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Bitcoin - The Internet of Money
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
wafflepool.com - An auto switching scrypt coin mining pool
WafflePool is a multi-coin (scrypt) mining pool. Point your miner to WafflePool with a Bitcoin address as your username, and we take care of automatically mining the most profitable coin at all times, converting the earnings from each coin into Bitcoins, and paying you out in bitcoins! Mining alt-coins and converting to bitcoin is very often orders of magnitude more valuable than mining Bitcoin directly! No registration, no hassles, just point and start getting paid!
Bitcoin Halving The bitcoin protocol specifies that the reward for adding a block will be halved approximately every four years. Eventually, the reward will decrease to zero, and the limit of 21 million bitcoins will be reached c. 2140; the record keeping will then be rewarded by transaction fees solely http://www.satoshi.pl
"While it's true to an extent that Bitcoin Core faces scaling challenges in terms of transaction fees, Bitcoin Cash, EOS, Monero & others are already poised to solve these issues." -Jeff Berwick
Jeff Berwick (a famous libertarian & founder of The Dollar Vigilante) said that in a recent video where he was talking about Paul Krugman. It's nice to see someone so influential calling the BTC chain by its proper name and also recognising the value of Bitcoin Cash. It's also interesting to see that famous economists like Paul Krugman telling false stories about Bitcoin (BCH) inspired by the failures of Bitcoin Core. In the NYT article that Jeff referenced in his video, Paul Krugman said:
Set against this history, the enthusiasm for cryptocurrencies seems very odd, because it goes exactly in the opposite of the long-run trend. Instead of near-frictionless transactions, we have high costs of doing business , because transferring a Bitcoin or other cryptocurrency unit requires providing a complete history of past transactions . Instead of money created by the click of a mouse, we have money that must be mined  — created through resource-intensive computations. And these costs aren’t incidental, something that can be innovated away . As Brunnermeier and Abadi point out, the high costs — making it expensive to create a new Bitcoin, or transfer an existing one — are essential to the project of creating confidence in a decentralized system .
(emphasis added) Responding to the numbered points:
He's talking about Bitcoin Core (BTC), not Bitcoin (Satoshi's invention) and not the entire crypto currency industry.
Cryptocurrencies, including Bitcoin, do not require providing a complete history of past transactions. Bitcoin SPV wallets (the intended, primary mechanism of user interaction with Bitcoin) need only know about block headers and just the latest UTXO (unspent transaction output). They don't need to track any given transaction all the way back to the block that originally mined the coin into existence. They certainly don't need to be concerned with other people's transactions. This appears to be one of the reasons why Satoshi designed Bitcoin such that every UTXO must be completely (not partially) spent in a transaction. The idea that the average user should run a non-mining full node and be concerned with other people's transactions is a contrived narrative of people like Greg Maxwell in Bitcoin Core.
Firstly: some cryptocurrencies (like Ethereum) have created money "at the click of a mouse". Not all Ethereum in existence was mined. Some were created as an initial starting balance at Ethereums inception. Secondly: Bitcoin was deliberately designed by Satoshi to avoid mouse-click-money-creation so that central-planner economists like Paul Krugman could not deliberately or unwittingly manipulate massive economies or cause hyper inflation (a common occurrence for countries employing mouse-click-money-creation strategies). It's a desirable feature of Bitcoin; not a requirement of of all cryptocurrencies.
"While it's true to an extent that Bitcoin Core faces scaling challenges in terms of transaction fees, Bitcoin Cash, EOS, Monero & others are already poised to solve these issues." -Jeff Berwick /r/btc
What are the current transaction fees BitCoin --> Rai (BitGrail)?
I want to spend around 500€ on Bitcoin on Coinbase to transfer it to BitGrail and exchange it for RaiBlocks. Which transactions fees I have to expect? And how high is the fee for exchanging btc to rai?
12-03 06:42 - 'Actually bitcoin cash / Because it’s usable. / Bitcoin is to expensive for these countries due to transaction fees. Bitcoin prices itself out of the reach of the poor' by /u/Shniper removed from /r/Bitcoin within 18-28min
12-03 06:32 - 'Bitcoin is fucking useless in the third world. / The transaction fee can be a weeks wages. / They are actually going more towards bcash because it’s actually usable in terms of speed and transaction fees. / Bitcoin prices itsel...' by /u/Shniper removed from /r/Bitcoin within 10-20min
''' Bitcoin is fucking useless in the third world. The transaction fee can be a weeks wages. They are actually going more towards bcash because it’s actually usable in terms of speed and transaction fees. Bitcoin prices itself out of the poorer nationa ''' Context Link Go1dfish undelete link unreddit undelete link Author: Shniper
Bitcoin works! - 57k unconfirmed transactions, paid low fee (0.03 %) from my Trezor, 12 minutes later, transaction confirmed, thank you very much
Trezor gives you 4 options for your fee, I've selected the second lowest because I was not in hurry and I got confirmed 12 minutes later. This was 0.03 % transaction fee. Bitcoin is awesome and it works even if it currently does not solve every use case on the planet. It simply made something much much better and even in times of "congestion", you can get it fast through paying almost nothing.
Transaction fees are voluntary on the part of the person making the bitcoin transaction, as the person attempting to make a transaction can include any fee or none at all in the transaction. On the other hand, nobody mining new bitcoins necessarily needs to accept the transactions and include them in the new block being created. A Bitcoin transaction you have sent or you should receive is still unconfirmed? We can help you to speed up this transfer so that it can reach confirmations within 45-70 minutes. Cooperating with major Bitcoin pools, we are able to provide a transaction accelerator service, which can make the probability of confirming a pending transaction within 45-70 minutes come up to 75% -95% ... Transaction fees usually go over the roof because Bitcoin’s block space limited. A Bitcoin block can only accommodate transactions worth of 1 MB per 10 minutes, and that’s why each byte on this 1 MB block is a premium place to be. That’s according to data from Bitinfocharts, which shows that average Bitcoin transaction fees climbed as high as $6.64 on May 20. That’s the highest average cost of a Bitoin transaction since July 2018—almost two years ago. At the turn of the year, average fees were as low as $0.28—marking a 2,213% spike since January 1. The transaction fees for this block were just 0.2% of the total reward. The example block above is just one of many. It’s clear, however, that in the future transaction fees must rise in order to compensate for the decreasing block reward. Recap. Bitcoin is sometimes advertised as a way to make cheap payments, which makes mining fees ...
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👇🏻Support the channel by using my affiliate links below👇🏻 Exchanges I'm using: Coinbase FIAT https://www.coinbase.com/join/59398125002bcc03276297d6 Bin... Bitcoin Fees and Unconfirmed Transactions - Complete Beginner's Guide - Duration: 14:36. 99Bitcoins 15,530 views. 14:36. Bitcoin Transaction Details - Part 1 - Duration: 15:47. ... Long ago, the bitcoin network offered space in each block for transactions that did not pay any fee. That's right: zero fees. This space was removed in early 2016, in the face of growing network ... Free Bitcoin Transaction No Transaction Fees Instant Confirmation easily Bitcoin buy and sale world's best Bitcoin transaction website www.localbitcoins.com Bitcoin transactions and transaction fees - Simplified Andrew Vecsey. Loading... Unsubscribe from Andrew Vecsey? Cancel Unsubscribe. Working... Subscribe Subscribed Unsubscribe 238. Loading ...