of each transaction.

so without mining how can we process our transaction without mining.how can i work the blockchain without mining. please  correct if i wrong.
Yes, it is possible to send bitcoin or do a transaction from your wallet, but it won't be confirmed by anyone i.e the other person won't be able to spend what you have sent to him. While considering LN, miners are not involved directly with the transactions, but they are required for opening and closing of a channel. Opening of a channel occurs on-chain which requires a miner and thereafter all the LN tx occurs off-chain.

P.S I am not really familiar/have never read anything about Multichain, but I have read somewhere that Credits and IOTA Blockchain platforms don't require miners actually. (Not really sure)




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