Verify My Transaction Localcoin

NiceHash - buy & sell hashing power

NiceHash offers you to buy or sell hashing power directly, no contracts, no limitations, pay-as-you-go if you're a buyer and be-paid-as-you-go if you're a seller. Why bother renting rigs, when you can rent hashing power? NiceHash brings more to renters and rig owners. Visit https://www.nicehash.com today! Simply create order and you are already mining your favorite coin or point your rig to our stratum server and you are already earning bitcoins.
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Bitcoin Marketplace: Buy and Sell for Bitcoin

The /BitMarket subreddit is for buying and selling almost anything for Bitcoin BTC except what is prohibited by Reddit. Please use Old Reddit to see the full list of rules and sidebar to participate here. DON'T CLICK CREATE POST! Click below it.
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Altcoins News and Trading about Cryptocurrency

A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created.
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Cryptobuyer, Launches Venezuela’s First Bitcoin Satellite Node To Independently Verify Bitcoin Transactions Without Relying On The Country's Internet

Cryptobuyer, Launches Venezuela’s First Bitcoin Satellite Node To Independently Verify Bitcoin Transactions Without Relying On The Country's Internet submitted by Gasset to CryptoCurrency [link] [comments]

Cryptobuyer, Launches Venezuela’s First Bitcoin Satellite Node To Independently Verify Bitcoin Transactions Without Relying On The Country's Internet (x-post from /r/Cryptocurrency)

Cryptobuyer, Launches Venezuela’s First Bitcoin Satellite Node To Independently Verify Bitcoin Transactions Without Relying On The Country's Internet (x-post from /Cryptocurrency) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Critical Lightning Network Bug Did Not Verify Bitcoin Transactions

Critical Lightning Network Bug Did Not Verify Bitcoin Transactions submitted by cryptolobe to cryptolobe [link] [comments]

BTC Relay is live (tldr Ethereum can now verify Bitcoin transactions)

submitted by Dunning_Krugerrands to CryptoCurrency [link] [comments]

Nodes Verifying Bitcoin Transactions...

Nodes Verifying Bitcoin Transactions... submitted by fastcryptonews to bitcoin_uncensored [link] [comments]

Nodes Verifying Bitcoin Transactions... /r/bitcoin_uncensored

Nodes Verifying Bitcoin Transactions... /bitcoin_uncensored submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Nodes Verifying Bitcoin Transactions... /r/bitcoin_uncensored

Nodes Verifying Bitcoin Transactions... /bitcoin_uncensored submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Nodes Verifying Bitcoin Transactions... /r/Bitcoin

Nodes Verifying Bitcoin Transactions... /Bitcoin submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

02-25 16:33 - 'Nodes Verifying Bitcoin Transactions...' (i.redd.it) by /u/fastcryptonews removed from /r/Bitcoin within 381-391min

Nodes Verifying Bitcoin Transactions...
Go1dfish undelete link
unreddit undelete link
Author: fastcryptonews
submitted by removalbot to removalbot [link] [comments]

[uncensored-r/Bitcoin] Nodes Verifying Bitcoin Transactions...

The following post by fastcryptonews is being replicated because the post has been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/803mrp
The original post's content was as follows:
https://i.redd.it/g2jl0dbc1ci01.jpg
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Verifying bitcoin transactions?

I recently made a BTC transaction to the wrong address and am attempting to get the receiver to send the BTC back to me. They complied on the terms that I could provide a tx_hash of the accidental transfer transaction, and I have no idea how to. Help?
submitted by OhSoManyPills to BitcoinBeginners [link] [comments]

Noob question about verified Bitcoin transactions and the future

I've been following this subreddit for only two weeks, so apologies in advance if there is a better forum where these questions have already been answered a hundred times.
I understand that part of solving the next block is to include a set of transactions, which eventually leads to a sort of collective agreement that those transactions are valid. The node that solves the block can only include those transactions it knows about. When the number of transactions is relatively small, each node can pretty much keep track of all the transactions.
So maybe there are 15,000 transactions a day right now. That works out to 100 transactions every 10 minutes/every block. At 150,000 transactions a day, there will be 1,000 transactions per block. 150k is a very small number of transactions, compared to the number of Visa transactions that occur each day.
So once bitcoin really gets going, there might be 150 million transactions a day. That is 1 million transactions per block. Now maybe that is a reasonable workload for a really fast node, I don't know exactly how much disk this would need but obviously storing the block details will consume a few gigabytes per day.
Here's the question: a smart node, making money off of transaction fees, could simply choose to process the transactions with the best bounties, instead of trying to process all 1 million known transactions for the next block. If a node chooses to solve 10%, or 100,000 transactions, and then solves the block and wins the round, there are still 900k transactions waiting to be verified, and now another 1 million have been generated. As the transaction volume increases, won't there be a growing backlog of low-bounty transactions that no node will want to process? Of course not every node will be required to solve transactions that offer commissions, but once a backlog of unverified transactions gets to a certain size will it ever go away?
submitted by Tecktonik to Bitcoin [link] [comments]

Fidelity Digital Investments: Bitcoin As an Aspirational Store of Value System

Interesting thesis from Fidelity's Digital Assets research head where they examine the factors that make bitcoin appealing as a potential store of value. I've highlighted some of the key points but I suggest people read the entire report.
In this piece, we will focus on the view that Bitcoin is an aspirational store of value. We explore the inherent characteristics that position Bitcoin to fulfill this role in the future, consider whether it is being used in this way today, and discuss factors that may drive greater demand for such utility.
Bitcoin’s digital scarcity
A robust store of value asset retains purchasing power over long periods of time. An emerging store of value grows purchasing power until it stabilizes. The key characteristics that are cited in reference to good stores of value are scarcity, portability, durability and divisibility. The most important of these attributes is arguably scarcity, which is essential for protecting against the depreciation of real value in the long run. Scarcity means there is a limited quantity of the asset in question, more cannot be easily created, and it is impossible to counterfeit.
One of bitcoin’s most novel innovations is its unforgeable digital scarcity. Investors believe this property is foundational in understanding and appreciating bitcoin.
The bitcoin supply is perfectly inelastic and is not susceptible to supply shocks. Supply does not respond to changes in production capacity (i.e. greater hash power) in response to heightened demand driving prices higher. Even gold, which has been used as a store of value for millennia, is not immune to supply shocks. While the ability for increased production in response to an increase in demand is limited, gold is not perfectly inelastic.
Decentralized checks and balances
Bitcoin’s monetary policy was established when it was created. Its credibility is enforced in part by decentralization and proof-of-work mining. Bitcoin has a leaderless network of decentralized full nodes (computers running bitcoin software), in which every node stores the ledger of transactions and performs transaction verification independently, checking that rules are being followed. Because of this redundancy, there is no central point of failure. Full nodes that verify transactions are distinct from miners who expend energy to process transactions and mint bitcoin. Unlike mining, transaction verification does not require significant resources in the form of hardware or electricity. Thus, any computer can join the distributed network to store and verify bitcoin transactions. Today tens of thousands of nodes perform this function.
In addition to preventing transactions that don’t follow consensus rules, the level of decentralization that exists in the bitcoin network protects core properties such as the 21 million fixed supply by making it virtually impossible to change. No central party has sole discretion over bitcoin’s monetary policy. Rather, such a change would require significant social coordination among stakeholders (e.g. users, miners and those running full nodes). Most stakeholders believe bitcoin has value because of its digital scarcity, resulting in negligible support for such a change
DEMAND DRIVERS
Investors believe that the next wave of awareness and adoption could be driven by external factors such as unprecedented levels of intervention by central banks and governments, record low interest rates, increasing fiat money supply, deglobalization and the potential for ensuing inflation, all of which have been accelerated by the pandemic and economic shutdown. Longer-term tailwinds that could fuel adoption include the use of bitcoin to preserve wealth amidst “slow and steady” inflation and the looming generational wealth transfer to millennials, who view bitcoin more favorably than other demographics.
Current interest in bitcoin’s store of value properties
Tudor Investment Corporation’s decision to allocate to bitcoin in the Tudor BVI fund is evidence that unprecedented levels of monetary growth is driving institutional interest in bitcoin’s store of value properties. Paul Tudor Jones, founder and Chief Investment Officer, and Lorenzo Giorgianni, Head of Global Research articulated the rationale for investing in bitcoin in their May 2020 investor letter, “The Great Monetary Inflation.” The Tudor Investments team scored financial assets, fiat cash, gold and bitcoin based on four characteristics that define store of value assets – purchasing power, trustworthiness, liquidity, portability. Bitcoin’s score was 60% of the score of financial assets, but 1/1200th of the market cap of financial assets and it was 66% of the score of gold, but 1/60th of the market cap, concluding, “Something appears to be wrong here and my guess is that it’s the price of Bitcoin.” While many have expressed the same reasoning, this was seen as a watershed moment, given the thesis and investment was from a traditional hedge fund manage legendary macro investor (Paul Tudor Jones) and former Deputy Director of the Strategy, Policy and Review Department at the IMF (Lorenzo Giorgianni)ix.
Conclusion
Bitcoin’s inherent properties have given rise to the perspective that bitcoin has the potential to be a store of value, with complementary and interdependent components – the decentralized settlement network (Bitcoin) and its digitally scarce native asset (bitcoin). Equally important is the consideration of demand for bitcoin’s unique features – there is no long-term value to create or store if there is no sustained demand for these properties.
External forces that are accelerating interest and investment in bitcoin include unprecedented levels and exotic forms of monetary and fiscal stimulus globally with unknown consequences. This is exacerbating the concerns that Bitcoin was designed to address and is leading more investors and users towards bitcoin as an “insurance policy” that may provide protection against the unknown consequences. Simultaneously, the massive transfer of wealth from the older generation to a younger demographic is a more gradual but important long-term tailwind, as younger people view bitcoin more favorably. This is an important catalyst for bitcoin adoption as they inherit and grow their wealth. While bitcoin is not guaranteed to succeed as a store of value, should sustainable long-term demand for the use case not materialize, the tailwinds mentioned above should drive incremental demand for a novel asset with unique properties. Additionally, as we will examine in future parts in our bitcoin investment thesis series, Bitcoin’s strength is that it has properties that allow it to serve multiple functions, further hardening the likelihood of its success as measured by growth in value.
submitted by Tiaan to investing [link] [comments]

Blockchain Summarised

Blockchain is an algorithm and distributed data structure for managing electronic cash without a central administrator among people who know nothing about one another. Originally designed for the crypto-currency Bitcoin, the blockchain architecture was driven by a radical rejection of government money and bank-controlled payments.
The developer of Bitcoin, Satoshi Nakamoto envisioned people spending money without friction or regulation or the need to know or trust other parties.
Blockchain monitors and verifies Bitcoin transactions by calling upon a decentralized network of volunteer-run nodes to, in effect, vote on the order in which transactions occur. The network's algorithm ensures that each transaction is unique.
Several thousand nodes make up the Bitcoin network. Once a majority of nodes reaches consensus that all transactions in the recent past are unique (that is, not double spent), they are cryptographically sealed into a block. Each new block is linked to previously sealed blocks to create a chain of accepted history, thereby preserving a verified record of every spend.
Bitcoin blockchain's most innovative aspects is how it incentivises nodes to participate in the consensus-building process by randomly rewarding one node with a fixed reward (currently 12.5 BTC [every 4 years this value halves]) every time a new block is settled and committed to the chain. This accumulation of Bitcoin in exchange for participation is called "mining" and is how new currency is added to the total system afloat.
This gradually release of Bitcoin makes the coin scarce as a result the value goes up as the reward for Bitcoin decreases. The scarcity follows the same principle as gold.
submitted by HenryWoodrow to u/HenryWoodrow [link] [comments]

Don't trust, verify: Wrote a BTC transaction validation program to facilitate safe withdrawal protocol (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Europol Shuts Down Counterfeiting Ring Which Sold $1.44M for Bitcoin

Europol Shuts Down Counterfeiting Ring Which Sold $1.44M for Bitcoin

https://preview.redd.it/wni6i6jbcvl31.png?width=1000&format=png&auto=webp&s=e77c06d9bad1c7ca2e42e4e8c3edd068677cf52a
News by Cointelegraph: William Suberg
Portuguese police and Europol have seized funds worth €70,000 ($77,200) in what they describe as one of the most advanced counterfeiting operations ever seen.

€1.3M fake notes sold since 2017

As Brazilian daily news outlet Sputnik and others reported on Sept. 10, law enforcement succeeded in bringing down the ring, which sold fake notes on the dark web in return for Bitcoin (BTC).
In action since 2017, the operation created €1.3 million in fake money. The leader, from Portugal, was found and extradited from Colombia this week.
According to police, the notes were some of the best quality forgeries they had encountered, bearing features such as watermarks and holograms.
“Often they are only detected when entering bank deposits. In terms of normal trade, they are banknotes that pass quite easily,” police investigation coordinator, Luís Ribeiro, said in a statement quoted by Sputnik.

Swapping easy money for hard money

The news is conspicuous for highlighting the perpetrators’ preference for unforgettable hard currency — Bitcoin — over printable fiat.
It is the second cautionary tale to emerge from Europe in recent weeks, after alarm at the discovery of fake gold bars in the vaults of some of the best-known institutions worldwide.
As Cointelegraph reported, around 1,000 spurious bars have been discovered, but experts fear the complete supply is much larger.
“Bitcoin fixes this,” Francis Pouliot, founder of Canadian Bitcoin consumer platform Bull Bitcoin, subsequently commented, alluding to the ability of individuals to verify Bitcoin transactions by running a full network node.
submitted by GTE_IO to u/GTE_IO [link] [comments]

I'm offering a service to verify your transaction with my node :) (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

What is preventing nodes from verifying transactions that are malicious/bad/fake (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

How will bitcoin transactions be verified once all of the blocks have been mined by 2140?

Something I've been struggling to understand lately... Thanks
submitted by itisworking1 to Bitcoin [link] [comments]

Ethereum's advantages for Bitcoin highlight how Ethereum has won the smart contract market for years to come - at a minimum

If you're new to Ethereum, but in love with Bitcoin, you may be thinking, "well, Ethereum is winning now, but Rootstock is still a contender". This topic come up frequently and has been addressed community members quite well. Because posts get censored elsewhere, and deleted over time, I thought I'd reiterate the points here.
tl;dr Using Ethereum to create bonded side chains has advantage to Bitcoin holders that cannot be obtained by non-currency agnostic chains (such as the proposed chain called Rootstock). Ethereum is better for Bitcoin, and with PoS, is more secure.
Rootstock is currently a proposal to be the path to creating smart contracts with Bitcoin. There is this idea out there called “bitcoin maximalization” in which a some cryptocurrency enthusiasts will only accept Bitcoin as THE blockchain of the future. Well, the challenge with that idea is that, while Bitcoin was the first successful blockchain, it is also slow, expensive, and the least-developed. Bitcoin maximalists believe that will change. They believe that bitcoin will adapt. They think Bitcoin will incorporate more technological innovation and maintain global dominance. Sadly, this belief still holds true for many, despite the clear conflicts between mining, development, and exchanges that have driven the long drawn out block size debate. Bitcoin ability to adapt and incorporate new technology is clearly questionable.
One technological revolution brought on by Ethereum has been the smart contract (programmable automated contracts). Ethereum has had a year long monopoly on this innovation, and the monopoly appear to be maintain for the foreseeable future. Bitcoin maximalists do not like that idea. They feel it is a threat to Bitcoin dominance.
While bitcoin and Ethereum COULD make lovely music together, the idea that Bitcoin could lose its dominant position (by market cap) is likely true. Ethereum has many more use cases. This doesn’t mean Bitcoin will go extinct. As a streamlined, non-bloated, currency, it may still be very useful, but I digress.
What if Bitcoin could simply gain Ethereum’s technological sophistication? Rootstock desires to do just that, well, sort of, and for a piece of the pie. For that reason, it’s often promoted by /Bitcoin (a highly censored bitcoin community similar /btc).
So how will Rootstock plan to achieve this?
First, understand Rootstock is currently vapor. An idea and an implementation can be worlds apart. At the time of this post, there is not a single line of code on Github, while Ethereum has just matured to "Homestead" and is running perfectly. While some describe Rootstock as “open source”, currently, nothing is open. Ethereum development took years to get where it is today, and the open aspect of the development led to Etherum’s current remarkable sophistication and stable platform.
But let’s assume, fairly, that Rootstock does eventually emerge from vapor. Rootstock developers are borrowing some of Ethereum’s technology. Thus, in some sense, some of the work is provided for them thanks to Ethereum. Of course, it is easy to overstate. You can’t just cut and paste Ethereum and have it work. It requires a massive amount of development.
So what will Rootstock look like.
Currently, they have two major version planned:
vovobov (throwaway account) had this nice contribution:
Ethereum as a bonded sidechain of Bitcoin with advantages over Rootstock
What is a sidechain?
According to block stream:
A sidechain is a blockchain that validates data from other blockchains
Ethereum already does that with BTC Relay. So how about pegged assets?
This is an idea for an Ethereum contract that makes Bitcoin-backed tokens without any softfork or trusted Bitcoin multisig managers. Instead, Bitcoin IOU's are created on the Ethereum blockchain and backed by Ether bonds which are governed by Ethereum contracts like BTC Relay or price oracles. The Bitcoin IOUs are backed by Bitcoins held by the escrow managers but if they steal/lose the Bitcoins (or refuse to redeem them) the Bonded Escrow Contract will observe their naughty behaviour and sell their Ether bond to redeem the Bitcoins from someone else!
Rootstock vs Bonded Escrow Contract on Ethereum
There are two methods that Rootstock developers plan to use for issuing Bitcoin IOUs (called "Roots") on their Bitcoin "sidechain". AFAIU the first involves merged mining and a multisig wallet that entrusts a quorum of Bitcoin miners with the entire basket of Bitcoin eggs that were "moved" to the Rootstock chain. The second method requires softforking the Bitcoin blockchain for a two-way peg.
Pseudonymous, distributed, untrusted issuers
Rootstock dev maaku7:
“It's a known trade-off made by any presently deployable implementation of the 2-way peg. It's also something that we were very upfront about in the sidechains paper, and part of the reason why many of us are so concerned about decentralization of bitcoin mining.
In any non-SNARK, non-extension-block version of the 2-way peg a bitcoin node does not perform full validation of the sidechain as part of the consensus rules. Therefore it is perfectly possible (by design) for a threshold majority of the miners / signers to steal the coins in the peg pool, and censor any attempt to stop them. Why by design? Because that's the promise of sidechains: performant permissionless innovation at the cost of SPV trust in the honest majority of signers / miners.
Sidechains we are working on (e.g. Alpha, Liquid) and Rootstock, by the looks of it, make use of a fixed set of signers instead of or in addition to reliance on >50% honest hashpower. This is because while less pure, it is ultimately safer to work with known, contracted entities as functionaries rather than 50% hashpower which at the moment is just a small handful of unaccountable people.
EDIT: Although obviously the ideal end goal is fully decentralized mining, where creating a 50% hashpower cabal requires organizing thousands of people at minimum. In such a case we may be able to consider a pure SPV peg to have a reasonable security model. But we're a long way from there yet...”
says this about sidechain security:
“In any non-SNARK, non-extension-block version of the 2-way peg a bitcoin node does not perform full validation of the sidechain as part of the consensus rules. Therefore it is perfectly possible (by design) for a threshold majority of the miners / signers to steal the coins in the peg pool, and censor any attempt to stop them. Why by design? Because that's the promise of sidechains: performant permissionless innovation at the cost of SPV trust in the honest majority of signers / miners.”
Ether bonds can remove most of the need for this trust and allow pseudonymous, permissionless participation in issuance and escrow management. Without anonymous, untrusted validators, distributed around the world, Bitcoin is looking more and more like Chinese Liberty Reserve or E-gold. …
Bonded sidechains decentralize pegged assets
Even with a Bitcoin softfork, Rootstock has just one Bitcoin IOU with all the Bitcoins sitting like a duck in one "wallet". Since Roots are just one Bitcoin IOU from one issuer, they can't be used to back/bond IOUs the way Ether can. If Rootstock's multisig/SPV wallet is robbed by it's signers/miners or (as they always say) hackers, the value of Roots become "zero" along with any asset or contract using Roots. Ether continues to have value if Bitcoins are stolen. Theft just thins out the herd and makes people more cautious. Ether bonds make issuers mostly responsible for their IOUs with IOU holders assuming some risk if Ether loses too much value to Bitcoin.
Issuing servers and indie issuers
A basic Bonded Escrow Contract is practically complete since BTC Relay does the difficult part. "Bonded Escrow Contract" is completely decentralized and requires no modification to Bitcoin. It would allow anyone to "anonymously" manage Bitcoin escrow wallets or issue Bitcoin IOUs. They only need to obtain Ether for the bond, send it to the Bonded Escrow Contract along with their Bitcoin escrow address and the terms of the IOU they wish to create. Indie issuers don't have to babysit a "server" (that needs to be online all the time) if they create IOU contracts that won't have harsh penalties if they take some time to redeem the tokens. IOU buyers who want faster redemption can buy IOU's from issuing servers. Issuers are free to choose alternatives to SPV such as prediction markets, to verify Bitcoin transactions.
Bonded Escrow Contract options
Here are some options that the Bonded Escrow Contract could make available: * Designate how much Bitcoin the IOU tokens are to be worth and how much Ether will back them. This may be a fixed rate or it may be based on other Ethereum price oracle contracts. If a price oracle is used the issuer may have to add Ether to prevent the IOU from going into default if the Ether price goes down relative to Bitcoin. * Set exchange or rental rates for the Bitcoin IOUs. These rates may be in Ether and/or Bitcoin and could be based on oracle/derivatives contracts.
When IOUs aren't redeemed (right away)
What happens if the IOU's are sent back to the issuer but the Bitcoins aren't released right away?
In more recent news:
Rootstock devs (RSK) clarified that instead of creating a token, like Ether, which is sold to the public to fund initial development. With Rootstock, “every time a person or a corporation runs a smart contract on RSK, 80% of the fuel paid goes to the miners and the remaining 20% to RSK Labs, so we can continue the development of the open source platform”.
In other words, Rootstock is a sidechain business venture centrally controlled by RSK. Unlike Ethereum, it is NOT a public resource. This does not foster independent, open source, development, such as what we are seeing with ventures like Ethcore and Consensys and well, the many many other Ethereum developers well deserving of attention. If you’re planning to build on Rootstock, RSK labs get a cut of your expenses. Enjoy having a new boss. That doesn’t exist with Ethereum!!! The Ethereum Foundation started the enterprise, but Ethereum development is already much bigger than a single foundation.
sjalq also makes these fair comments:
Add to this is that Ethereum's PoS will be far more scalable, with Casper development reaching high levels of sophistication.
Basically, unless you absolutely refuse to hold anything but Bitcoin, there is no reason to ever use what's proposed for Rootstock. It's less capable, less secure, less scalable, more centralized, and will be two years behind Ethereum's remarkable network effect (at a minimum). Ethereum's monopoly is going no where for the foreseeable future.
Update: March 18th 2016
What About Counterparty?
  • In most repects, Counterparty's model has the exact same issues as Rootstock's outlined above, so it's the same problems as that described above. Unlike Rootstock, there will be an altcoin, but instead of currency agnostics, it's connected only to bitcoin.
  • Counterparty is also greatly limited by bitcoin's slow blocktime.
  • Detail discussion here.. Basically, Counterparty's model is a model that the Ethereum founders abandoned because it is a technologically poor decision.
  • More perspective from Ethereum dev Alex van de Sande.
    • "many ex-xcp developers who are migrating to Ethereum due to ease of development and better tools. [such as Bitnation] ... Also I don't understand the advantage of counterparty 'using Bitcoin': they also have their own token and their own Blockchain, what is gained by having a ten minute block time?"
    • "The 'there's only one Blockchain' crowd is what we call 'Bitcoin maximalism'. I think this is more a political position than a pragmatic one: Ethereum Blockchain is secure and created from the ground up for contracts. Counterparty is hack trying to put them into a Blockchain that wasn't made for it and doesn't seem to want contracts. I do wish them the best, I just never saw their software stack."
    • "... they claimed they had cloned us and then the next day Vitalik answered that he had implemented counterparty in X lines of codes in ethereum."
  • VB response to "What Ethereum can do that Counterparty cannot"
    1. <15s block time
    2. Light client support
    3. Lack of exposure to Bitcoin development politics (personally, I think this point alone is enough to outweigh whatever 8x difference in dollars wasted per hour on PoW the maximalists like to wave around, and was the original reason for not making ethereum itself a bitcoin-based metacoin)
    4. Lack of exposure to the possibility of Paul Sztorc convincing bitcoin miners that XCP decreases the value of BTC and so should be censored by miners.
    5. Lack of artificially low block size limit
    6. Has a coherent long-term scalability roadmap
    7. Just to throw a bitcoin maximalist argument right back at them, ETH has way better liquidity than XCP so there's less overhead in acquiring the token to pay fees (alongside other network effects like developer tools, user community, etc)
    8. We have DELEGATECALL implemented, they as I understand don't
  • VB does give Counterparty one benefit
    "That said, counterparty is more closely linked to the bitcoin blockchain, so it's easier to make crowdsales that accept bitcoin directly; that's the primary point in favor of a bitcoin blockchain-based metacoin. Though now btcrelay makes up for quite a bit of that difference."
What About Lisk?
It's basically trying to be Ethereum, but using javascript (rather than Ethereum's clients which make a hell of a lot more sense, such as Go, C++, Python, Rust, Java, Ruby, .net). A Javascript Ethereum is a terrible idea, and even if it wasn't, why devote a whole new blockchain to it. Seems pointless, leading to some to suggest this may be an elaborate scam. I doubt it's a scam, but it does seem poorly thought out.
Ethereum's Solidity is VERY close to Javascript, but MUCH better for smart contracts.
As noted by Itsaconspiracy and Nevermindthequestion :
  • The javascript is sandboxed but unrestricted. They have half a dozen rules you're supposed to follow in contracts, to avoid breaking consensus. Nothing's stopping you from putting a call to math.random() in your contract and then nobody gets the same results. Every contract runs in its own sidechain so at least you're not breaking global consensus, but contracts can call each other so it's not totally isolates easier for bugs to sneak in. For example, if someone passes the string "1" into a parameter where you're expectd either.
  • Javascript numbers are all floating-point, so you can get rounding errors in your contracts. (It's possible that they provide a bignum library, but I don't think so, their rules for contract writers don't say "please use our bignum library.")
  • Javascript has weak dynamic typing, so it'ing a number, and you haven't written explicit code to convert it to a number, then you can end up with the wrong answer. ("1" + 2) / 3 = 4 in Javascript. (Try it yourself online).
  • Not to mention that the LISK contracts will be stored in plaintext, which means they'll be vastly more expensive to publish.
OK, so Bitcoin focused smart contracts and LISK are bad ideas, but sometimes bad ideas win, after all, bla bla "network effect"
Ethereum already has its own network effect within the smart contract space. Bitcoin is far behind. There really is no mechanism to catch up. At this time, there appears to be just as much fresh money going into Ethereum development as Bitcoin, if not more (200+ project and counting) and over a billion dollars in investments estimated this year by Vinay Gupta. Bitcoin is certainly used as a currency in more places, but its use as a currency is still pretty much a joke. An Ethereum credit card would make this "currency network effect" absolutely pointless. What people don't seem to get it that Bitcoin's market cap is larger as an artifact of it being around longer, but soon, that will change. The amount of new investment in Ethereum, the number of devs deeply involved in Ethereum projects, has already made Bitcoin's history irrelevant. It seems very obvious to me. In my opinion, it really is over already. Ethereum has already won its place as the primary public blockchain. It's just a matter of time before people realize it. And some very clever investors, already have.
submitted by nbr1bonehead to ethtrader [link] [comments]

Is there a pricepoint where all miners give up on bitcoin and it dies due to having no one to verify transactions?

e.g if bitcoin drops to $2k again dont all miners just pack up, go home, and it dies?
submitted by audacity12 to Bitcoin [link] [comments]

Why is a Bitcoin node so important if transactions need to be verified by multiple bodies?

I understand relying on someone else to confirm a transaction would be dangerous. But as Bitcoin transactions need multiple confirmations, what are the chances that all those parties who don't know each other are working together to mislead me?
I understand I'm missing something here. This is an honest question, by no means I'm saying that a node is unnecesary.
My wallet seed was generated in Electrum, running on Tails. Is the problem that I am relying on whomever is running the Electrum server?
submitted by mhodlr to BitcoinBeginners [link] [comments]

bitcoin transaction pending : verify btc transactions in 1 minute Blockchain unconfirmed transaction verified script by ... How transactions are verified in Bitcoin Blockchain ... Blockchain - How To Verify A Bitcoin Transaction And Get ... Blockchain unconfirmed transaction verified script by ...

Search For Your Transaction By: Transaction ID Other * Required Transaction ID * Search * Required ATM Address * Transaction Date * Receiving Crypto Address * Inserted Cash Amount * Search Transaction Details Location: Date of purchase: Time of purchase: Purchase amount: Cryptocurrency: Localcoin transaction ID: Wallet address: Status: Confirmations: In this article, I have explained in details "how to verify, and confirm bitcoin transactaions". You will also know how does proof of stake work. You will also know how does proof of stake work. French City Tries Blockchain Votes on a Road Planning Project Singapore Banks to Develop Blockchain-Powered Digital Trade Registry For Bitcoin, you can track all transactions at https://blockchain.info/. Enter your TxID into the search field located at the top right of the website: Tip: Do not worry if you forgot to copy or save your TxID! You can also input your exchange or wallet address (can be either the depositing or receiving address). Step 3: Check the Status of Your Transaction & Verify its Details. Here comes the ... View All Transactions. Buy, Swap and Store Crypto. Buying crypto like Bitcoin and Ether is as easy as verifying your identity, adding a payment and clicking "Buy". Sign up for our Wallet today. Create Wallet. Trade Crypto at the Exchange. Integrated with the Blockchain Wallet, our Exchange is a one-stop shop where you can deposit funds and place trades seamlessly in minutes. Get Started. Dive ... Bitcoin uses a proof-of-work system to verify transactions and to prevent double-spending. Con icts in the system are resolved by majority decisions, with the weight of the vote based on computational power. On average, every ten minutes a new block is created, which bundles a number of valid transactions and refers to the previous block, thereby extending the blockchain. To check, whether the ...

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bitcoin transaction pending : verify btc transactions in 1 minute

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