FAQ - Bitcoin

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How does Bitcoin scale with single-chain LN to simultaneously maintain decentralization via blocksize and its value proposition of digital scarcity to replace fiat as a day-to-day payment vehicle?

With on-chain blockspace being the premium, and merchants adopting lightning at greater rate with the intention of completing point-of-sale transactions daily, how does this work?
What is the potential space-saving of bundling transactions, and the theoretical limit in the ideal circumstances?
Price is volatile, and if even a small percent of merchants close-out, does that not create more downward sell pressure, and a backlog of on-chain transactions?
If we utilized multi-chain LN, that would provide more on-chain space, but sacrifice the concept of digital scarcity of a sound currency. If we increased on-chain blocksize, that would sacrifice the core virtue of decentralization as less can reliably validate transactions, run full nodes etc.
Thanks in advance!
submitted by Jaw709 to Bitcoin [link] [comments]

Quick question: how does bitcoin scale to nation states?

Say I’m the European Union and we decide to adopt bitcoin as our central currency- how will bitcoin scale to the size and frequency of transactions to handle this type of network? Wouldn’t the blockchain get unmanageably big?
submitted by stackdatcheese3 to Bitcoin [link] [comments]

How does Bitcoin scale with single-chain LN to simultaneously maintain decentralization via blocksize and its value proposition of digital scarcity to replace fiat as a day-to-day payment vehicle? /r/Bitcoin

How does Bitcoin scale with single-chain LN to simultaneously maintain decentralization via blocksize and its value proposition of digital scarcity to replace fiat as a day-to-day payment vehicle? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

How does Bitcoin scale with single-chain LN to simultaneously maintain decentralization via blocksize and its value proposition of digital scarcity to replace fiat as a day-to-day payment vehicle? /r/Bitcoin

How does Bitcoin scale with single-chain LN to simultaneously maintain decentralization via blocksize and its value proposition of digital scarcity to replace fiat as a day-to-day payment vehicle? /Bitcoin submitted by cryptoanalyticabot to cryptoall [link] [comments]

Quick question: how does bitcoin scale to nation states? /r/Bitcoin

Quick question: how does bitcoin scale to nation states? /Bitcoin submitted by SimilarAdvantage to BitcoinAll [link] [comments]

How does Bitcoin scale in between now and lets say 1/2 year from now?

submitted by Oldnoob1 to Bitcoin [link] [comments]

How does Bitcoin scale in between now and lets say 1/2 year from now? /r/Bitcoin

How does Bitcoin scale in between now and lets say 1/2 year from now? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

All Cryto/bitcoin blockchain Veterans how much info on crypto/bitcoin blockchain does one have to consume to be very knowledgeable close 9 on a scale of one to ten

submitted by NopalOx to Bitcoin [link] [comments]

"There is a storm coming. Any not on the legal Bitcoin Ledger, via mass-on-chain scaling, will perish & not be around to see the new world. It doesn't matter if u deny the storm, nor does it matter how much time & money u spent hiding TXs and building blowup rube rafts. #BSV"

submitted by cryptorebel to bitcoincashSV [link] [comments]

"Bitcoin #BSV is the only coin that pushes the limits. #STRESSTEST This is what the superior coin does to stay superior. BSV is the only 1 that can scale & do it all. BSV will remain that way til all the other altcoins fade, fail, then die."

submitted by cryptorebel to bitcoincashSV [link] [comments]

12-04 03:13 - 'Great idea Or just use Nano since it does not have BTC like scaling issues. Its actually 1 BTC = 6.33 Nano if you compare max supply.' by /u/alabruh removed from /r/Bitcoin within 20-30min

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Great idea Or just use Nano since it does not have BTC like scaling issues. Its actually 1 BTC = 6.33 Nano if you compare max supply.
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Context Link
Go1dfish undelete link
unreddit undelete link
Author: alabruh
submitted by removalbot to removalbot [link] [comments]

"having Segwit coin BTC go up like this is amazing as I mine it to fund the real #Bitcoin #BSV. But it does show you how uneducated the market is about the value of utility. BSV is still the only undervalued long term digital asset because of its ability to scale massively"

submitted by cryptorebel to bitcoincashSV [link] [comments]

A few megabytes is too many per block? At least 2.5 Exabytes per day are transmitted for doing basic web-related activities via millions of different companies and computer systems. Why does anyone think human kind can scale like that using 1970's technology yet Bitcoin cannot?

A few megabytes is too many per block? At least 2.5 Exabytes per day are transmitted for doing basic web-related activities via millions of different companies and computer systems. Why does anyone think human kind can scale like that using 1970's technology yet Bitcoin cannot? submitted by KayRice to btc [link] [comments]

Most shitcoins and many Bitcoin clones have more 24 hour volume than LN does. Its many many many times more efficient to scale Bitcoin Core by continually forking it or make shitcoins than to keep trying to push LN.

https://coinmarketcap.com/all/views/all/
Sort by Name. Scroll down to where all the BItcoin clones are. Or sort by volume and essentially anything over 50,000 USD does more 24 hour volume than LN. Most of LN's 1,000 BTC capacity is tied up and sits idle/not used. A requirement of the LN system is to stake/reserve capacity and plan for future incoming/outgoing transactions, otherwise when you want to receive/send you can't, thus you always need to have a majority of your capacity sitting idle.
The entire network capacity is only about 1,000 BTC. I have seen it said in a few places that the 24 hour volume on LN is usually less than 50,000 USD daily(would appreciate a link if someone has one for these stats). Going by another post someone recently made 70% of capacity is tied up by one company, and most of the "total capacity" sits idle and is NOT used. https://old.reddit.com/btc/comments/ba43kt/lnbigcom_owns_25_ln_nodes_with_over_700btc/
https://twitter.com/LNstats
https://bitcoinvisuals.com/lightning
https://1ml.com/statistics
Forking Bitcoin and getting small amounts of support for it creates more daily volume than LN does. Creating random shitcoins and hyping them up and getting maybe a few hundred people to use them offloads potential capacity from Bitcoin Core to the new shitcoin. LN is a complete waste of time. Want to get more capacity on Bitcoin Core chain without raising the block size? Make more Bitcoin clones and shitcoins. It is faster, cheaper, more efficient to continually fork Bitcoin Core than to continue to work on LN.
Usually the debate is only Bigger blocks/Graphene or LN/Liquid BTC. Why not make more Bitcoin Clones of Bitcoin Core?? Blockstream previously made a bunch of money by convincing people to use Bitcoin Gold and some other forked Bitcoin Clones. Why did they stop that? That really helped scale their cripple coin of 1 MB every 10 minutes(which by the way is 1/4th the speed of dialup). LN isn't the way to go.
I am pro BCH and not calling BCH a shitcoin. I find BCH works great, just like Bitcoin used to when I originally got into it in 2013 ish.
EDIT:
I remembered how I previously calculated this!
Doing some simple math... from https://1ml.com/statistics
You can derive the maximum amount of BTC transacted per day via averages.
Updated Channels (24h) 31,646
Average Channel Capacity 0.028 BTC $141.63
Average Channel Age 65.7 days 2 months
So you simply take on a daily basis 31,646 channels "updated" which I assume means they were used for transactions or someone routed through them.
So the average capacity of channels is 0.028 BTC x 31,646 = 886 BTC
We know the average channel age is 65.7 days, which means every 65.7 days someone goes through their average of 0.028 BTC basically. Assuming they load it with the average 0.028 BTC(which is very generous) we can do the following.
886 BTC / 65.7 days = 13.4 BTC 24 hour volume.
At a price of 5,000 USD each thats 67,000 USD.
Basically, I am taking the maximum number and figuring it takes 65.7 days on average for a channel to spend 0.028 BTC, knowing there is 31,646 channels, blah. Yes some channels can override the maximum but not many do, some of the biggest channels have 700 BTC total across maybe 50 channels? So in reality this bring up the average a lot. Likely the daily volume on LN is way less than 50,000 USD a day.
:)
submitted by DecentralizedNews_YT to btc [link] [comments]

For adoption of Bitcoin Cash, we need a way to live for it and earn it. Point-Of-Sale systems and/or Debit Cards. First company that does this on a large scale, wins the race. Looking at you, @BitPay

Bitcoin Cash is just better money. I want to use it for everything, buy my groceries, earn it it.
Why would I use inferior fiat money for anything ?
submitted by ShadowOfHarbringer to btc [link] [comments]

Bitcoin Erlay Protocol Reduces Node Bandwidth, Does Not Address Scaling Completely

Bitcoin Erlay Protocol Reduces Node Bandwidth, Does Not Address Scaling Completely submitted by NibiruHybrid to dashpay [link] [comments]

Only 50% of bitcoin users can answer these basic bitcoin questions. How will you do?

1 General
1.1 What is Bitcoin?
1.2 What are bitcoins?
1.3 How can I get bitcoins?
1.4 Does Bitcoin guarantee an influx of free money?
1.5 Can I buy bitcoins with Paypal?
1.6 Where can I find a forum to discuss Bitcoin?
1.7 How are new bitcoins created?
1.8 What's the current total number of bitcoins in existence?
1.9 How divisible are bitcoins?
1.10 What do I call the various denominations of bitcoin?
1.11 How does the halving work when the number gets really small?
1.12 How long will it take to generate all the coins?
1.13 If no more coins are going to be generated, will more blocks be created?
1.14 But if no more coins are generated, what happens when Bitcoins are lost? Won't that be a problem?
1.15 If every transaction is broadcast via the network, does Bitcoin scale?
2 Economy
2.1 Where does the value of Bitcoin stem from? What backs up Bitcoin?
2.2 Is Bitcoin a bubble?
2.3 Is Bitcoin a Ponzi scheme?
2.4 Doesn't Bitcoin unfairly benefit early adopters?
2.5 Won't loss of wallets and the finite amount of Bitcoins create excessive deflation, destroying Bitcoin?
2.6 What if someone bought up all the existing Bitcoins?
2.7 What if someone creates a new block chain, or a new digital currency that renders Bitcoin obsolete?
2.8 Is Bitcoin open to value manipulation?
3 Sending and Receiving Payments
3.1 Why do I have to wait 10 minutes before I can spend money I received?
3.2 Do you have to wait until my transactions are confirmed in order to buy or sell things with Bitcoin?
3.3 I was sent some bitcoins and they haven't arrived yet! Where are they?
3.4 I sent too small of a transaction fee, is my bitcoin lost forever?
3.5 Why does my Bitcoin address keep changing?
3.6 How much will the transaction fee be? / Why is the fee so high?
3.7 What happens when someone sends me a bitcoin but my computer is powered off? 3.8 How long does "synchronizing" take when the Bitcoin client is first installed? What's it doing?
4 Networking
4.1 Do I need to configure my firewall to run Bitcoin?
4.2 How does the peer finding mechanism work?
5 Mining 5.1 What is mining?
5.2 Is mining used for some useful computation?
5.3 Is it not a waste of energy?
5.4 Why don't we use calculations that are also useful for some other purpose?
5.5 How can we stop miners from creating zero transaction blocks?
5.6 How does the proof-of-work system help secure Bitcoin?
5.7 Why was the "Generate coin" option of the client software removed?
6 Security
6.1 Could miners collude to give themselves money or to fundamentally change the nature of Bitcoin?
Answers can be found on the right hand side of of this reddit under FAQ. Yes this is a bit of a troll post.
I got 70% terrible just terrible. Obviously I had never even read the FAQ.
You kinda have to be a true believer to score 100% and it reads like a religious pamphlet.
THIS HAS BEEN MY LAZIEST AND POORLY EXECUTED POST! Decent basic idea I think but using the FAQ as the questions was just terrible. Copy past hack job done in McDonald drive thru on phone.
I apologize! It could have been a decent post with some effort.
submitted by chronicwastage to Bitcoin [link] [comments]

Uh-oh Mark! US Government is attacking Libra. "It's an attack!". To use retarded crypto-logic: does this mean Libra is the real Bitcoin? Is this a sideshow? Is US govt attack fake? Or maybe - real Bitcoin is one that scales massively and has protocol pretty much set in stone...can't be attacked.

Uh-oh Mark! US Government is attacking Libra. submitted by jim-btc to bitcoincashSV [link] [comments]

"A reminder. If Bitcoin does not scale onchain, it loses its security premise, one based on economics. Bitcoin is an economic system. Only one survives. The biggest blocks win. Gigabytes in 2019."

submitted by satoshi_vision to bitcoincashSV [link] [comments]

"Ethereum does not scale and is not secure (has been hacked). Now that Bitcoin BSV has open source tokens and smart contracts and scales and is secure there is no reason for Ethereum to exist. Same for the two fake bitcoins that also have no utility."

submitted by satoshi_vision to bitcoincashSV [link] [comments]

How does Bitcoin Cash going to scale?

It's a serious question, does bch plan to store all transactions on the blockchain?
I usually do 8 payments / day with fiat credit card.
The average size of a transaction is 500 bytes.
So, if we assume a global adoption of 3 billion people:
8 × 500 × 3.000.000.000
If I'm not wrong, this is 12TB per day.
Even if we reduce the adoption a lot, or reduce the number of transaction, the size is huge.
I'm not only worried about the space, but also about the block and transaction propagation.
submitted by daken15 to btc [link] [comments]

Bitcoin SV does not need support from @coinbase or any other exchange to be successful. How is that? Because its value can come from being a commodity ledger. That has nothing to do with exchanges & speculation, and everything to do with attracting business use through scale. serpent rider @blogz

submitted by 2763rxmh to bitcoincashSV [link] [comments]

Bitcoin Scaling Explained: Big Blocks vs. SegWit Bitcoin Boiling Point Begins!! Can Btc Scale When FOMO Returns? Bitcoin Scaling Explained Can Bitcoin Cash Scale on Today's Hardware Bitcoin Fundamentals: Block Size, Bitcoin Scalability, & SegWit Bitcoin Will Scale! – Luke Dodwell Interview

Can Bitcoin Scale? Feb 23, 2018 at 18:30 UTC. Very few countries have gone as far as to declare bitcoin illegal. That does not, however, mean that bitcoin is “legal tender” For bitcoin's price to stabilize, a large scale economy needs to develop with more businesses and users. For a large scale economy to develop, businesses and users will seek for price stability. Fortunately, volatility does not affect the main benefits of Bitcoin as a payment system to transfer money from point A to point B. How does the blockchain scale new to bitcoin, and I read this comment on slashdot and am wondering what the plan is when more users adopt it: the BTC network can handle about 604,800 transactions a day. The ongoing debate about whether or not Bitcoin can scale sufficiently on its path to mass adoption has led many people to question if it will ever reach that point at all. The Bitcoin protocol’s main focus is providing security in transactions. It prevents double-spending by making it incredibly difficult to reverse a transaction because of So one problem is that bitcoin cannot compete or scale up to 24000 transactions per second with given block size limit of 1 MB. But the demand and mainstream adoption is increasing very fast for Bitcoin since it has become universal currency to buy other cryptocurrencies and at the same time, being accepted by hundred thousands of merchants

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Bitcoin Scaling Explained: Big Blocks vs. SegWit

Bitcoin Scaling Explained: Can Bitcoin Cash Scale on Today's Hardware? - Duration: 21:22. Bitcoin.com - Official Channel 5,617 views. 21:22. Big Blocks Can Scale But Will It Centralize Bitcoin? - Duration: 10:06. Decentralized Thought 19,543 views. 10:06. ... Why Chinese Bitcoin Miners Are Not Happy With SegWit ... Also suggestions are given on how to keep your Bitcoin and Crypto safe through cold storage and paper wallets. TOPICS IN THIS INTERVIEW: 01:20 The Blocksize Debate Can Bitcoin scale when institutional products go live and Retail FOMO returns? Plus looking into the Bitsane exchange hack and seeing how CNBC and Ripple were involved & other crypto news! Top Bitcoin Core Dev Greg Maxwell DevCore: Must watch talk on mining, block size, and more - Duration: 55:04. The Bitcoin Foundation 19,937 views

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