What are Bitcoin Blocks and Bitcoin Confirmations? (2020 ...
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Bitcoin Confirmations - All you need to know about block ...
3 Things to Know about Bitcoin Confirmations (2020 Updated)
Bitcoin Cash: Peer-to-Peer Electronic Cash (BCH)
Bitcoin Cash (BCH) brings sound money to the world. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development. All Bitcoin holders as of block 478558 are now owners of Bitcoin Cash. All Bitcoiners are welcome to join the Bitcoin Cash community as we move forward in creating sound money accessible to the whole world.
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How the US Elections Have and Will Impact the Price of Bitcoin
What Happened to the Price of Bitcoin in 2012 and 2016?
Presidential elections in the United States happen every four years — and it's interesting to note that they follow the same cycle as Bitcoin halving events. Let's begin by taking a look at how Bitcoin fared in the past two U.S. elections. Back in 2012, when the crypto assets space was immature and in a very nascent phase, BTC was fairly muted when Barack Obama secured a second term, and stubbornly hovered around the $10.90 mark. Fast forward to November 2013, one year on from his re-election, and Bitcoin had surged by 2,221% to hit $253. However, it would be foolish to suggest that Obama had anything to do with this. President Donald Trump's arrival in 2016 was much more interesting. When the result was first confirmed, Bitcoin shot up by 3.8% — from $709 to $736. Back then, the short-term surge was linked to the fact that Trump's victory took the stock market by surprise — and created uncertainty and volatility internationally. This resulted in demand for safe haven assets, and Bitcoin is regarded as one of them. Shortly before the result was announced, crypto hedge fund manager Jacob Eliosoff had told Coindesk: "[If Trump wins] it would be an epic disaster in a bunch of respects — economic, geopolitical, democratic — and in the fear and chaos Bitcoin would be a defensive asset people could turn to."
How Will the U.S. Election in 2020 Affect Bitcoin?
The million-dollar (ahem, the 100 BTC) question is how digital currencies will react to the result this time. This presidential election is unusual for the markets because of how the coronavirus pandemic is dominating the news cycle. COVID could also end up affecting the speed of the result because of the volume of mail-in ballots. It's highly possible that Bitcoin could remain fairly muted throughout the election if the result is clear. But here's a disclaimer: the outcome is shaping to be anything but. Normally, the result is called by U.S. news networks in the early hours of the morning that follows the vote. But some experts are warning that ballots could take days or weeks to process this time around. All of this would create uncertainty for the U.S. dollar and the stock market, and this could contribute to a surge in demand for the likes of Bitcoin and Ethereum. Donald Trump has also suggested that he may challenge the result of the upcoming U.S. election if he believes it is rigged. This would also spook the stock market, and again would work in the favor of cryptocurrencies and precious metals. As you can see, the overarching theme here is certainty. Digital assets are unlikely to move much if there's a clear result and a peaceful transition of power — but expect turbulence if things start to get messy in Washington. It is important to stress that not everyone agrees with this idea. Recent Bitcoin news has cast doubt on whether the cryptocurrency is the safe haven asset that everyone says it is — and some analysts argue that BTC is more closely correlated to the stock market than we think. In this scenario, we could see Bitcoin move in step with equities as they digest the news. Although Wall Street thinks a Trump win is unlikely, a second term for the Republicans is regarded as the preferable option in financial terms because of how Trump favors tax cuts. Irrespective of who wins, there's going to be no shortage of crypto news...and there are so many questions to answer. Will the Fed finally start looking into CBDCs in a meaningful way? Will a stimulus package be approved? Are interest rates going to go negative? Will the USD weaken? Will Bitcoin return to its all-time high of $20,000 and embark on a new bull run? The rollercoaster ride for cryptocurrencies is far from over. https://coinmarketcap.com/alexandria/article/how-us-election-could-influence-bitcoin-prices
Bitcoin soars to $12.9K as PayPal proves crypto is ready for everyone
This post was originally published on this siteThis post was originally published on this siteBitcoin (BTC) hit highs of $12,865 during trading on Oct. 21 as news that PayPal would support cryptocurrency continued to boost markets. Cryptocurrency daily market overview. Source: Coin360 BTC price closes in on 2019 highs Data from Cointelegraph Markets, Coin360 and TradingView confirmed Bitcoin’s best day in over […]
08-31 08:25 - 'Isn't the 3 minute rule a little much? Like, it won't even be confirmed anywhere near that fast. Why not make the rate valid for ~10 - 30 mins? Nobody's going to scam you a your own yard sale.' by /u/blue_wyoming removed from /r/Bitcoin within 628-638min
We will explain how Bitcoin blockchain works, in simple terms. First of all, Bitcoin is a digital asset and therefore does not have physical monetary value like a gold or fiat currency. Rather, Bitcoin is just a record on the Bitcoin blockchain that confirms Bitcoin ownership. Bitcoin blockchain is a distributed ledger of timestamped Bitcoin transactions that are bundled into blocks. The Bitcoin blockchain is immutable and Bitcoin transactions are irreversible. Bitcoin network consists of thousands of Bitcoin miners and Bitcoin nodes. https://preview.redd.it/txvu313lr4p51.jpg?width=2601&format=pjpg&auto=webp&s=0a6775e64d6049983b793067cfdc368e3c17e0d7
Role of Bitcoin Miners
The security of the Bitcoin network is ensured by Bitcoin miners. Bitcoin miners use powerful computers to solve complex cryptographic problems to validate Bitcoin transactions and receive a Bitcoin reward. This computing process is called “proof-of-work”. The first miner that finds the solution to the cryptographic problem and creates a new Bitcoin block, receives a Bitcoin block award. This is how new bitcoins are created. Each Bitcoin block is mined every 10 minutes on average, which is roughly 144 blocks per day. Besides block rewards, Bitcoin miners earn Bitcoin transaction fees that are currently much smaller than the block reward amount. Specifically, they receive transaction fees for verifying and processing Bitcoin transactions included in the block they have mined and added to the Bitcoin blockchain. We expect that Bitcoin transaction fees will increase substantially once the last Bitcoin is mined and no more block rewards are available. Miners are driven by financial incentives and they tend to prioritize Bitcoin transactions with the highest transaction fees. https://preview.redd.it/93jxgg9or4p51.jpg?width=1418&format=pjpg&auto=webp&s=fc5d407d817b607be37d33b8b7db2ed602f70485
A new Bitcoin block is created on average every ten minutes, with the block size limited to 1 MB. Therefore, Bitcoin block can accommodate only a limited number of Bitcoin transactions and it takes approximately ten minutes for Bitcoin nodes to verify them. As a result, Bitcoin has a scalability problem because of the limited number of Bitcoin transactions that can be processed in a given time. Bitcoin community has been trying to resolve the scalability issue, considering various technical improvements of the Bitcoin protocol. Fortunately, some of these attempts were successful. For example, Bitcoin technical improvement SegWit increased Bitcoin block size by removing signature data from Bitcoin transactions. The Lightning Network proposal aims to make Bitcoin scalable by introducing instant payments that occur off-chain. Lightning transactions offer considerably lower fees and faster settlement times than do Bitcoin on-chain transactions. You can learn more about Bitcoin blockchain and how it workshere. Legal Disclosure:The information contained in this article is the property ofDigital Finance LLCandcannot be republished without our prior permission. Digital Financeis a Washington, DC, financial company that specializes exclusively in the Bitcoin market. We provide easy and compliant exposure to digital assets and help our customers from all over the world toinstantly buy Bitcoinandearn up to 6% annuallyon their Bitcoin holdings.
Investing Online in Cryptocurrencies: “AdBtc” Advertising Faucet
Last article of the triptych dedicated to Advertising Faucets thanks to which it is now possible to invest online in cryptocurrencies! The last of the 3 Advertsing Faucets this month is AdBtc. Very similar in structure to a PTC Site but strongly devoted to advertising, both for those who want to make money through visualization and for those who want to take advantage of the platform to invest online in cryptocurrencies through the advertising channel offered by the site. Investing Online in Cryptocurrencies To register, you will need to enter your email address (which must be confirmed), Bitcoin address and password. Once logged in, the interface that appears is very similar to that seen in many other sites of the sttore: 2 quick link links, one to how to earn and one to the advertising section. On the left, a large menu bar that we will now describe in detail. From top to bottom, you are shown the balance of the cryptocurrencies you have earned and the total that you have transferred to the advertising balance. Below, we have the item for transfers (Withdraw) for which you can choose whether to direct them to a personal wallet or the advertising balance just described. The Referral System item will show your Referral url in order to earn Bitcoins thanks to your subscribers (10% Bonus) while with Change Wallet you will change your Bitcoin address whenever you wish. The AdBtc menu is clean, complete and offers all possible options. Further below we have the Earn section, divided into 3 earning modes: Surf Ads, for which it is sufficient to leave the page that opens after pressing the Start button that will be found randomly on the screen open for a certain time ; Active Window Surfing, for which it will be mandatory to keep the mouse on the page open on the screen; Autosurfing, with which a page will open that will load several advertisements automatically until the timer expires. Following, the Advertising section, also divided into Surf Ads, AWS and Autosurfing. In addition to being able to choose between these 3 ways to invest earned cryptocurrencies online, at the time of compiling the advertising campaign, the possibility will be offered to change the duration, select the number of unique visitors per day and increase the minimum rating of those who can. view advertising pages. Thanks to the Referral Market you will literally have the opportunity to buy referrals that will immediately earn you a large number of Satoshi Bitcoins. Unfortunately, the average cost is quite high and there is no guarantee that "the work" carried out by the user will be sufficiently long-lasting to return the investment. And finally, with the Help option, you can contact assistance if any problems arise, while with Payment Transactions you can view the list of all transfers made by users of the site to external Bitcoin wallets. Greetings and see you next article! If you liked this article and would like to contribute with a donation: Bitcoin: 1Ld9b165ZYHZcY9eUQmL9UjwzcphRE5S8Z Ethereum: 0x8D7E456A11f4D9bB9e6683A5ac52e7DB79DBbEE7 Litecoin: LamSRc1jmwgx5xwDgzZNoXYd6ENczUZViK Stellar: GBLDIRIQWRZCN5IXPIKYFQOE46OG2SI7AFVWFSLAHK52MVYDGVJ6IXGI Ripple: rUb8v4wbGWYrtXzUpj7TxCFfUWgfvym9xf By: cryptoall.it Telegram Channel: t.me/giulo75 Netbox Browser: https://netbox.global/PZn5A
Does Trezor Wallet allow you to create a transaction with unconfirmed bitcoins?
Basically, I want to know if you can easily create a CPFP transaction on the Trezor. For example, you have 10 BTC in one of your Trezor accounts. You send someone 8 and let's say you set a super low fee of 1 sat/byte. The transaction sits unconfirmed for 1 day. But since you know there is change coming back to you. Can you make another transaction from that account and select to send the 'MAX' amount of bitcoins (hoping the bitcoin in the change address will be included) and this time you set a super high fee so that the miner will pickup both the first low-fee transaction and also the second one? I know this can be done in theory but I am wondering if the Trezor wallet will even allow you to try to 'spend' the change since it is unconfirmed? In other words, when you select to send 'MAX' on the Trezor will it select only confirmed bitcoins and ignore the BTC that are going into the change address from the previous transaction?
Bought bitcoin at a bitcoin ATM machine yesterday and the first few confirmations went quick, but then it got stuck at 3 confirmations for the past day. Not sure what to do.
Looks like in order to actually be able to use the btc I bought, it needs to get to 6+ confirmations in the wallet before I can spend it. The first few confirmations went fine, but then once it got to 3 confirmations it's just staying stuck at 3 confirmations for some reason. It's been almost 24 hours now. If this is fairly normal during high traffic times (maybe because bitcoin price just plummeted right during the middle of this), and I just have to wait a day or two, then that's fine, it's not super urgent, albeit a bit annoying. But, if this amount of time of it being stuck at 3 confirmations is an indicator that it will be permanently stuck and I will just literally never have it get to 6+ confirmations, and essentially lose the cash I spent on trying to buy it from the ATM, then, obviously that would not be okay, and I'd have to try to do something about it (if there's anything that I can do, that is). :( edit: yea it appears there was/is some sort of syncing issue with the wallet
Today was awesome. I made my first (non exchange) BTC transaction! I sold my truck for Bitcoin! I'm very excited about it. Also, the BTC payment showed up on my Trezor account instantly. We also had 3 confirmations within 15 minutes.
List of Mempool explorers that tell you an estimate time for your transaction confirmation
As a Bitcoin user, you must have at some time experienced bitcoin transactions getting stuck and not getting confirmed. Bitcoin transaction fees fluctuates in real-time and using a low fee can sometimes make your transaction stuck in the mempool for hours. Most transaction explorers tell you whether or not the transaction has confirmed but do not tell you how long it will take for the transaction to confirm. There are some that do give you an estimate of the average time it will take for your transaction confirmation. Here is a list you can use: #1 mempool.space: This site shows you where your transaction is in a mempool and an estimated time for its confirmation.
Neat graphical representation of the blocks along with the position of your transaction block.
Does not give you any other detail about your transaction.
#2 Blockonomics: This blockchain explorer is one of the few places where you are shown an estimated time for your confirmation along with other details of your transaction.
Provides all the details about your transaction that a blockchain explorer shows.
Gives you an estimate in minutes for your transaction confirmation.
#3 Blockstream: Gives you an estimate of the number of blocks it will take for your transaction to be mined.
Provides all the details about your transaction that a blockchain explorer shows.
Does not provide an estimated time but only shows the estimated number of block.
(Each block takes 10 minutes to mine, so based on the number of blocks shown, simply multiply by 10 and get an estimate in minutes)
Some other sites that don't give information about your specific transaction but tell you an estimated time for confirmation based on the fees.
[Blockchain Classroom] Lesson 15：How to transfer Bitcoin?
We all have our own bank accounts in life, and transfers are made between bank accounts. Similarly, Bitcoin transfer is the process of transferring Bitcoin from one Bitcoin address to another. If you want to transfer bitcoins to others, you need to enter your bitcoin address, recipient address, transfer amount, and commission amount in the bitcoin trading platform, bitcoin wallet, or bitcoin client. After the payment is confirmed, the transaction information will be broadcasted on the entire Bitcoin network after payment. Miners will pack unaccounted transactions in the Bitcoin network into a block every 10 minutes, which completes a confirmation, Bitcoin has been transferred to the other party's account at the time. It usually takes 6 confirmations to ensure that the transaction records cannot be tampered with by anyone before the transfer is truly completed.
Blockchain technology has been one of the hottest trends in the finance sector, with the potential to completely transform business models in a number of sectors. Blockchain works similarly to a massive digital ledgespreadsheet, which is shared by all the members of a decentralized network. While blockchain technology is most frequently associated with confirming Bitcoin payments, it has evolved into a complete technology platform based on adapting decentralized ledgers for operations. So, how does one make money with this new technology platform? Just as many investors have taken advantage of the opportunity to stockpile gold in anticipation of the rising price, other investors are taking advantage of the opportunity to stockpile Bitcoin and a variety of other coins. The transparency and security of blockchain technology makes it attractive for use in a variety of different cases far beyond cryptocurrencies. It can be used in everything from stock trading to ride-sharing to data security. As we move to the mainstream corporations, global entities continue to embrace the technology underlying bitcoin but that many blockchain projects have moved beyond the theoretical or testing phase, to producing real transactions, costs savings and other benefits. There are multiple opportunities that leverage the core underlying technology platform, the digital currency and the significant productivity and process improvements that are resulting from it. Investing in these companies is likely to produce solid long term gains. The improvements in speed and security could be revolutionary as transaction times and trade costs decrease. You could even use blockchain to track property ownership in less developed nations and prevent concert or sports ticket counterfeiting right here in the United States. Specifically, there are the companies that make chips and hardware for crypto mining. There are publicly traded companies that engage in actual cryptocurrency mining. Miners are rewarded with crypto for performing this service and can then sell it on the open market for profit. The gains are then passed on to shareholders. Blockchain is based on a decentralized network. As a result, cloud-based technology companies are in an ideal position to take advantage of the growth of blockchain. Cloud-based companies that provide blockchain services will be a strong bet for growth down the road. Blockchain is poised to disrupt the payment processing industry. It could cut out middlemen – companies like Visa, Mastercard & AmEx – by processing transactions more efficiently. Look for the older players to either take advantage of blockchain and adapt – or find themselves in big trouble. There are even penny stocks for cryptocurrency. While Bitcoin is definitely the most well-known digital currency, there are a variety of specialty coins that have emerged over the last 10 years. In additional to investing in coins, there are a number of young companies that are investing in Blockchain and are listed on the junior exchanges. These companies offer exciting opportunities for growth to investors. Crowdfunding, Angel funding and investing in startups is certainly not a new concept. There has been a tremendous amount of interest in investing in startups built on blockchain technology. As Bitcoin has become increasingly popular and accepted by more mainstream businesses, the number of entrepreneurs interested in experimenting with the technology behind the cryptocurrency has skyrocketed. Yet, as is the case with any other new venture, such startups need funding. Blockchain technology’s cost and speed efficiencies, along with its transparency and security, will likely lead many companies to adopt the technology. Getting in on blockchain stocks now is a great way to be in on the ground floor when the technology really takes off. TraQiQ has begun the process of moving the core platform for supply chain to Blockchain. As the company moves to leverage the power of transactions on this platform, it is likely that the Digital Currency component will play a significant role in fulfilling these transactions. https://www.traqiq.com/blog/blockchain/making-money-with-blockchain/
Hi Moneroans, we're almost there, nearly funded! At the moment there are 450 people in this sub, if we all donate 1% of our stack (like I have done), this should be done! Imagine what atomic swaps will do for price, in my opinion it will certainly be more than a 1% increase. So come on, let's make it happen! https://ccs.getmonero.org/proposals/h4sh3d-atomic-swap-implementation.html Edit: wow, incredible responses and action. Thanks to everyone, whales and people with small pockets alike: together we did this!
Im sure this has been covered on here lately but I just paid a measly .10 cents usd to send $100 worth of bitcoin from my Coinomi wallet to Coinbase and got 3 confirmations within 20 minutes. What has happened to make fees drop so dramatically from a couple of months ago?
The Intellectual Foundation of Bitcoin比特幣的智識基礎. By Chapman Chen, HKBNews
https://preview.redd.it/w6v3l8n3zxu41.jpg?width=2551&format=pjpg&auto=webp&s=fb0338a36a1a321d3781f43ff5eb6929d8b92edc Summary: Bitcoin was invented by the anonymous Satoshi Nakamoto as recently as 2008, but it is backed up by a rich intellectual foundation. For instance, The 1776 First Amendment separates church and state, and contemporary American liberation psychologist Nozomi Hayase (2020) argues that money and state should similarly be separated. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the anonymous creator Satoshi Nakamoto's desire for a “modernized gold standard” given rise to Bitcoin. Indeed, Bloomberg's 2020 report confirms Bitcoin to be gold 2.0. Montesquieu (1774) asserted that laws that secure inalienable rights can only be found in Nature, and the natural laws employed in Bitcoin include its consensus algorithm and the three natural laws of economics (self-interest, competition, and supply and demand). J.S. Mill (1859) preferred free markets to those controlled by governments. Ludwig von Mises (1951) argued against the hazards of fiat currency, urging for a return to the gold standard. Friedrich Hayek (1984) suggested people to invent a sly way to take money back from the hands of the government. Milton Friedman (1994) called for FED to be replaced by an automatic system and predicted the coming of a reliable e-cash. James Buchanan (1988) advocated a monetary constitution to constrain the governmental power of money creation. Tim May (1997) the cypherpunk proclaimed that restricting digital cash impinges on free speech, and envisioned a stateless digital form of money that is uncensorable. The Tofflers (2006) pictured a non-monetary economy. In 2016, UCLA Professor of Finance Bhagwan Chowdhry even nominated Satoshi for a Nobel Prize. Full Text: Separation between money and state The 1791 First Amendment to the U.S. Constitution enshrines free speech and separates church and state, but not money and state. "Under the First Amendment, individuals’ right to create, choose their own money and transact freely was not recognized as a part of freedom of expression that needs to be protected," Japanese-American liberation psychologist Nozomi Hayase (2020) points out (1). The government, banks and corporations collude together to encroach upon people's liberties by metamorphosing their inalienable rights into a permissioned from of legal rights. Fiat currencies function as a medium of manipulation, indulging big business to generate market monopolies. "Freedom of expression has become further stifled through economic censorship and financial blockage enacted by payment processing companies like Visa and MasterCard," to borrow Hayase's (2020) words. Satoshi is a Modern Newton Although most famous for discovering the law of gravity, Isaac Newton was also a practising alchemist. He never managed to turn lead into gold, but he did find a way to transmute silver into gold. In 1717, Newton announced in a report that, based on his studies, one gold guinea coin weighed 21 shillings. Just as Isaac Newton’s study of alchemy gave rise to the international gold standard, so has the desire for a “modernized gold standard” given rise to Bitcoin. "In a way, Satoshi is a modern Newton. They both believed trust is best placed in the unchangeable facets of our economy. Beneath this belief is the assumption that each individual is their own best master," as put by Jon Creasy (2019) (2). J.S. Mill: free markets preferable to those controlled by governments John Stuart Mill (1806-1873) the great English philosopher would be a Bitcoiner were he still around today. In On Liberty (1859), Mill concludes that free markets are preferable to those controlled by governments. He argues that economies function best when left to their own devices. Therefore, government intervention, though theoretically permissible, would be counterproductive. Bitcoin is precisely decentralized or uncontrolled by the government, unconfiscatable, permissonless, and disinflationary. Bitcoin regulates itself spontaneously via the ordinary operations of the system. "Rules are enforced without applying any external pressure," in Hayase's (2020) words. Ludwig von Mises (1958): Liberty is always Freedom from the Government In The Free Market and its Enemies, theoretical Austrian School economist Ludwig von Mises (1951) argues against the hazards of fiat currency, urging for a return to the gold standard. “A fiat money system cannot go on forever and must one day come to an end,” Von Mises states. The solution is a return to the gold standard, "the only standard which makes the determination of the purchasing power of money independent of the changing ideas of political parties, governments, and pressure groups" under present conditions. Interestingly, this is also one of the key structural attributes of Bitcoin, the world’s first, global, peer-to-peer, decentralized value transfer network. Actually, Bloomberg's 2020 report on Bitcoin confirms that it is gold 2.0. (3) Von Mises prefers the price of gold to be determined according to the contemporaneous market conditions. The bitcoin price is, of course, determined across the various global online exchanges, in real-time. There is no central authority setting a spot price for gold after the which the market value is settled on among the traders during the day. Hayek: Monopoly on Currency should End Austrian-British Nobel laureate Friedrich Hayek’s theory in his 1976 work, Denationalization of Money, was that not only would the currency monopoly be taken away from the government, but that the monopoly on currency itself should end with multiple alternative currencies competing for acceptance by consumers, in order "to prevent the bouts of acute inflation and deflation which have played the world for the past 60 years." He forcefully argues that if there is no free competition between different currencies within any nation, then there will be no free market. Bitcoin is, again, decentralized, and many other cryptocurrencies have tried to compete with it, though in vain. In a recently rediscovered video clip from 1984, Hayek actually suggested people to invent a cunning way to take money out of the hands of the government:- “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take them violently out of the hands of government, all we can do is by some sly roundabout way introduce something they can’t stop” (4). Reviewing those words 36 years hence and it is difficult not to interpret them in the light of Bitcoin. Milton Friedman Called for FED to be Replaced by an Automatic System Nobel laureate economist Milton Friedman (1994) was critical of the Federal Reserve due to its poor performance and felt it should be abolished (5). Friedman (1999) believed that the Federal Reserve System should ultimately be replaced with a computer program, which makes us think of the computer code governing Bitcoin (6).[\](https://en.wikipedia.org/wiki/Criticism_of_the_Federal_Reserve#cite_note-:2-12) He (1970) favored a system that would automatically buy and sell securities in response to changes in the money supply. This, he argued, would put a lid on inflation, setting spending and investment decisions on a surer footing (7). Bitcoin is exactly disflationary as its maximum possible supply is 21 million and its block reward or production rate is halved every four years. Friedman passed away before the coming of bitcoin, but he lived long enough to see the Internet’s spectacular rise throughout the 1990s. “I think that the Internet is going to be one of the major forces for reducing the role of government," said Friedman in a 1999 interview with NTU/F. On the same occasion, he sort of predicted the emergence of Bitcoin, "The one thing that’s missing, but that will soon be developed, is a reliable e-cash, a method whereby on the Internet you can transfer funds from A to B, without A knowing B or B knowing A." (8) “Of course, Friedman didn’t predict the block chain,” summed up American libertarian economist Jeffery Tucker (2014). “But he was hoping for a trustless system. He saw the need.” (9). Bitcoin Computer Code as Constitution in the Buchananian Sense American economist cum Nobel laureate James Buchanan (1988) advocates constitutional constraints on the governmental power to create money (10). Buchanan distinguishes a managed monetary system—a system “that embodies the instrumental use of price-level predictability as a norm of policy”—from an automatic monetary system, “which does not, at any stage, involve the absolute price level” (Buchanan 1962, 164–65). Leaning toward the latter, Buchanan argues that automatic systems are characterized by an organization “of the institutions of private decision-making in such a way that the desired monetary predictability will emerge spontaneously from the ordinary operations of the system” (Buchanan 1962, 164). Again, "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone" (Hayase 2020). Shruti Rajagopalan (2018) argues that the computer code governing how the sundry nodes/computers within the Bitcoin network interact with one another is a kind of monetary constitution in the Buchananian sense. One of Buchanan's greatest inputs is to differentiate the choice of rules from the choice within rule (Buchanan 1990). One may regard the Bitcoin code as a sort of constitution and "the Bitcoin network engaging in both the choice of rules and choice within rules" (Rajagopalan 2018) (11). Tim May: Restricting Digital Cash may Impinge on Free Speech Cypherpunks are activists who since the 1980s have advocated global use of strong cryptography and privacy-enhancing technologies as a route to social and political liberation. Tim May (Timothy C. May [1951-2018]), one of the influential cypherpunks published The Crypto Anarchist Manifesto in September 1992, which foretold the coming of Bitcoin (12). Cypherpunks began envisioning a stateless digital form of money that cannot be censored and their collaborative pursuit created a movement akin to the 18th Enlightenment. At The 7th Conference on Computers, Freedom, and Privacy, Burlingame, CA. in 1997, Tim May equated money with speech, and argued that restricting digital cash may impinge on free speech, for spending money is often a matter of communicating orders to others, to transfer funds, to release funds, etc. In fact, most financial instruments are contracts or orders, instead of physical specie or banknotes (13). Montesquieu: Laws that secure inalienable rightscan only be found in Nature In his influential work The Spirit of Laws (1748), Montesquieu wrote, “Laws ... are derived from the nature of things … Law, like mathematics, has its objective structure, which no arbitrary whim can alter". Similarly, once a block is added to the end of the Bitcoin blockchain, it is almost impossible to go back and alter the contents of the block, unless every single block after it on the blockchain is altered, too. Cypherpunks knew that whereas alienable rights that are bestowed by law can be deprived by legislation, inalienable rights are not to be created but can be discovered by reason. Thus, laws that secure inalienable rights cannot be created by humankind but can be found in nature. The natural laws employed in Bitcoin to enshrine the inalienable monetary right of every human being include its consensus algorithm, and the three natural laws of economics (self-interest, competition, and supply and demand) as identified by Adam Smith, father of modern economics. Regarding mathematics, bitcoin mining is performed by high-powered computers that solve complex computational math problems. When computers solve these complex math problems on the Bitcoin network, they produce new bitcoin. And by solving computational math problems, bitcoin miners make the Bitcoin payment network trustworthy and secure, by verifying its transaction information. Regarding economic laws, in accordance with the principle of game theory to generate fairness, miners take part in an open competition. Lining up self-interests of all in a network, with a vigilant balance of risk and rewards, rules are put in force sans the application of any exterior pressure. "Bitcoin regulates itself through the spontaneous force of nature, flourishing healthy price discovery and competition in the best interest of everyone," to borrow the words of Hayase (2020). A Non-monetary Economy as Visualized by the Tofflers In their book, Revolutionary Wealth (2006), futurists Alvin Toffler and his wife Heidi Toffler toy with the concept of a world sans money, raising a third kind of economic transaction that is neither one-on-one barter nor monetary exchange. In the end, they settle on the idea that the newer non-monetary economy will exist shoulder-to-shoulder with the monetary sector in the short term, although the latter may eventually be eclipsed by the former in the long run. What both the Tofflers' The Third Wave (1980) and Revolutionary Wealth bring into question is the very premise of monetary exchange. The vacuum left over by cash in such a non-monetary economy may be filled up by Bitcoin as a cryptocurrency. Satoshi Nakamoto Nominated for Nobel Prize by UCLA Finance Prof. UCLA Anderson School Professor of Finance Bhagwan Chowdhry nominated Satoshi Nakamoto for the 2016 Nobel Prize in Economics on the following grounds:- It is secure, relying on almost unbreakable cryptographic code, can be divided into millions of smaller sub-units, and can be transferred securely and nearly instantaneously from one person to any other person in the world with access to internet bypassing governments, central banks and financial intermediaries such as Visa, Mastercard, Paypal or commercial banks eliminating time delays and transactions costs.... Satoshi Nakamoto’s Bitcoin Protocol has spawned exciting innovations in the FinTech space by showing how many financial contracts — not just currencies — can be digitized, securely verified and stored, and transferred instantaneously from one party to another (14). Fb link: https://www.facebook.com/hongkongbilingualnews/posts/947121432392288?__tn__=-R Web link: https://www.hkbnews.net/post/the-intellectual-foundation-of-bitcoin%E6%AF%94%E7%89%B9%E5%B9%A3%E7%9A%84%E6%99%BA%E8%AD%98%E5%9F%BA%E7%A4%8E-by-chapman-chen-hkbnews Disclaimer: This article is neither an advertisement nor professional financial advice. End-notes
The hailstorm, the low tide, and the sinking ship (a darknet parable)
Arrrr me mateys! Splice the main-brace! It's saturday night and I've had a tot of rum or two in the local taverns. This old sea dog be a land lubber now, I'm going to tell you a sea shanty from the pirate days of old. "There once sailed a big ship called HMS Empress. She was a sturdy liner with rich passengers and many fine shops on board. Then one day a violent hailstorm blew in, but the captain thought she had enough coal to weather the storm. But the storm blew on, and on, and the waves were high. Her passengers gradually took to the nearest life raft (a ramshackle Greek-flagged tug called the Apollo, formerly the Olympian) and the shops began to close and the coal grew low. The crew were too busy manning the buckets to serve the passengers." "Every low tide the Empress struggled to avoid the rocks. The hailstorm blew on. The captain knew the next low tide would sink her, so the great ship was scuttled" Don't ask me what it means, I don't know. I'm just a barnacle-hulled old sea-salt. Pay no mind to my crazed ramblings. Anyway, on a completely unrelated note I'd like to tell you about some things I've learned on reddit today and a phenomenon called THE "SILK ROAD TIDE" Lets take a look at a graph showing the number of confirmed bitcoin transactions on the blockchain per day, over the last year. https://www.blockchain.com/en/charts/n-transactions?timespan=1year Spikey! But the spikes have a certain regularity to them, don't they? That's the tide going in and out, exactly once a week. But what causes it? It's caused by drug consumption on Friday night and the lack of postal service on Sunday. People think that bitcoin has gone mainstream, that it's all corporate investors now. But that transaction dip in March coinciding with Dream and Hansa marketplaces closing would suggest otherwise. Bitcoin is still very much drug-driven, causing those 52 weekly "double-sawtooth" spikes. "The Silkroad tide" is a phenomenon first seen in 2011. It's bitcoin flowing into markets on Monday and out again on Saturday Drug buyers purchase bitcoin from an exchange on Monday/Tuesday, order their drugs to arrive by Friday, and vendors launder it back to the same exchanges at the weekend ready for it's next exchange/DNM cycle. The bitcoin goes round and round. What does this mean for a darknet marketplace owner? Markets fill with bitcoin at the start of the week, but are virtually empty at the weekend. If, say, your marketplace is enduring a hailstorm of DDOS and you have to invest in a new load balancer and mirrors whilst your business is shrinking by the day, those vendor withdrawals at the weekend would bring you close to financial collapse. You try to keep going but those pesky vendors want their earnings. The less they trust you the more they want to get their bitcoin the hell away from your pretend wallets, on Saturday. You try to put them off until Monday by having "downtime" at the weekend, or (like today) you just ignore withdrawal requests altogether. If YOU were the captain of a marketplace that was getting DDOS'ed back to the stone age, you would give everybody their bitcoin back and close (like Agora and Dream did) so you can make the necessary design changes, wouldn't you? But Dream was only able to give everybody their bitcoin back because it wasn't technically bancrupt. Do you see what I'm getting at? There have been a few posts today complaining about vendors on Empire cancelling orders. That's because vendors sometimes want to give the appearance of still being open, but they only accept orders if they think a marketplace will survive long enough for them to get paid. They've seen it all before, again and again. We always blame law enforcement, but sometimes darknet marketplaces get put to the sword by their own vendors hint hint As Cypress Hill said, when the ship goes down you'd better be ready. To keep this Saturday night party atmosphere going, I'm only answering questions using oblique alagory and the medium of song. Lets have a tune to get us started! Closing-down sale wooooooooo! https://www.youtube.com/watch?v=PKrxnvRp2as
Bitcoin confirmations can be slow because of many reasons. Of course, one is that the minimum confirmation time itself is 10 minutes, but it usually takes longer than that, and that’s because: Either your transaction fee is too less. Or there is too much load on blockchain already. Even if you have taken care of these two reasons and have attached sufficient transaction fees, the Bitcoin ... Bitcoin Confirmations are the number of blocks added to the blockchain that the Bitcoin network has accepted after a particular transaction has been made. Broadly speaking, the more blocks that are added – more confirmations there are – the more secure a transaction is. How do Bitcoin Confirmations work? When a user wishes to send bitcoins to another user they provide the address (public ... Bitcoin, for example, required 6 confirmations up to this point. Now, Coinbase is cutting that number in half, with the new requirement being only 3. ETC required 5676 confirmations, and now, Coinbase is ready to reduce that number to 3527. In the case of ZEC, the number of necessary confirmations so far was 18. From now on, however, it will only be 12. How many Bitcoin Confirmations are Enough? 0. Payments with 0 confirmations can still be reversed! Wait for at least one. 1. One confirmation is enough for small Bitcoin payments less than $1,000. 3. Enough for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits. 6. Enough for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be ... Bitcoin Confirmations and Blocks Summary. Bitcoin transactions are bundled into blocks. These blocks are inserted by Bitcoin miners into the Bitcoin ledger of transactions, known as the blockchain. If your transaction was inside a successfully mined block, you will see it receive 1 confirmation. Each block mined thereafter will award your transaction with an additional confirmation. It’s ...
George Levy - What are Bitcoin Transaction Confirmations ...
A short simplified tutorial about Bitcoin blocks and confirmations for newbies. For the complete text guide visit: http://bit.ly/2qDVVVW Join our 7-day Bitco... Follow BlockGains www.twitter.com/blockgains We called this exact move on Bitcoin yesterday and now we get to sit back and watch for bitcoin confirmation. Ho... What exactly is 'confirmed' by Bitcoin? Why do transaction confirmations matter, and how does that relate to block confirmations? In This video shot on West Oakland Park Blvd in Broward County ... https://GeorgeLevy.com/Free presents: In this video I answer a question from one of the students of the Bitcoin Advanced Level Transactions Course and I expl... Every transaction must be added to a blockchain — an official public ledger of crypto transactions, in order to be considered successfully completed or valid...