Bitcoin Basics - Discussion

Blockchain and Bitcoin 101
#145

Because to send a transaction with 1 output, you need to send 1 whole utxo as amount. If you have an utxo of 1 bitcoin and you send 0.8 bitcoin, you still need to return 0.2 btc - fee to yourself. Some wallets have coin control where you can see and choose wich utxo’s to use. Outsiders can’t know wich of those 2 outputs is change to yourself, or the actual payment

#146

I guess BTC also will switch to PoS before that happened.

#148

I posted the question too soon. Going further into the lesson they explain that as time goes on transaction fees will increase due there being more adoption of BTC and the hope/assumption is that the amount of fee increase will be enough to keep miners incentivized to keep “mining” (mining in quotes because we’re assuming a situation where all bitcoin has already been mined).

#149

That’s right, :+1:t3: This will be the solution

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#150

By this time, maybe we will only use on chain transactions for bigger transactions and use other layers like the lightning network for small transactions like buying coffee. In lightning you don’t need to wait for your transaction to be confirmed by a miner. You have instant settlement.
PS. I don’t see bitcoin going to proof of stake.
Without blockreward, it will be a fee market. If miners aren’t profitable anymore they will stop mining, wich will lead to lower difficulty where others can be more profitable again.

#151

Got it Fabrice nice one! Figurerd it out as i was finishing the session. Makes sense.

#152

awesome, could not agree more of how secure this can be, make me wonder how it works with other type of cryptocurrency…

#154

I have a question about the path of a transaction from the wallet to the chain… From my understanding the transaction first hits the nodes to check the data against the ledger. then if it makes sense the transaction is then sent to a miner (or a full node) to be mined … once the the block containing this transaction has been confirmed then it is broadcast to the rest of the network to update the ledger.

Is this right??

I have also have a few other questions…

1.Is the ledger updated by the miners upon completion. Or do the other nodes update the ledger.

  1. who verifies that the miner has done a proper job at mining the block??

thanks!

#155

In the case of a ledger nano s. The nano S is the hardware wallet itself. Would ledger live be simply software, or the SPV that queries the blockchain from a node to verify a transaction?

And what does SPV stand for? Special Purpose Vehicle?

#156

Non Internet based Blockchain Connectivity:
I think that BlockStream’s approach to ensuring non internet Blockchain connectivity very interesting and practical encouraging further adoption.

Blockstream Satellite Bitcoin connectivity
The Blockstream Satellite network broadcasts the Bitcoin blockchain around the world 24/7 for free, protecting against network interruptions and providing anyone in the world with the opportunity to use Bitcoin. Blockstream Satellite ground stations, known as “teleports,” participate in the Bitcoin network and transmit blocks to geosynchronous satellites. Geosynchronous satellites, orbiting at an altitude of 35,786 km (22,236 mi), receive the signal from the Blockstream Satellite teleports and broadcast it across a wide portion of the Earth. Anyone in the coverage area with a small satellite antenna and an inexpensive USB receiver can receive these blocks and ensure that their node is always in sync. Additionally, each Blockstream Satellite teleport also receive blocks from our other teleports around the world to ensure the teleports themselves do not become partitioned. The entire Blockstream Satellite network forms a ring around the planet to ensure that the Bitcoin network has full redundancy.

#157

What became really clear to me was that the way a public key to a private key is not possible and therefore makes it very secure. It makes sense that the path of security has to be a one-way path, otherwise everyone would try to hack there way to unsolicited funds/data. Also as its a one way path which is encrypted, or made secure and verified through digital signature, tampering the data makes it impossible to accomplish. [human nature would like to try to change or tamper - I guess]. Basically this makes it for me totally clear how safe and secure the bitcoin network is. Satoshi [if he exists, must have been a very good observer of human psychology]. The other thing that also made it now totally clear to me is the aspect of trust. One does not trust as one only verifies at all times, which makes of course everything safe and also kind of politically non colored or non faces. The block chain is a network of trust, established through math and physic, which in term are run by verification - just all equations are created and made proof of their visibility.

#158

So, would the transaction automatically create a new address that is linked to the same private key it was sent out from?
Relating to this: 0.0099 (new utxo’s on a new addres you own)

#159

Hi @Fabrice , I am a little confused about the SPV wallets.

  1. What are some of the examples of the SPV wallets? Are they the same as mobile wallets?

  2. And which ones are the full node wallets? Any examples?

#160

Hi.

I have realized that I will never receive a login streak as I am continually logged in and never choose to logout. Even though I close my computer and/or the app. :nauseated_face: Its more practical to keep it this way for me as I don’t need to log in each time.

Maybe something you can consider to amend in the future? :pray:

(Perhaps by linking this login streak not to actual login but rather based on days with actual activity).

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#161

mycelium, coinomi, Electrum are examples of Spv’s. You can use this to send and receive bitcoin and the software will connect to other full nodes.

Bitcoin core is a full node wallet where you need to download, validate and sync the whole blockchain before you can use it properly.

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#162

Thanks Fabrice. All is clear now.

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#163

Hi @Fabrice,
Can you please tell me what the block header is in this picture?
And is the difficulty stated there representing the actual target in the mining process?image|311x500 ?

#164

Hello, im still a bit confuse about the target:

  • how the consensus created the target?
  • is it possible that a computer can communicate with the consensus and see the target right after it was created?

Thanks for answering.

#165

Seems a little like reverse logic, or am I missing something?

Start with “discuss” and then watch the lectures…?

I’ll be back when I have something to discuss :wink:

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#166

Hey look, I have a Birthday cake! :+1::+1::clap::clap::clap:

Thanks Ivan

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