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What some people don't understand about BTC
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This happened. After that, I add a few more cents or a Euro into every bitcoin payment. Just for good luck.
However, I don't like this sort of guessing game. This is also the main reason that I prevent using BitCoin.
Confirmation != transaction.
The confirmation issue could be fixed without having to split or fork the blockchain so I don't see this as a critical issue.
I don't think so. Segwit is backwards compatible for example. Segwit nodes are able to accept transactions from older nodes and is able to read the blockchain serialization format (chain that is stored on disk).
You pointed something important out. With Bitcoin, the fee is shifted over to the client, rather than to the host.
It certainly isn't instant, with the volume of transactions going through the network every day. Miners are losing incentive because of the smaller block size, and as a result, the network is getting slower (imo).
Fees are pretty steep for customers though; I've sent $100 through BTC and ended up paying a buck or two as fee. It would've been free for me with PayPal, or my credit card, since the fee would be on the host.
I assume that this is why some companies charge less for people using Bitcoin, since the fee is no longer on them, and the ability of charging back is removed.
/that's just my two cents.
Bitcoins = you mine from nothing to something.
Investing $10K just to get you started with a rig isn't "nothing" in my books. And where I live we pay for electricity. YMMV
still dont have bitcoint until now, which one the site actually?
nsa.gov
What does that mean?
I'm no expert but I dont see how. Increasing the block size, or the rate at which new blocks are processed would require a fundamental change in the core software, would it not?
This is a problem that in theory, could be resolved if sufficient people agree to a solution, but may result in a forking of the BTC system.
The way I see it, supplementary systems will be the way to go. Where there are online 'accounts' or 'wallets', much like Paypal, where you simply hold a BTC balance stored in the form of a record in a database, or other mechanism. Transactions between accounts/users would therefore be instant and not burden the BTC network itself while also having all balances held by users backed 100% by actual BTC 'coins'.
Then the native BTC network itself can be used for transacting much larger amounts, for which it would be more suitable. This would give BTC a more 'Gold' like status, online, and the supplementary systems would become the currency, so to speak.
I just want to believe that a bank have an equal value of asset with the sum of digit and paper-money they distribute to their cust. And they dont transfer their electricity for no-one nor convert it to get more asset (who bought this electricity?). Also they dont convert $10K to became a gold mine, where is this mine anyway? I think that selling compute is better system than mining from nothing, because you paid for giving another people (who pay) a compute power. Even I think catching some pokemon and then selling the account still the better system, my cute nephew do this some time ago.
But hm.. Let me think.. Hm.. Because nowdays are digital era, you may have another Idea about this, and it is me that couldn't understand bitcoin perfectly So, I am apologize.
# sory for my bad English
I'm sorry but I couldn't understand anything you said in that post....
Banks do not have a guaranteed value of asset and you could lose your money in a blink if you leave money in a bank - as many people have found out. Fortunately in many countries the economy is at least somewhat stable.
I think you don't understand bitcoin mining. First you need a computer with a very fast video card, usually in the $500 to $1000 range. Then you need a number of those in order to get any volume happening. The cost of electricity to run those is considerable and in most cases the cost of electricity is about the same as the gain in bitcoin. In other words you pay about the same in mining costs as you gain in bitcoin.
There are many online bitcoin mining calculators. Look at this one and at the bottom you will see the estimated earnings (profit) and it doesn't look good. http://www.coinwarz.com/calculators/bitcoin-mining-calculator
Those haven't been profitable in years. It's all ASIC now. Running GPUs now costs more in electricity than it produces in btc.
The first trouble I think of with Paypal-like ledgers connected to the blockchain is that once it's just a database update that's under someone's control, it becomes possible to do chargebacks, which means they will happen, so you're back in the paypal situation. It's possible you've got a fix for that though.
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It's crucial to have a clear understanding of the rules associated with this forum.
While this forum offers several advantages, there are complexities to consider, such as dealing with necroposters and spammers.