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How transactions are verified in Bitcoin Blockchain - Longest chain rule explained
 
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How transactions are verified in Bitcoin Blockchain - Longest chain rule explained Watch our earlier Blockchain videos Blockchain Simplified: https://www.youtube.com/watch?v=LWAYveDotb0&t=1s Blockchain Technology explained: https://www.youtube.com/watch?v=gVLIentRlIk&t=1s Have you wondered how transaction get approved in a Bitcoin block chain? Why you need to wait for 3 to 6 confirmations for the transactions to appear in your wallet. This video attempts to explain how a Bitcoin transaction is approved and the process behind it. Let’s assume Mr. Gobish transferred Bitcoin worth 100$ from one crypto exchange to another. Once he does the transfer, the transaction message is sent to the network and passed around all the network participants which are also called nodes. This is added to the transaction pool. Currently, the transaction is in an ‘unconfirmed’ state. All the transactions in the transaction pool will be in an unconfirmed status. Now we will understand who is a miner. In simple words, those who validate new transactions and record them on the global ledger of Blockchain are called miners and this activity is called mining. To make it simple, let’s assume there are currently 3 miners who are trying to confirm the transactions from transaction pool including Gobish’s transaction of $ 100. Normally miners will select those transactions which will generate a higher transaction fees for them. Currently, the numbers of confirmed blocks in the Blockchain public ledger is 998. Once the miners identify that the 998th block is a valid block they will try to create a candidate block by adding unconfirmed transactions from the transaction pool. Now these miners are trying to add the 999th block. To add the blocks they have to solve a complex mathematical problem. This is known as Proof of Work (POW). Let’s assume all the 3 miners were able to solve this problem and have Proof of Work. Now we have 3 different candidate blocks, let’s call them 999 A, 999B and 999C Now which of these block will form part of the valid block will depend upon the longest chain rule. Let’s understand what is longest chain rule is. Now there are other miners who are trying to create other valid blocks and based upon the speed by which a block is created others miners will keep on adding their blocks on top of the earlier blocks. Here in this case Minor C had a better processor which was able to create a block faster than the miner A and B and hence new blocks were created on top of the block 999C. Now the longest chain is the one created by 999C and it will be keep on adding other blocks like 1000, 1001 and so on as miner C solved the proof of work before miner A and B. So what happens to the blocks 999A and 999B? They have to create the Proof of Work again with new set of transactions from the transaction base. Each confirmations represent adding each block. Each confirmation will take on an average of around 10 minutes or more per block. Applying the longest chain rule and proof of work, unconfirmed transaction will become a confirmed transaction and added to the Blockchain ledger Once the blocks are added miner will receive a transactions fees and block fees which will be the new Bitcoin created as an incentive for approving the transactions. Block rewards will be reducing every year and in the end only transaction fees will be there as new Bitcoins will not be created. We will get in to more details about mining and the incentives in our subsequent video.
Views: 7655 FINMAESTRO
What to Do if Your Bitcoin Transaction Gets "Stuck"...Unconfirmed
 
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What to Do if Your Bitcoin Transaction Gets "Stuck"...Unconfirmed. Accelerate your transaction using the methods in this video. ******************************************************************************* Genesis Mining is the most profitable cloud miner right now. Sign up here to start eaning instantly https://www.genesis-mining.com/a/764158 Save 3% use code R3Hp4J ******************************************************************************* Secure your Cryptocurrency with a Hardware wallet Purchase at Manufacturer Website https://www.ledgerwallet.com/r/8a50 or Purchase on Amazon http://amzn.to/2p8aa5s ******************************************************************************* Sign up for Bitconnect here https://bitconnect.co/?ref=sneakers Earn interest on what you lend. ******************************************************************************* Follow me: https://Twitter.com/sneakgeekz https://Instagram.com/sneakgeekz
Views: 32242 BitcoinEZ
Blockchain - How To Verify A Bitcoin Transaction And Get Your Hash ID
 
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For more tips like these visit http://bodymindsuccess.com/bitcoin or subscribe to our channel
Views: 54017 Crypto Currency Wealth
Bitcoin - Transaction block chains
 
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The mechanics of a bitcoin transaction block chain, which is a construct that is generated by bitcoin miners and functions as a global ledger for recording and validating bitcoins. More free lessons at: http://www.khanacademy.org/video?v=QzDO44oZWtE Video by Zulfikar Ramzan. Zulfikar Ramzan is a world-leading expert in computer security and cryptography and is currently the Chief Scientist at Sourcefire. He received his Ph.D. in computer science from MIT.
Views: 209751 Khan Academy
Bitcoin Q&A: Orphaned blocks and stuck transactions
 
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What happens to transactions in an orphaned block? How can I fix stuck transactions? How do replace-by-fee (RBF) and child-pays-for-parent (CPFP) work? These questions are from part of the May and August monthly Patreon Q&A sessions, which took place on May 26th and (late) on September 1st 2018 respectively. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop RELATED: How do I choose a wallet? - https://youtu.be/tN6b62sEpsY Secure, tiered storage system - https://youtu.be/uYIVuZgN95M Hardware wallets and attack surface - https://youtu.be/8mpDcBfNA7g Setting up secure storage devices - https://youtu.be/wZ9LxLLvfXc What is a private key? - https://youtu.be/xxfUpIV9wRI How do mneomonic seeds work? - https://youtu.be/wWCIQFNf_8g Using paper wallets - https://youtu.be/cKehFazo8Pw Wallet design and mass adoption - https://youtu.be/WbZX6BDZJHc Cryptographic primitives - https://youtu.be/RIckQ6RBt5E Public keys vs. addresses - https://youtu.be/8es3qQWkEiU Re-using addresses - https://youtu.be/4A3urPFkx8g Passphrases and seed storage - https://youtu.be/jP7pEgBpaO0 Coin selection and privacy - https://youtu.be/3Ck683CQGAQ Multi-signature and distributed storage - https://youtu.be/cAP2u6w_1-k Nonces, mining, and quantum computing - https://youtu.be/d4xXJh677J0 Is quantum computing a threat? - https://youtu.be/wlzJyp3Qm7s Spam transactions and Child Pays For Parent - https://youtu.be/t3c0E4fkSNs Miners, pools, and consensus - https://youtu.be/JHz7LM4ncLw Software distribution security - https://youtu.be/_V0vqy046YM Protocol development security - https://youtu.be/4fsL5XWsTJ4 Geopolitics and state-sponsored attacks - https://youtu.be/htxPRTJLK-k How to get people to care about security - https://youtu.be/Ji1lS9NMz1E Honest nodes and consensus - https://youtu.be/KAhY2ymI-tg Why running a node is important - https://youtu.be/oX0Yrv-6jVs Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8 [NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/ref=asap_bc?ie=UTF8 MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042 [NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388 Translations of MASTERING BITCOIN: https://bitcoinbook.info/translations-of-mastering-bitcoin/ Subscribe to the channel to learn more about Bitcoin & open blockchains! Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
Views: 4606 aantonop
Blockchain/Bitcoin for beginners 7: Blockchain header: Merkle roots and SPV transaction verification
 
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How are transactions stored (and recorded) in the Blockchain blocks? Using a concept called a Merkle tree - in this video I break it down in depth with a simple example and show how a SPV node (Simple Payment Verification) node that does not keep a full copy of the blockchain transaction history - just the headers of the blocks - can verify from an adjacent (but not necessarily trusted) full node, which block a transaction is part of just from knowing the MERKLE PATH from the full node. http://chimera.labs.oreilly.com/books/1234000001802/ch07.html
Views: 12204 Matt Thomas
The Bitcoin and Blockchain Technology Explained
 
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A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history. ------------------------------------------------------------------- BUY BITCOIN SAFELY HERE: http://bit.ly/BuyBitcoinNow ------------------------------------------------------------------- REGISTER FOR A COINBASE ACCOUNT: http://bit.ly/CoinbaseBitcoinSignup ------------------------------------------------------------------- Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin. Honest generators only build onto a block (by referencing it in blocks they create) if it is the latest block in the longest valid chain. "Length" is calculated as total combined difficulty of that chain, not number of blocks, though this distinction is only important in the context of a few potential attacks. A chain is valid if all of the blocks and transactions within it are valid, and only if it starts with the genesis block. For any block on the chain, there is only one path to the genesis block. Coming from the genesis block, however, there can be forks. One-block forks are created from time to time when two blocks are created just a few seconds apart. When that happens, generating nodes build onto whichever one of the blocks they received first. Whichever block ends up being included in the next block becomes part of the main chain because that chain is longer. More serious forks have occurred after fixing bugs that required backward-incompatible changes. Blocks in shorter chains (or invalid chains) are not used for anything. When the bitcoin client switches to another, longer chain, all valid transactions of the blocks inside the shorter chain are re-added to the pool of queued transactions and will be included in another block. The reward for the blocks on the shorter chain will not be present in the longest chain, so they will be practically lost, which is why a network-enforced 100-block maturation time for generations exists. These blocks on the shorter chains are often called "orphan" blocks. This is because the generation transactions do not have a parent block in the longest chain, so these generation transactions show up as orphan in the listtransactions RPC call. Several pools have misinterpreted these messages and started calling their blocks "orphans". In reality, these blocks have a parent block, and might even have children. Because a block can only reference one previous block, it is impossible for two forked chains to merge. • How do Bitcoin Transactions Work? http://www.coindesk.com/information/how-do-bitcoin-transactions-work/ ------------------------------------------------------------------- DID YOU LIKE THIS VIDEO? ------------------------------------------------------------------- Enjoy this video? Click "Mark as good" and give your "LIKE". Subscribe to our channel and follow our publications. Consider making a small Bitcoin donation to this address: 3C2Ti2wegJDFw1Kp3w71Mtr9bKkhyCz8fa. ------------------------------------------------------------------- BUY BITCOIN SAFELY HERE: http://bit.ly/BuyBitcoinNow ------------------------------------------------------------------- REGISTER FOR A COINBASE ACCOUNT: http://bit.ly/CoinbaseBitcoinSignup ------------------------------------------------------------------- ------------------------------------------------------------------- Video credits ------------------------------------------------------------------- http://www.bitcoinproperly.org/ Tags: BTC Bitcoin Bit coin Altcoin Cryptocurrency Buy Bitcoin Sell Bitcoin Bitcoin trading Bitcoin value Bitcoin wallet Bitcoin blockchain Blockchain Satoshi Nakamoto Digital currency
Views: 395377 Rodrigo Henrik
Bitcoin Q&A: Empty blocks, orphan blocks, and valid chains
 
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What are empty blocks and are they necessarily bad? What are orphan blocks? Where do bitcoin balances come from? What is meaning of "the longest cumulative difficulty, valid chain"? These questions are from the MOOC 8.2, 9.2, 9.3, 9.4, and 9.5 sessions, which took place on September 15th 2017, February 23rd, March 2nd, March 9th, and March 16th 2018 respectively. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop RELATED: Consensus Algorithms, Blockchain Technology, and Bitcoin - https://youtu.be/fw3WkySh_Ho Advanced Bitcoin Scripting Part 1: Transactions and Multisig - https://youtu.be/8FeAXjkmDcQ Advanced Bitcoin Scripting Part 2: SegWit, Consensus, and Trustware - https://youtu.be/pQbeBduVQ4I What is Consensus: Rules without Rulers - https://youtu.be/2tqo7PX5Pyc Forkology: A Study of Forks for Newbies - https://youtu.be/rpeceXY1QBM Bitcoin: Where the Laws of Mathematics Prevail - https://youtu.be/HaJ1hvon0E0 The mining process - https://youtu.be/L4Xtau0YMJw Genesis block and coinbase transactions - https://youtu.be/strhfzJ56QE The rules of Bitcoin (part 1) - https://youtu.be/VnQu4uylfOs The rules of Bitcoin (part 2) - https://youtu.be/vtIp0GP4w1E Decentralized power, leaderless governance - https://youtu.be/E5VbDlQTPzU Scaling, trust, and trade-offs - https://youtu.be/vCxmHwqyJWU Why running a node is important - https://youtu.be/oX0Yrv-6jVs Honest nodes and consensus - https://youtu.be/KAhY2ymI-tg Running nodes and payment channels - https://youtu.be/ndcfBfE_yoY What happens during a fork? - https://youtu.be/XBk8hBJ1xVo SegWit adoption - https://youtu.be/KCsTVTRk6I4 How do mnemonic seeds work? - https://youtu.be/wWCIQFNf_8g Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8 [NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/ref=asap_bc?ie=UTF8 MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042 [NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388 Subscribe to the channel to learn more about Bitcoin & open blockchains! Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
Views: 6074 aantonop
How to Trace a Bitcoin Transaction using a Bitcoin receiving address
 
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The Crypto Dad shows you how to trace a Bitcoin transaction. Important software used is: Electrum bitcoin wallet: https://electrum.org/#home The Blockchain explorer: https://blockchain.info/ X-Mirage Mirroring Software: http://www.x-mirage.com/ Get the Blockchain Bitcoin Wallet App! https://itunes.apple.com/us/app/blockchain-bitcoin-wallet/id493253309 Donate Bitcoins: 1JBxwXG8P6PYKKsrHKzQduM8s8RoV3dnjr
Views: 11923 Rex Kneisley
Secrete Tips How to confirm your unconfirmed bitcoin transaction (Hindi)
 
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Views: 3858 MakeMoneyYT
Blockchain tutorial 27: Bitcoin raw transaction and transaction id
 
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This is part 27 of the Blockchain tutorial. This tutorial explains: - What Bitcoin raw transaction is. - Shows an example of a raw transaction using the very first transaction on the Genesis block. - What the difference is between big endian and little endian. - What a satoshi is. - What a Bitcoin transaction id or hash is and what its purpose is. - How to calculate the transaction id. In this video series different topics will be explained which will help you to understand blockchain. Bitcoin released as open source software in 2009 is a cryptocurrency invented by Satoshi Nakamoto (unidentified person or group of persons). After the introduction of Bitcoin many Bitcoin alternatives were created. These alternate cryptocurrencies are called Altcoins (Litecoin, Dodgecoin etc). Bitcoin's underlying technology is called Blockchain. The Blockchain is a distributed decentralized incorruptible database (ledger) that records blocks of digital information. Each block contains a timestamp and a link to a previous block. Soon people realises that there many other use cases where the Blockchain technology can be applied and not just as a cryptocurrency application. New Blockchain platforms were created based on the Blockchain technology, one of which is called Ethereum. Ethereum focuses on running programming code, called smart contracts, on any decentralized application. Using the new Blockchain platforms, Blockchain technology can be used in supply chain management, healthcare, real estate, identity management, voting, internet of things, etcetera, just to name a few. Today there is a growing interest in Blockchain not only in the financial sector but also in other sectors. Explaining how Blockchain works is not easy and for many the Blockchain technology remains an elusive concept. This video series tries to explain Blockchain to a large audience but from the bottom up. Keywords often used in Blockchain conversation will be explained. Each Blockchain video is short and to the point. It is recommended to watch each video sequentially as I may refer to certain Blockchain topics explained earlier. Check out all my other Blockchain tutorial videos https://goo.gl/aMTFHU Subscribe to my YouTube channel https://goo.gl/61NFzK The presentation used in this video tutorial can be found at: http://www.mobilefish.com/developer/blockchain/blockchain_quickguide_tutorial.html The 3 links mentioned in the video are: - The bitcoin_genesis_raw_tx.txt file http://www.mobilefish.com/download/cryptocurrency/bitcoin_genesis_raw_tx.txt - The Bitcoin protocol: https://en.bitcoin.it/wiki/Protocol_documentation#tx - The block explorer used in the video: https://blockchain.info/ The python script to calculate the transaction id: http://www.mobilefish.com/download/cryptocurrency/calculate_txid.py.txt The brainwallet tool to convert the raw transaction into a more readable text: http://www.mobilefish.com/services/cryptocurrency/brainwallet.html #mobilefish #blockchain #bitcoin #cryptocurrency #ethereum
Views: 5471 Mobilefish.com
Bitcoin Transaction Details - Part 1
 
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A look at how a transaction is constructed This video is part of a larger online course, "From Barter to Bitcoin: Society, Technology and the Future of Money" run by Prof. Bill Maurer and Prof. Donald J. Patterson In addition to the video on YouTube there is a variety of other content available to students enrolled in the class. "In 2008, a person calling himself or herself or themselves Satoshi Nakamoto released a paper suggesting a system for an anonymous, peer-to-peer alternative money. Bitcoin was born. Although not the first digital currency ever proposed, nor the first challenger to fiat money, bitcoin is the first to have captured the broad imagination of speculators, coders, regulators, criminals and the mass media. This course puts Bitcoin in context: how do we understand money as a social, political and technological phenomenon? From discussions of ancient transactions to the rise of state-issued currencies, we will explore the social and technical aspects of bitcoin, its predecessors and potential successors, and how its features echo aspects of many different historical transaction systems. No prior knowledge of economics or computing is required. There is little academic writing on bitcoin. And this may be the first truly academic class on the topic. We want to put bitcoin in a wider perspective, to reflect on what it means for society, politics and economics, as well as how it helps us think about money both a social and a technical phenomenon. This class is not an advanced seminar on bitcoin--we will not be delving deeply into the inner workings of the system, but instead providing a bird's-eye overview with enough technical detail for you to be able to put media stories, hype and hope around bitcoin in perspective. Similarly, this is not a class in monetary economics--we won't go too deeply into monetary theory or policy, the money supply, or inflation. Instead the class invites you to think more deeply about one of the oldest systems of technology on the planet, and most ubiquitous: money, whether coin, cash, credit card or cryptocurrency, we humans have been making money for most of the past 10,000 years. How we do so in the future is a question bitcoin just maybe helps us answer."
Views: 35517 djp3
How to Confirm a Pending or Stuck BItcoin Transaction
 
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#Bitcoin #BitcoinTransactions #FasterBitcoinTransactions
Views: 38270 Bitcoin Kosova
Bitcoin Q&A: Genesis block and coinbase transactions
 
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How were the first bitcoins created? Who was mining in those early days? What is a coinbase transaction and how do miners integrate it within each block? Genesis block code: https://github.com/bitcoinbook/bitcoinbook/blob/4bad0fb922c26c9088402aefe95cbf4276f2e334/code/satoshi-words.cpp More on coinbase transactions: https://github.com/bitcoinbook/bitcoinbook/blob/f8b883dcd4e3d1b9adf40fed59b7e898fbd9241f/ch06.asciidoc Note: "Coinbase" transactions should not be confused with the centralised California-based exchange, Coinbase Inc. These questions are from the MOOC 9.2 session, which took place on February 23rd 2018. Andreas is a teaching fellow with the University of Nicosia. The first course in their Master of Science in Digital Currency degree, DFIN-511: Introduction to Digital Currencies, is offered for free as an open enrollment MOOC course to anyone interested in learning about the fundamental principles. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a patron: https://www.patreon.com/aantonop RELATED: Consensus Algorithms, Blockchain Technology, and Bitcoin - https://youtu.be/fw3WkySh_Ho Advanced Bitcoin Scripting Part 1: Transactions and Multisig - https://youtu.be/8FeAXjkmDcQ What is Consensus: Rules without Rulers - https://youtu.be/2tqo7PX5Pyc Forkology: A Study of Forks for Newbies - https://youtu.be/rpeceXY1QBM Bitcoin: Where the Laws of Mathematics Prevail - https://youtu.be/HaJ1hvon0E0 Who is Satoshi Nakamoto? - https://youtu.be/1iEv-gUZNx4 Software distribution security - https://youtu.be/_V0vqy046YM What is mining? - https://youtu.be/t4p4iMqmxbQ Miners, pools, and consensus - https://youtu.be/JHz7LM4ncLw The mining process - https://youtu.be/L4Xtau0YMJw Nonces, mining, and quantum computing - https://youtu.be/d4xXJh677J0 The rules of Bitcoin (part 1) - https://youtu.be/VnQu4uylfOs The rules of Bitcoin (part 2) - https://youtu.be/vtIp0GP4w1E Rules versus rulers - https://youtu.be/9EEluhC9SxE The value of proof-of-work - https://youtu.be/ZDGliHwstM8 Could a state-sponsored 51% attack work? - https://youtu.be/KUd8ZGgm6Qo Honest nodes and consensus - https://youtu.be/KAhY2ymI-tg Spam transactions and Child Pays For Parent (CPFP) - https://youtu.be/t3c0E4fkSNs Is Bitcoin a democracy? - https://youtu.be/TC3Hq76UT5g Decentralized power, leaderless governance - https://youtu.be/E5VbDlQTPzU Scaling, trust, and trade-offs - https://youtu.be/vCxmHwqyJWU What is the role of nodes? - https://youtu.be/fNk7nYxTOyQ Why running a node is important - https://youtu.be/oX0Yrv-6jVs Lightning, full nodes, and miners - https://youtu.be/dlJG4OHdJzs Running nodes and payment channels - https://youtu.be/ndcfBfE_yoY What happens during a fork? - https://youtu.be/XBk8hBJ1xVo SegWit adoption - https://youtu.be/KCsTVTRk6I4 Spam transactions and Child Pays For Parent (CPFP) - https://youtu.be/t3c0E4fkSNs Energy consumption - https://youtu.be/2T0OUIW89II Solar energy and mining in space - https://youtu.be/cusakcpa8AM Bitmain and ASICBoost allegations - https://youtu.be/t6jJDD2Aj8k Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and respected figures in bitcoin. Follow on Twitter: @aantonop https://twitter.com/aantonop Website: https://antonopoulos.com/ He is the author of two books: “Mastering Bitcoin,” published by O’Reilly Media and considered the best technical guide to bitcoin; “The Internet of Money,” a book about why bitcoin matters. THE INTERNET OF MONEY, v1: https://www.amazon.co.uk/Internet-Money-collection-Andreas-Antonopoulos/dp/1537000454/ref=asap_bc?ie=UTF8 [NEW] THE INTERNET OF MONEY, v2: https://www.amazon.com/Internet-Money-Andreas-M-Antonopoulos/dp/194791006X/ref=asap_bc?ie=UTF8 MASTERING BITCOIN: https://www.amazon.co.uk/Mastering-Bitcoin-Unlocking-Digital-Cryptocurrencies/dp/1449374042 [NEW] MASTERING BITCOIN, 2nd Edition: https://www.amazon.com/Mastering-Bitcoin-Programming-Open-Blockchain/dp/1491954388 Subscribe to the channel to learn more about Bitcoin & open blockchains! Music: "Unbounded" by Orfan (https://www.facebook.com/Orfan/) Outro Graphics: Phneep (http://www.phneep.com/) Outro Art: Rock Barcellos (http://www.rockincomics.com.br/)
Views: 6692 aantonop
The Problem with Bitcoin is Not Block Size
 
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and Freeloaders. If your transaction have been taking too long pay a 5 cent transaction fee. I do several transactions a day & I pay fees based on importance...as the system was designed. Leave your comments @ http://theartdept.info
Views: 428 banderdash
Blockchain/Bitcoin for beginners 3: public/private keys, signatures... and first ever transaction
 
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Detailed overview of public/private key encryption and live demo of exactly how digital signatures work on Mac, combining public and private keys and hash functions. Welcome to episode 3 of my series on Blockchain/Bitcoin. I'm joined once again by my girlfriend Nadisha who is my classroom pupil... I build on the hash function concepts from the previous episode and explain the basic concepts public and private keys and how to use them to create digital signatures - a key part of the bitcoin infrastructure. We demonstrate in a Mac terminal how you can generate your own keys and encrypt and decrypt and sign your own resources - learning by doing always works. We touch on bitcoin addresses, what they represent and how they are created. Finally I go back for a refresh of the bitcoin blockchain browser and look at the first ever bitcoin transaction in the "Genesis Block" to show what a real bitcoin address looks like. Bitcoin Blockchain browser https://blockchain.info Online hash calculator - great way to practice and familiarise with hash functions - one of the most important building blocks of Blockchain/Bitcoin http://www.fileformat.info/tool/hash.htm Course to date (previous videos) 1. Blockchain introduction https://youtu.be/xwA2TkcAQgQ 2. Hashing, blockchain networks and look at blockchain browser https://youtu.be/oxwMnqFNq9M SAMPLE COMMANDS: You will need to use your own document - pick any document, obviously your hash values will be different to mine. Also I had to use (right arrow) - since comments do not allow "chevron" symbols # EXAMPLE 1: # generate public and private keys openssl genrsa -out mykey 2048; cp mykey privatekey; openssl rsa -in mykey -pubout -out publickey; rm mike #encrypt with public key echo “the cat sat on the mat” | openssl rsautl -encrypt -pubin -inkey publicly (right arrow) cipher.txt # show the garbage cat cipher.txt # decrypt with private key - The cat sat on the mat cat cipher.txt | openssl rsautl -decrypt -inkey privately # EXAMPLE 2: Sign Alice in wonderland #check the SHA256 hash of the document to send - d9db7b8984d808b2821070cc6cc76e4415229d3356452b2a0f06ec3608f13b6c shasum -a 256 alice-in-wonderland.txt | cut -d" " -f1 # create a text file called signature which hashes the document and encrypts with private key shasum -a 256 alice-in-wonderland.txt | cut -d" " -f1 | openssl rsautl -inkey privatekey -sign (right arrow) signature # wrap the signature up with the public key, the document and the signature and send it … we just copy to another folder tar -cvf alice.tar signature alice-in-wonderland.txt publickey;mkdir -p inbox;cp alice.tar inbox;cd inbox;tar -xvf alice.tar # inspect the public key and verify with the sender that it belongs to the sender cat publickey #decrypt the signature with the received public key - d9db7b8984d808b2821070cc6cc76e4415229d3356452b2a0f06ec3608f13b6c openssl rsautl -inkey publickey -pubin -in signature # hash the received document - d9db7b8984d808b2821070cc6cc76e4415229d3356452b2a0f06ec3608f13b6c shasum -a 256 alice-in-wonderland.txt | cut -d" " -f1 # if they are both the same then the document cannot have been changed since it was signed by the genuine owner of the # private key corresponding to the public key
Views: 19319 Matt Thomas
Bitcoin - The security of transaction block chains
 
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A detailed explanation of what makes bitcoin transaction block chains secure. More free lessons at: http://www.khanacademy.org/video?v=8zgvzmKZ5vo Video by Zulfikar Ramzan. Zulfikar Ramzan is a world-leading expert in computer security and cryptography and is currently the Chief Scientist at Sourcefire. He received his Ph.D. in computer science from MIT
Views: 81458 Khan Academy
How to find the transaction ID in your Blockchain.info Bitcoin wallet
 
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Do you send Bitcoins from your Blockchain.Info wallet? Do you often get asked to send the "Receiver/Recipient" the proof of payment, especially the Hash/Transaction ID..?? In this short video, I show you how to find the transaction ID for a "Send" transaction, from your Blockchain.Info Bitcoin wallet. If you need any more info on Bitcoin, you can comment below, and I'll get back to you. Cheers, Hugh
Views: 29243 Hugh Broodryk
Slow Bitcoin Transaction Confirmation? - Do This!
 
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Go to Transaction Accelerator: https://www.viabtc.com/tools/txaccelerator/ View global Unconfirmed Transactions: https://blockchain.info/unconfirmed-transactions Learn how to Acquire & Grow Bitcoins: http://85KperMonth.com
Views: 14271 Coach Kola
Bitcoin Q&A: What happens to transaction fees when the block reward is zero?
 
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Keywords/phrases: Based on the incentives in the network, what happens to fees when the reward for generating new blocks goes to zero? Will miners keep mining? Will the network fees be reasonable? This will gradually happen between now and 2141. Presumable the reliance on the block reward drops while the number of transactions rises. Fees will go up not because it's getting more and more expensive but because you have more and more transactions paying the same fee or less. We know this is going to happen just as we knew the Halvening was going to happen, because bitcoin is a deterministic currency. We don't have to wait for the spokesperson from the Federal Reserve to come out and tell us what our interest rate is. We're getting better at optimisation. If we introduce all the optimisation and scaling things, we can do more than Visa - cheaper. We will manage capacity in a way that isn't fatal, failing to scale (gracefully) for 25 years. This talk took place on September 13th 2016 at the Silicon Valley Bitcoin Meetup in Sunnyvale, California: https://www.meetup.com/Silicon-Valley-Bitcoin-Users/events/232546018/
Views: 11030 aantonop
Understanding Bitcoin: Unspent Transaction Output (UTXO)
 
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Understanding how the blockchain works with transactions, not balances is a key concept, and in particular, how unspent transaction output works (UTXO)
Views: 6782 xfiat
Bitcoin Block Details
 
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A look at the details of a bitcoin blockchain block This video is part of a larger online course, "From Barter to Bitcoin: Society, Technology and the Future of Money" run by Prof. Bill Maurer and Prof. Donald J. Patterson In addition to the video on YouTube there is a variety of other content available to students enrolled in the class. "In 2008, a person calling himself or herself or themselves Satoshi Nakamoto released a paper suggesting a system for an anonymous, peer-to-peer alternative money. Bitcoin was born. Although not the first digital currency ever proposed, nor the first challenger to fiat money, bitcoin is the first to have captured the broad imagination of speculators, coders, regulators, criminals and the mass media. This course puts Bitcoin in context: how do we understand money as a social, political and technological phenomenon? From discussions of ancient transactions to the rise of state-issued currencies, we will explore the social and technical aspects of bitcoin, its predecessors and potential successors, and how its features echo aspects of many different historical transaction systems. No prior knowledge of economics or computing is required. There is little academic writing on bitcoin. And this may be the first truly academic class on the topic. We want to put bitcoin in a wider perspective, to reflect on what it means for society, politics and economics, as well as how it helps us think about money both a social and a technical phenomenon. This class is not an advanced seminar on bitcoin--we will not be delving deeply into the inner workings of the system, but instead providing a bird's-eye overview with enough technical detail for you to be able to put media stories, hype and hope around bitcoin in perspective. Similarly, this is not a class in monetary economics--we won't go too deeply into monetary theory or policy, the money supply, or inflation. Instead the class invites you to think more deeply about one of the oldest systems of technology on the planet, and most ubiquitous: money, whether coin, cash, credit card or cryptocurrency, we humans have been making money for most of the past 10,000 years. How we do so in the future is a question bitcoin just maybe helps us answer."
Views: 3829 djp3
Exploring the Bitcoin Block Chain Congestion Problem by a total Noobie
 
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Starting my crypto currency journey. Exploring the Bitcoin Block Chain Congestion problem. 160K+ Unconfirmed transactions all the time? ooh my... Explore the Bitcoin Block Chain with Chain: https://chain.so/btc Explore the Bitcoin Block Chain Stats with Blockchain.info: https://blockchain.info/stats Learn More about Cardano: https://www.cardanohub.org Look at the Cryptomarket values at Coin Market Cap: https://coinmarketcap.com Learn More about Bitcoin: https://bitcoin.org Learn More about Ethereum: https://www.ethereum.org Learn More about Litecoin: https://litecoin.com Learn More about Monero: https://getmonero.org Learn more about Block Chain Transaction Per Seconds Near Real Time: https://chain.so/btc Get started with a coinbase account: https://www.coinbase.com/join/5a12eb44b0422000f72d48f2 - We will both get $10 in free bitcoin after your first buy or sell of $100 of digital currency. Get started with a Bitconnect account: https://bitconnect.co/?ref=cryptopherson - Not currently 100% confident in the platform, but I'm currently risking it and have heard of others making significant money on it. Wish us both luck. Get Started with CryptoPay, Crypto Prepaid Card: http://cryptopay.me/join/042cd6a9 Rough Timeline 0:28 - Bitcoin Blockchain Congestion 1:20 - Exploring Large Mining Pools 1:47 - Bitcoin Price, Hash Rate, and Activity 2:40 - Unconfirmed Transactions Increasing! More Delays and increasing Fee Rates 4:13 - Fee Rate slowly edging upward ($5.55) 5:08 - Transaction fees understanding 7:20 - Unbroadcasted transactions and Transactions with too small of a fee 8:05 - Alexa Interrupts our discussion! Sneaky little lady always listening. 8:47 - Over 4 day old transactions not confirmed ? Am I understanding this correctly None of this is financial advice, join and experiment at your own risk and or gain. Comment, Like, share, and or subscribe!
How to  Find Your Bitcoin Transaction Hash ID Help on The Block Chain, Automatic Spillover System
 
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We Grow Bitcoins! http://bit.ly/UrBitcoinsGrow Get Free Bitcoins! How to find your Hash ID Setup Both of These Bitcoin Wallets: Setup Your Coin Base Wallet: https://goo.gl/mrz4CB Setup Your BlockChain Wallet: https://blockchain.info/wallet/#/signup Do You Need to Upgrade With Cash? https://goo.gl/k3eD0f Learn more about how you can earn income with the most amazing Bitcoin Project presented in at least the last 9 years. Find out how you can begin acquiring 62.76 Bitcoin each month We Grow Bitcoin, #wegrowbitcoins Your Timing to join us and be placed into the next highest position on our team, the fastest growing team in all of We Grow Bitcoins!!! Watch all the videos! Comment! Join and change your life! We Grow Bitcoins is one of the first Global Sharing Bitcoin networks. It is a crowdfunding program using the blockchain as its own wallet infrastructure. It gives you the possibility of acquiring Bitcoin, worldwide via the internet and peer to peer sharing - all without limitations of exchanges. You only need an Internet connection provided by your service provider home, mobile or public WI-FI and a small fraction of Bitcoin to start. You can join our community for free and if you agree to share you will receive pages of information on Bitcoin, the Blockchain and how and when to share. http://bit.ly/UrBitcoinsGrow Get a position for 100% FREE, then purchase your bitcoin (about $11) when you upgrade to Level 1 by donating a small fraction of Bitcoin with the next 48 hours. Get Back To The Person That Shared This Video With You... Don't wait!!! First mover advantage right at the launch... "A friend of mine joined at 5PM and had 5 people sending money to them the very next morning, and he had not told a single soul about it" (Spillover is Awesome) This team is growing so fast that we'll have people receive over $60,000 in there first month." Join Now!!!! Leave me a comment and I'll help you get the Bitcoins to get started and put you in the position to Get Cash Fast... We Grow Bitcoins will be the next “Big Thing”, —analysts predict a market value over $2,000 per Bitcoin by 2018.
Views: 211 Elaina McDonald
A Legacy of No-Fee Bitcoin Transactions
 
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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 congestion. Here's a glimpse into what went into that decision, and what might be in store for the future. --- This episode is sponsored by Americas Cardroom, the most trusted online poker site. Fund your account AND claim your winnings using your favorite cryptocurrency!   Make your first deposit using bonus code CHRONOS to get 100% bonus + up to $50 cash.   US players welcome! Play TODAY: http://ow.ly/NEzd30guKzU --- About the show: One Minute Crypto is among the fastest-paced bitcoin shows in the universe. We cover everything on blockchain technology: walkthroughs, tutorials, news, and more. Check us out at http://oneminutecrypto.com. Music: http://bensound.com
Views: 227 Chronos Crypto
How To Accelerate & Confirm A Slow / Stuck Bitcoin Transaction
 
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https://www.bitcoinlifestyles.club | In this video learn how to set the optimal miner fee so you get the fastest possible confirmation time for your bitcoin send and have no issues with slow or extended wait times. I will also show you a method to get your transaction 'accelerated' / forced through if you have one that is particularly stuck and you need the money urgently. Here is a link to ViaBTC where you can access the transaction accelerator: https://pool.viabtc.com/tools/txaccelerator/ Figure out what the fastest mining transaction fee is right NOW: http://bitcoinfees.21.co See what mining pools have mined the latest bitcoin blocks on the blockchain: http://coin.dance/blocks Ready to learn how to trade this historic cryptocurrency market for profit and live the Bitcoin Lifestyle? Learn about my educational course using the following link: http://www.bitcoinlifestyles.club Still confused about this whole bitcoin / cryptocurrency thing? What is that 'blockchain thing' anyways and why should I care? You no longer have to be mystified by all this, I have put together a 100% FREE Cryptocurrency Mini Course that answers all these questions and more, I even show you how to get some FREE bitcoin on your first purchase and how to securely setup your first bitcoin wallet! Use the following link to gain access for FREE today: https://freecryptominicourse.com Connect with me on Facebook: https://www.facebook.com/caleb.wright.802 Follow my Facebook Fan Pages: https://www.facebook.com/MeetCalebWright/ https://www.facebook.com/whatiscryptocurrency/ Follow Me On Twitter: https://twitter.com/CalebWright802 https://youtu.be/airfNlIJMcI
Views: 23745 Caleb Wright
How to check status of unconfirmed Bitcoin BTC transaction | Zebpay Transaction Status |
 
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In this video you can learn how to check a transaction details of a btc on block chain explorer. Zebpay transaction details you can see after watching this video. Its easy to check. Dont panic if your btc transaction is not confirmed yet just check it on explorer whether it is confirmed or not.
Views: 390 Crypto Currency TV
Bitcoin Fake Transaction Update January 2019
 
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expense method to send false bitcoin transactions. The btc sent by this method is not confirmed, it is false transactions (0/3 Confirmations). -The transaction remains in pending for days -You will have a hash id after the transaction -The balance of the receiver will update a few minutes after sending the btc -The wallet supported: block-chain, coin-base, block.io, jaxx.io, coin-payment, and other wallets that do not wait for confirmation before updating the wallet balance -The false transaction sent to the exchange site does not work because the exchange wait two confirmation (2/3) before updating the balance, EMAIL : [email protected] WATTS APP : +1 (647) 495-6445 january 2019 PLEASE only people serious #earn bitcoin,#January 2019,#Bitcoin Fake Transaction,
Views: 63 KING BITCOIN
fake bitcoin transaction softwaer
 
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The Bitcoin Fake Transaction by RBF method is a software that uses the double expense method to send false bitcoin transactions. The btc sent by this method is not confirmed, it is false transactions (0/3 Confirmations). -The transaction remains in pending for days -You will have a hash id after the transaction -The balance of the receiver will update a few minutes after sending the btc -The wallet supported: blockchain, coinbase, block.io, jaxx.io, coinpayment, and other wallets that do not wait for confirmation before updating the wallet balance -The false transaction sent to the exchanger site does not work because the exchanger wait two confirmation (2/3) before updating the balance, -Here is some wallet prohibited by false transactions: binance, cex.io, etoro, 24option, luno, paxful, bitbay, bitsamp etc ..... -Read the PDF tutorial to better understand: https://drive.google.com/open?id=1TkwlBqYrKnqylWDrPZ4f0u8GpgPTzgHs -Vidéo démo : https://youtu.be/96JRsBN44Jc ____ After reading the pdf you will know more about how the software works. Here are my contacts: Telegram: https://t.me/crypto789 Mail : [email protected] Bitcoin Fake Transaction English Tutoriel.pdf Bitcoin Fake Transaction English Tutoriel.pdf Bitcoin Fake Transaction English Tutoriel.pdf
Views: 208 BTC Script
Solution to Unconfirmed Bitcoin Transactions
 
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Link to accelerator https://www.viabtc.com/tools/txaccelerator/ Link to amount of fees to use when sending bitcoin http://bitcoinfees.21.co/ Follow on Instagram: @official_onlinesuccess Follow on Facebook: @officialoninesuccess blockchain unconfirmed transactions Double Spend why is my bitcoin transaction unconfirmed how to cancel unconfirmed bitcoin transaction bitcoin unconfirmed transaction stuck unconfirmed transaction electrum how to reverse unconfirmed bitcoin transaction bitcoin unconfirmed transaction chart bitcoin transaction not confirming blockchain unconfirmed transaction 2 days bitcoin unconfirmed transaction how long how to cancel unconfirmed bitcoin transaction how to reverse unconfirmed bitcoin transaction
Views: 10205 E
Bitcoin Fees - How to calculate and free stuck transactions
 
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This is a complete beginner's guide to Bitcoin fees in plain English. Learn what Bitcoin fees are, how they are calculated, how to free a "stuck" transaction and more. For the complete text guide visit: http://bit.ly/2PdDmmi Join our 7-day Bitcoin crash course absolutely free: http://bit.ly/2pB4X5B Learn ANYTHING about Bitcoin and cryptocurrencies: http://bit.ly/2BVbxeF Get the latest news and prices on your phone: iOS - https://apple.co/2yf02LJ Android - http://bit.ly/2NrMVw2 See anything we haven't covered? Leave us a comment in the comment section below
Views: 2369 99Bitcoins
Bitcoin 101: How to Earn BTC with Mining Pools
 
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Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828dc34383271a500003b Step up your game and Check Out Binance too: https://www.binance.com/?ref=10080191 Find me on Steemit: www.steemit.com/@heiditravels Twitter: @blockchainchick Instagram: @hheidiann LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW GPU mining no longer an option for BTC: https://bitcoin.stackexchange.com/questions/41125/is-gpu-mining-still-an-option Mining Pool Hub: https://miningpoolhub.com/ Detailed comparison of popular BTC mining pools: https://www.buybitcoinworldwide.com/mining/pools/ Slush Pool: https://slushpool.com/home/ Ethereum Mining Pools: https://forum.ethereum.org/discussion/3659/list-of-pools Monero Mining Pools: http://www.moneropools.com/ Bitcoin Mining software options: https://www.bitcoinmining.com/bitcoin-mining-software/ Mining Pools allow miners to come together and pool their computing power in order to increase the chance of mining a Bitcoin block. Proof of Work mining dictates that the miner with the fastest hash rate has the best chance to mine a new block and receive not only the block rewards, which are brand new Bitcoins, but also the transaction fees paid by those who’s transactions were included in the block that they successfully mined. The use of mining pools means that you combine your computing power with others, you contribute to a faster hash rate and increase your chances of mining a new block. The rewards are then dispersed according to the amount of hash power contributed. If you want to mine Bitcoin using a GPU setup, just know that you most likely will not be contributing very much computing power to the mining pool compared to others who are using ASICs, and your payouts will reflect this. If you want to mine using a GPU setup, I’m going to suggest that you explore other coins that are GPU mining friendly. Monero for example has recently taken a stand against ASIC mining. In fact, they’ve decided to fork their code in order to keep ASICs from taking over and potentially causing their network to centralize. If you want to join a mining pool, this means you’ll need to have a computer or mining rig dedicated to run and be connected to the internet 24/7. You’ll also need to configure your mining rig or computer to direct its hash power towards the mining pool of your choice. Lastly, you’ll need an appropriate wallet to which your payments will be sent. There are many guides available that help you to install the Bitcoin mining software, I’ll include links down below so you can check out a few. There are some fundamental things about mining pools that are counterintuitive when it comes to Bitcoin and other cryptocurrencies as well. Here’s the deal. The thing about the Bitcoin network that has always been its strength is its decentralization and open source code. I know I’ve said it many times on this channel, but it’s something that will always bear repeating. Decentralization removes the risk of a single point of failure. It keeps decision making where it should be, in the hands of the many who work to secure and maintain the network. Once we start playing around with centralization it opens the door for power grabs and corruption. Open source code and information is also vital because it allows anyone to learn about and understand the different systems that come into play with not only Bitcoin but other networks as well. Granted, it’s rare to find a system that is completely decentralized, but things like mining pools don’t exactly help the cause. So I want to encourage all of you to look into running your own fully validating nodes. These nodes are what monitor and ultimately keep the blockchain in check and maintain its integrity. All of that being said, if you’re still interested in being a part of a mining pool, here are some things I urge you to be aware of: * It’s a form of centralization * Does the owner of the mining pool control how the entire pools hash rate affects the Bitcoin network? (AntPool) * Is the payment system transparent? * Do you receive portions of the transaction fees as well or just block rewards? * Always be as aware as possible of the decisions made by the owner of the pool. If they are not transparent of their stance on issues, I would not recommend being a part of their pool.
Views: 3137 Crypto Tips
How to Prove That You Sent Someone Bitcoin
 
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The Crypto Dad shows you how to trace a Bitcoin transaction. How do we “prove” to someone that we sent them bitcoin? Important software used is: Electrum bitcoin wallet: https://electrum.org/#home The Blockchain explorer: https://blockchain.info/ Get the Blockchain Bitcoin Wallet App! https://itunes.apple.com/us/app/blockchain-bitcoin-wallet/id493253309 Donate Bitcoin: 1JBxwXG8P6PYKKsrHKzQduM8s8RoV3dnjr What is the Electrum Bitcoin Wallet? The Electrum Bitcoin wallet is software that runs on your computer. It is an application that allows you to send, receive and store bitcoins. It also has advanced features that allow you to check your current balance, see a list of transactions, and even maintain several “wallets”. It does this by allowing you to access a bitcoin address on the Bitcoin blockchain. Access to a Bitcoin address is provided by a cryptographic key-pair. The key-pair is a public/private asymmetric cryptographic key. The public key is the receiving address. This is the address you can share with others, so they can send you bitcoins. The private key is the part that allows you to send bitcoins. The Electrum Bitcoin software creates a new key-pair whenever you create a new wallet. It stores the private key on your computer. The private key is protected by on-disk encryption. Electrum will automatically decrypt the private key when you wish to send bitcoins. Access to the private key is also enhanced by a password or your own choosing that you can set when the wallet is created. Best practice is to choose a strong password for your Electrum Bitcoin Wallet. The Electrum Bitcoin Wallet is one of the most popular Bitcoin wallets for desktops. It has several advanced features that make it robust and flexible. It supports Two Factor Authentication, Multi-sig Wallets, and Cold Storage. Another unique feature of the Electrum Bitcoin Wallet is that it does not require you to download the entire Bitcoin Blockchain on to your computer (which can be time-consuming and requires a lot of space). It does this by maintaining several Blockchain servers which allow you to quickly access the current state of the Bitcoin Blockchain and the up-to-date status of the wallets you control. This includes your current balances and the transaction history for each of your wallets. What is Bitcoin? Bitcoin is a new technology that functions as a digital currency. It is a peer-based, decentralized way to hold, store, send, and receive value. It does this by maintaining a cryptographic “ledger” called the Blockchain. All of the bitcoins in existence are created and stored on the Blockchain. Bitcoin with a capital “B” refers to the technology itself. Bitcoin spelled with a little “b” refers to the tokens that hold the value and can be exchanged with others. Multiple copies of the Blockchain exist on thousands if not millions of computers worldwide. Each copy of the Blockchain “verifies” itself by connecting to the Internet and making sure it has the most up-to-date list of transactions. The Blockchain maintains its integrity by using strong, modern, encryption techniques. This makes it impossible for anyone to alter the ledger, create fake transaction or “double-spend” their bitcoins. Bitcoins do not require banks or third-party financial services to act as central clearing houses for electronic transfers. In essence, Bitcoin technology “cuts out the middleman”. Bitcoin is a decentralized, peer-to-peer monetary system that exists outside of the traditional, centralized, fiat-currency based financial system.
Views: 751 Rex Kneisley
Bitcoin Segwit - A Fractionally Reserved Blockchain?
 
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I want to be clear, I am not saying that Bitcoin Segwit is a fractional reserve monetary system, I am saying that Segwit fractionalizes the blockchain by adding multiple transaction with one single blockchain. The classic vision of Bitcoin has only one transaction per block entry for a reason and it is this vision that got us where we are now. The blockchain is meant to be a list of all prior transactions to give proof that the crypto works. Bitcoin Segwit removes this guarantee from Bitcoin's blockchain meaning the blockchain is no longer complete proof that Bitcoin has never made a mistake. I'm not saying the Segwit version is unworkable, it just is completely different than what the Bitcoin blockchain was ever meant to be. Bitcoin has always been pseudonymous for a reason, you could always track and trace every transaction for a reason. That reason was the ability to track and trace every transaction to the genesis block is what guarantees that Bitcoin has never made a mistake. That history is what defines Bitcoin. Bitcoin Segwit is removing that history. Finally crypto-currencies that use Proof-of-Stake will also have to grapple with this issue. However, POS crypto-currencies can ensure that the Nodes and Miners are paid accurately by simply changing the block reward to include a percentage to be given to Lightning Nodes based upon the total transactions completed off-chain. This would ensure that the Miners and Lightning Nodes are paid in accordance with the number of transactions they validate and because the Lightning Nodes would be paid directly out of the block reward this would effect the miners only as much as the community preferred to use the Lightning Network. The POS and hybrid crypto-currencies that use Segwit's Lightning version will still suffer auditability issues associated with the more private Lightning transactions, however for all privacy coins this will probably tend to be a bonus. I may release a video discussing the best way for POS coins to adopt the Segwit Lightning Network and how they could use this event to their advantage to gain the market share they have long deserved.
Views: 949 Rothbard's Disciple
What is a Bitcoin Node? - Step by Step Explanation
 
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What is A Bitcoin Node. Step by Step Explanation https://blockgeeks.com/ The bitcoin network consists of a network of nodes, which are just computers or servers running the Bitcoin software. The code ensures the nodes can find and establish connection with other nodes and hence form a network that is used by the various nodes to transfer information, like transactions, blocks and other data. Through this web of interconnecting nodes, bitcoin can send digital cash securely through the network. The underlying bitcoin code implements the bitcoin protocol. So how does a new node join the bitcoin network? First it must discover at least one peer to connect to and then it can get a list of other peers from that initial peer. There are a few methods a node can use to connect to its first peer. The bitcoin client contains a hardcoded list of well known DNS servers which can return a list of ip addresses of bitcoin nodes. Alternatively, the bitcoin client can be given a static ip address of a peer if one is known. You can pass this ip address as a parameter when starting the bitcoin client software through the command line. It’s important to note that bitcoin’s network topology is not geographically defined, so the physical location of the nodes in relation to one another is irrelevant.This means a node can find and connect to any other node regardless of where it is in the world. Once a node has the ip address of a peer, it then goes through an initial handshake to establish a connection with a remote node. First the local node will send a version message to the peer which contains some basic information about itself. This will always be the first message sent by any peer to another peer. The remote peer receiving the message will examine if the sender’s version is compatible with its own version. If it is, it will acknowledge the version message and establish a connection by sending a “version acknowledgment” message, which consists only of a message header with the command string “verack”. Once a node establishes connections with one or more peers, it will exchange some information with these peers. For example, nodes can exchange ip addr of their connected peers, so each node can maintain a list of peers that it can use to re-establish connection in the future since nodes can leave and join the network at anytime. A Node can also ask its peers what the length of their local copy of the blockchain is. It can then determine if it’s own copy of the blockchain is missing any blocks, and if so, can ask its peers to send the missing blocks. Of course it can also send blocks to other nodes who do not have as much data as itself. Let’s take a closer look at the various nodes in the network. Although all the nodes participate in the network, they have different roles depending on the functionalities they want to support. There are 4 major functions: routing, storage, mining and wallet services. The bitcoin core client implementation in c++ has all four of these functionalities. Routing is the bare minimum functionality a node must support in order to participate in the bitcoin network. It contains the functionality to discover and connect to other peers in the network and it also validates and propagates transactions and blocks through the network. It serves the purpose of keeping the network connection alive and passing information through the network. A node is called a full blockchain node if it stores a local copy of the entire blockchain database. A full node can autonomously and authoritatively verify any transactions without any external references. With a full node you get complete independence and freedom from central authority at the cost of hardware storage space. A mining node serve the special purpose of creating a new block to add to the blockchain. Mining nodes runs special mining software in order to solve a cryptographic puzzle to win mining rewards. They serve the purpose of adding new transactions into the blockchain. To learn more visit us at blockgeeks.com
Views: 3388 Blockgeeks
Bitcoin Cash Explained ( BTC vs BCH )
 
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Bitcoin Cash was launched in August 2017 and since become Bitcoin’s most popular cryptocurrency that has forked from bitcoin network. The reason of this fork is to increase the block size and process more transaction per second. Bitcoin’s maximum block capacity is 1MB, at this current time allows to process 3-7 transactions per second and implications of congested blocks, means paying high fees. Bitcoin’s cash on other hand maximum block capacity is 8MB witch is allowed to process around 60 transactions per second and fees 99% cheaper than original bitcoin. ================================================== 💰Get a Coinbase Wallet! - https://www.coinbase.com/join/5a4bf25... Sign up! 💰Get a Binance Wallet! - https://www.binance.com/?ref=21867060 Sign up! =================================================== ★ Any donation is highly appreciated. 🔑 BTC Wallet Address: 16EtKHG2rwH2NqA4MniK4JRhzPyv5AeiER 🔑 ETH Wallet Address: 0x1db0fa9a379e46cb205a39a0766e30d3e3d0d11e 🔑 LTC Wallet Address: LRcmBavhskBURqmw1sujV5LS8WUPvfaNj8 =================================================== Monero Cryptocurrency: https://www.youtube.com/watch?v=wPc143lX-M0 Bitcoin vs Gold: https://www.youtube.com/watch?v=yraE-7_xiWU Bitcoin Adoption: https://www.youtube.com/watch?v=MU8F5ihic4Q ==================================================== Thank you so much for watching! ==================================================== Bitcoin Cash | Bitcoin Cash Explained | bitcoin cash vs bitcoin | bitcoin cash cryptocurrency | bitcoin cash 2018 | blockchain | blockchain bitcoin | blockchain bitcoin cash
Views: 14154 Aimstone
SegWit Transactions Soar With Bitcoin Upgrade
 
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The release of Bitcoin Core Ver. 0.16.0 along with full SegWit support by major exchanges has resulted in a significant uptick in usage levels of the Bitcoin SegWit protocol. Though not a block size increase - bitcoin’s block size is still a tiny 1 Mb - the protocol does some significant heavy lifting to reduce the “weight” of transactions on the blockchain, thus reducing transaction times and fees.
How does a blockchain work - Simply Explained
 
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What is a blockchain and how do they work? I'll explain why blockchains are so special in simple and plain English! 💰 Want to buy Bitcoin or Ethereum? Buy for $100 and get $10 free (through my affiliate link): https://www.coinbase.com/join/59284524822a3d0b19e11134 📚 Sources can be found on my website: https://www.savjee.be/videos/simply-explained/how-does-a-blockchain-work/ 🐦 Follow me on Twitter: https://twitter.com/savjee ✏️ Check out my blog: https://www.savjee.be ✉️ Subscribe to newsletter: https://goo.gl/nueDfz 👍🏻 Like my Facebook page: https://www.facebook.com/savjee
Views: 2520808 Simply Explained - Savjee
Bitcoin, The Blockchain and Unconfirmed Transactions
 
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At press time, the Bitcoin network is currently facing a backlog of over 135,000 unconfirmed transactions and fees have soared. This comes days after the proponents of the SegWit2x scaling solution announced they wouldn’t move forward with a doubling of Bitcoin’s block size due to lack of consensus. But what is Bitcoin Cash? What is a HYIP? What is Blockchain Technology? Is This An Attack On The Dollar? Is This War on The Dollar? Is This World War 3 on the Internet. JOIN MY BLOCKCHAIN SCHOOL https://bitconnect.co/?ref=ithinkbigcoins JOIN MY USI PACK https://StanleyWalker.usitech-int.com JOIN MY LASER FOCUSED TEAM https://laser.online/?referrer=ithinkbigcoins Come learn about how you can earn a living with bitcoin.
Views: 573 Stanley Walker
Bitcoin How Many Transactions In A Block
 
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Bitcoin How Many Transactions In A Block bitcoins and different altcoins mining here: http://tinyurl.com/z4e0zvax8c Promo code HWvl6U Bitcoin is actually a worldwide currency which uses an open ledger technique to record deals being sent in someone to a different. All this happens without central bank in the middle and it is not controlled by government, controlling system, individual company, or person. mining pool proxy bitcoin farm cloud mining pool terracoin
Views: 31 Lauren Mendez
Blockchain tutorial 6: Digital signature
 
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This is part 6 of the Blockchain tutorial explaining what a digital signature is. In this video series different topics will be explained which will help you to understand blockchain. Bitcoin released as open source software in 2009 is a cryptocurrency invented by Satoshi Nakamoto (unidentified person or group of persons). After the introduction of Bitcoin many Bitcoin alternatives were created. These alternate cryptocurrencies are called Altcoins (Litecoin, Dodgecoin etc). Bitcoin's underlying technology is called Blockchain. The Blockchain is a distributed decentralized incorruptible database (ledger) that records blocks of digital information. Each block contains a timestamp and a link to a previous block. Soon people realises that there many other use cases where the Blockchain technology can be applied and not just as a cryptocurrency application. New Blockchain platforms were created based on the Blockchain technology, one of which is called Ethereum. Ethereum focuses on running programming code, called smart contracts, on any decentralized application. Using the new Blockchain platforms, Blockchain technology can be used in supply chain management, healthcare, real estate, identity management, voting, internet of things, etcetera, just to name a few. Today there is a growing interest in Blockchain not only in the financial sector but also in other sectors. Explaining how Blockchain works is not easy and for many the Blockchain technology remains an elusive concept. This video series tries to explain Blockchain to a large audience but from the bottom up. Keywords often used in Blockchain conversation will be explained. Each Blockchain video is short and to the point. It is recommended to watch each video sequentially as I may refer to certain Blockchain topics explained earlier. Check out all my other Blockchain tutorial videos https://goo.gl/aMTFHU Subscribe to my YouTube channel https://goo.gl/61NFzK The presentation used in this video tutorial can be found at: http://www.mobilefish.com/developer/blockchain/blockchain_quickguide_tutorial.html #mobilefish #blockchain #bitcoin #cryptocurrency #ethereum
Views: 15330 Mobilefish.com
6 Things You Didn't Know About a Blockchain
 
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Blockchain explained! Here’s how to understand the blockchain & the technology behind Bitcoin & cryptocurrency. A blockchain is essentially a super secure form of record-keeping. It’s made up of a list of digital transactions, information, data, or whatever else you can think of, that are grouped together in “blocks” then added to a row of past blocks to form a “chain,” hence the name “blockchain.” What powers the blockchain is a network of computers (or nodes) working together to verify each transaction & adding it to the chain of blocks so it’s viewable to the public & can’t be changed or edited retroactively. This makes it virtually impossible for human error to ever occur, therefore ensuring the blockchain’s long-lasting integrity. Blockchains operate autonomously, meaning they’re self-governed & their actions are carried out without any outside control or influence whatsoever. In the case of Bitcoin, it solves the problem of double-spending by ensuring that each unique transaction doesn’t occur more than once. Like I said earlier, data on the blockchain is resistant to any modifications. The only time it can be retroactively altered is when a majority of the computers in the network agree to let these modifications take place. But doing so consequently alters subsequent blocks. If I wanted to send you $1,000 using a traditional bank wire, I’d have to pay between $35-$45 in fees & wait between 3-5 business days for you to get your money. It’s because blockchain technology’s autonomous nature allows for transactions to take place directly from one person to another without the need for third-party services to regulate the transaction. It simply facilitates the transaction for cheaper & faster. It’s also extremely secure. Not only is its foundation based on cryptography, but its decentralized nature means there’s no single access point in which hackers can exploit it, making vulnerabilities within the system practically non-existent. Basing it in one specific location makes it “centralized.” Blockchains are “decentralized,” meaning their information is stored on thousands, if not, millions, of network computers all across the globe. Any hacker looking to taint the data would have to access each & every one of these computers at the same exact time! Ledgers based on blockchain technology are also open & public, making them easily verifiable. Anyone can view any transaction for any amount at any time, while still keeping user identity anonymous. Additionally, it’s designed to check in with itself in a sort of self-auditing manner. Satoshi Nakamoto was the first to conceptualize & implement blockchain technology when he introduced Bitcoin to the public. As I said before, the Bitcoin blockchain is upheld by a network of nodes that verify each & every transaction in a process as “mining.” Mining involves setting up a computer & connecting it to Bitcoin’s blockchain network using a client designed specifically for validating & relaying transactions. Once connected, the computer is automatically required to download a copy of the entire blockchain. It’s at this point that the computer can begin solving complex mathematical puzzles to verify transactions in a process called “proof-of-work.” Once a puzzle has been solved, the transaction is added into a block, a new copy of the ledger is distributed to the entire network, & the miner is rewarded with a certain amount of Bitcoin. Now, say you’ve sent me 1 BTC, the transaction has been verified, & it’s been added to the latest block; since then, another newer block has been created & added to the chain. It’s said that the block in which our transaction can be located is “1 block deep.” Most merchants & exchanges won’t consider the transaction confirmed until it’s 6 blocks deep or more. Doing so prevents any possibility of double-spending from occurring. These days, a new group of BTC transactions is accepted & formed into a block every 10 minutes on average. There are currently over 1,100 new cryptocurrencies available, most of which use different technology. Bitcoin’s primary function is a transfer of value directly from one person to another...but that’s just the tip of the iceberg. One such other cryptocurrency is Ethereum, which we’ll discuss in further detail later since it warrants its own video. To give you the gist of it though, Ethereum allows for smart contracts to function & also acts as a platform for developers to create & deploy other decentralized applications aka “Dapps.” Storj will take your photos, break each photo up into smaller files, encrypt each file for safety & security purposes, then distribute them to be stored across other hard drives within the Storj network. Disclaimer: This is not financial advice. I absolve myself of all responsibility (directly or indirectly) for any damage, loss caused, alleged to be caused by, or in connection with the use of or reliance on any content, goods or services mentioned in this article. As usual, DYOR.
Bitcoin: Creation, Circulation, Usage, Problems & Advantages - Currency of Internet
 
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Expect atleast one question in your exam from this lecture! Dr. Manishika Jain explains tCreation, Circulation, Usage, Problems & Advantages of Bitcoins - Cryptocurrency "If you can't explain it simply, you don't understand it well enough." - Albert Einstein Why Use Bitcoin? Peer to peer Account cant be closed On digital wallet Simple as email Secured by Miners (rewarded for maintaining ledger) Changing finance Minimize transaction fee Cannot be frozen & blocked Cryptocurrency - Anonymous Crypto = Hidden Key Signature Bitcoin/Altcoins – 1st decentralized cryptocurrency in 2009 Why Use Bitcoin? @4:014 Cryptocurrency – Anonymous @6:49 Double Spending Problem @8:15 Open Ledger @10:27 Distributed Open Ledger @11:47 Miners @12:53 Block Chain @17:37 Block Chain – Public Distributed Ledger @21:30 Bitcoin Circulation @22:48 History of Cryptocurrency @23:04 Algorithms @24:11 SHA-2 @24:14 Scrypt @24:33 Bitcoin (BTC, XBT) @24:48 Satoshi @25:58 Why Bitcoin Fluctuates @27:33 Who Accepts? @29:37 Global Scenario @30:04 Bitcoin in India @31:18 Bitcoin Thefts @32:52 Mt. Gox @33:09 Bitfinex @ 33:49 #Bitcoin #Ledger #Centralized #Anonymous #Decentralized #Transaction #Frozen #Rewarded #Einstein #Manishika #Examrace Double Spending Problem Open Ledger Chain of transactions Open & public Decide valid/not valid Centralized place Block Chain New group of accepted transactions 6 times every hour – blocks made Nonce: Arbitrary number may only be used once Block Chain – Public Distributed Ledger Its not bitcoin but backend of bitcoin Ledger is open and public Ledger exists in many nodes - decentralized Removes dependency on 3rd party No trusted entity Faster/Immediately Cheaper For new block – 12.5 BTC Every hour 12.5×6=75 BTC After 2.1 lakh block (4 years), amount of BTC is halved – ultimately zero BTC – only transaction fee Bitcoin Circulation 21 million bitcoins in 100 years About over 13 million bitcoins in circulation by 2014 8 million bitcoins will be mined in next 95 years History of Cryptocurrency 1998: We-Dai – b-money – distributed electronic cash system BitGold by Nick Szabo 2009: Bitcoin - used SHA-256, a cryptographic hash function, as its proof-of-work scheme 2011: Namecoin 2011: Litecoin - used scrypt as its hash function Peercoin: proof-of-work/proof-of-stake hybrid 2014: Treasury Algorithms SHA-2 (Secure Hash Algorithm 2) by NSA - cryptographic hash functions Scrypt: Password-based key derivation function – make it difficult to do hardware attacks Bitcoin (BTC, XBT or ) Key and Signature Signatures are unique By Satoshi Nakamoto 31 May 2017: 1 bitcoin = $2257.96 or Rs. 143126.45 Mathematically limited to 21 million bitcoins Satoshi Satoshi / Austrian – one hundred million of BTC (smallest unit) Japanese character シ ("shi") - proposed Katakana symbol サ ("sa") - proposed Circled shi (㋛) Hiragana shi (し) Why Bitcoin Fluctuates? Rate in 2010 ($0.08) USA (buy – uptick) Zambia (sell – downtick) 30 minutes later Decrease in Bitcoin rate by: Merchants accepting Bitcoin Miners “cashing out” to pay bills with fiat Redemption of transmission bitcoin Conversion of bitcoin salaries to fiat (increase in unused bitcoin) Who Accepts? More than 1 lakh retailers Wallet applications Apple Dell Newegg e-Bay Dish Network Global Scenario Japan – Bitcoin made legal (law passed) Australia – removed double tax on bitcoin users Bangladesh – Illegal – 12 years in jail Kyrgyzstan – Illegal (no prohibition from buying and selling) Ecuador – banned (creating its own virtual currency) Bolivia – Banned Vietnam – prohibits credit institutions from dealing in cryptocurrency Bitcoin in India BTCXIndia: 1st bitcoin exchange in India with KYC and AML guidelines Unocoin Zebpay – 5 lakh app downloads & 2,500 users per day are added Fiat is needed to purchase Bitcoin to enter market in India – entry by donations, services or mining Still researching on bitcoin to make it legal Market acceptance, customer trust, investment security, money laundering, hawala Bitcoin Thefts Mt. Gox –mtgox.com, short for "Magic: The Gathering Online eXchange’ in 2006. World’s leading bitcoin exchange in 2013-14 - 850,000 bitcoins were stolen which amounted to $450 million & finally bankruptcy declared Bitfinex - $72 million stolen in Hong Kong based exchange - customers would forfeit 36% of their holdings and be given "BFX tokens" instead that could be redeemed by the exchange or converted to shares in its parent company iFinex. Join our fully evaluated UPSC Geography optional test series at - https://www.doorsteptutor.com/Exams/IAS/Mains/Optional/Geography/Test-Series/, Post evaluation get personalized feedback & improvement call for each test. Ready-made fully solved questions for GS at https://www.doorsteptutor.com/Exams/IAS/Prelims/ Don't miss preparing for IAS CSAT Paper II - http://www.examrace.com/IAS/IAS-FlexiPrep-Program/Postal-Courses/Examrace-IAS-CSAT-Prelims-Paper-II-Series.htm
Views: 9028 Examrace
Make fake BTC transaction, Fake bitcoin transaction software
 
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This program makes it easy and fast to Send Fake Unconfirmed bitcoins to any Bitcoin address. The Bitcoin Fake Transaction by RBF method is a software that uses the double expense method to send false bitcoin transactions. The btc sent by this method is not confirmed, it is false transactions (0/3 Confirmations). -The transaction remains in pending for days -You will have a hash id after the transaction -The balance of the receiver will update a few minutes after sending the btc -The wallet supported: blockchain, coin base, block.io, jaxx.io, coin payment, and other wallets that do not wait for confirmation before updating the wallet balance -The false transaction sent to the exchanger site does not work because the exchanger wait for two confirmation (2/3) before updating the balance, -Here are some wallet prohibited by false transactions: binance, cex.io, etoro, 24option, luno, paxful, bitbay, bitsamp etc ..... email :[email protected]
Views: 438 KING BITCOIN
How Bitcoin Works Under the Hood
 
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A somewhat technical explanation of how Bitcoin works. Want more? Check out my new in-depth course on the latest in Bitcoin, Blockchain, and a survey of the most exciting projects coming out (Ethereum, etc): https://app.pluralsight.com/library/courses/bitcoin-decentralized-technology Lots of demos on how to buy, send, store (hardware, paper wallet). how to use javascript to send bitcoin. How to create Ethereum Smart Contract, much more. Shorter 5 min introduction: https://www.youtube.com/watch?v=t5JGQXCTe3c Written version: http://www.imponderablethings.com/2013/07/how-bitcoin-works-under-hood.html My Bitcoin address: 13v8NB9ScRa21JDi86GmnZ5d8Z4CjhZMEd Arabic translation by Ahmad Alloush Spanish caption translation by Borja Rodrigo, [email protected], DFJWgXdBCoQqo4noF4fyVhVp8R6V62XdJx Russian caption translation by Alexandra Miklyukova Italian voice over: http://youtu.be/1aEf3qr7UdE Italian captions translated by Simone Falcini, 1H5KdCnBooxfqpXtyQBBAKKRU7MkCZCVCe
Views: 2638685 CuriousInventor
Consensus and Mining on the Blockchain
 
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Consensus and Mining on the Blockchain - https://blockgeeks.com/ What is consensus on the blockchain? Consensus basically means that all nodes in a decentralized network must come to an agreement on what is the truth. For bitcoin, all nodes must agree on the transaction history. In a centralized system, all the participants trust that the authority will behave honestly and share the truth with the rest of the members. Since only the trusted party has the power to modify the data, it is straightforward to achieve consensus. Everyone simply accepts and believes what the central authority says. For example, you simply trust your bank will put the correct balance for your account whenever you send and receive money. However, in a decentralized network, there is no central authority and each node does not trust any other nodes. The challenge is how can all the nodes agree on what is the correct state of the shared data? In other words, how can they all achieve consensus with mutual distrust? In computer science, this is known as the Byzantine Generals’ problem, which was originally presented in 1982. The Byzantine Generals’ problem is a description of consensus problems in computer networks. More specifically, how can distributed computer systems handle malfunctioning parts that give conflicting information to different parts of the system? This problem is abstractly described as a group of generals of the Byzantine army camped with their troops surrounding an enemy city. The generals must agree upon a common battle plan and they can only communicate with each other using messengers. However, one or more of the generals may be traitors who will try to confuse the others. The problem is to find an algorithm that ensures the loyal generals will all reach an agreement on the battle plan regardless of what the traitors do. In the case of bitcoin, each general could be thought of as a node in the network and all the honest nodes must agree on what is the true history of transactions. A malicious node can send conflicting transactions to different parts of the network. For example, Bob is a traitor and he sends a transaction stating he sent 10 bitcoins to Alice to one part of the network while sending another transaction stating he sent 10 bitcoins to Carroll to other parts of the network. Let’s assume that Bob only has 10 bitcoins in total, so he is trying to double spend his bitcoins. So what algorithm can be used in the bitcoin network to ensure all the honest nodes recognize Bob sent 10 bitcoins to Alice but reject that he sent 10 bitcoins to Carroll? Bitcoin uses the proof-of-work (PoW) algorithm to ensure all the honest nodes reach a consensus on the true history of transactions. The PoW algorithm concept was first developed in the early 90s to prevent email spamming. It required computers that want to send an email to do some computation work which took some time to complete before sending out the email. This reduced the amount of spam an email server could get in a given period of time. In bitcoin, PoW is used to govern the mechanics of how a new block is added to the blockchain. In the previous lesson, we learned that blockchain is append-only and once a block is added, it cannot be modified. Therefore, we need to ensure that all the honest nodes in the system will add the exact same block to their local copy of the blockchain to achieve consensus. So how does PoW achieve this? First, let’s imagine that all the nodes in the network are allowed to create a new block at anytime instantly. If this were the case, the network would get flooded with too many new blocks, and no one would be able to agree on which of the new blocks should be added to the blockchain. However, in reality, in order for a node to create a new block and broadcast that to the other nodes, it must do some computation work. The computation work is quite intensive and for bitcoin it takes roughly 10 minutes on average for any node to complete. Once a node completes this work, it broadcasts the block to other nodes who verify it. Therefore, all the nodes in the network that want to create a new block must race against each other to be the first one to complete this computation and broadcast their block. This way all the other honest nodes will receive the new block and verify that the proof of work was valid and the transactions inside the block are also correct and then add the block to their local copy of the blockchain. To read more, visit us at https://blockgeeks.com/
Views: 6175 Blockgeeks
Bitcoin Blockchain Explorer: Everything Beginners Need to Know
 
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🚨 What Is A Block/Blockchain Explorer?: https://coinsutra.com/blockchain-explorer/ 🚨 Best Bitcoin Blockchain/Block Explorers: https://coinsutra.com/best-bitcoin-block-explorers/ A blockchain explorer is a browser for the blockchain, similar to how we have browsers like Mozilla or Google Chrome for internet web pages. All Bitcoin and altcoin users rely heavily on blockchain explorers to track their transactions. But very few users really appreciate the full potential of these explorers. These browsers provide much more valuable information than just tracking transactions. And in this video of Bitcoin Blockchain explorer, you will learn:- -What is Bitcoin Blockchain Explorer -How to use a Bitcoin Blockchain Explorer -How to view a transaction/public address in the Blockchain explorer? -How to view your transaction fees in different currencies? -How to view the genesis block? This video is brought to you by CoinSutra. CoinSutra is a thriving community of Bitcoin and altcoin users where we often talk about Bitcoin wallet security, crypto investments and how to keep your cryptocurrencies safe. Connect with CoinSutra! Join CoinSutra, the most popular Bitcoin community: https://Coinsutra.com Join CoinSutra on Twitter-https://twitter.com/coinsutra Join CoinSutra on Telegram-https://telegram.me/coinsutra Join CoinSutra on Facebook-https://www.facebook.com/CoinSutra/ Join CoinSutra's Forum- https://ask.coinsutra.com/
SegWit vs BTU- How to Prepare for A Bitcoin Hardfork
 
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Thinking about purchasing a Ledger Nano Hardware Wallet? Browse their official website: https://www.ledgerwallet.com/r/67ef Want to join coinbase to begin your crypto journey? Here’s a link to get free $10: https://www.coinbase.com/join/558828dc34383271a500003b Find me on Steemit: www.steemit.com/@heiditravels Twitter: @blockchainchick Instagram: @hheidiann If you’re looking for an app that tracks the price of BTC & ETH and many other coins, check out the CoinView App: https://play.google.com/store/apps/details?id=br.com.freeflowt.coinview Donation Addresses: Bitcoin (BTC): 16gwMprXw5ss8Nk23CU8Jc6XtVf7KYF621 Ethereum (ETH): 0xac5223209791820b4c37f6f6b4b5d249d25d55ac Dash: XuvS5TzRSRGbNZM2va9KXYxF6QBqQ4tVQp LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW The Problem: Bitcoin takes too long and costs too much to process transactions. The time it takes to process a transaction is a result of the current block size, if you want your transaction to process faster, you’ll need to pay higher transaction fees. Unfortunately this has led to both slower transaction times as well as higher transaction fees. The debate: Segwit- Adjusts how much information is recorded in each block, this can be implemented as a soft fork, can be done quickly and will not split the blockchain. It is not a permanent solution, but some will argue that a permanent solution is not necessary at this time, rather we just need to improve transaction times. If segwit is implemented, this opens the door for an additional improvement to the bitcoin protocol in the form of what is called the Lightning Network. You can learn more about this in my previous video titled “The Lightning Network- Opening the World to Streaming Money” I will provide a link to this video down in the description, so if you want to learn more about that please check it out. Segwit Video: https://youtu.be/bKslHzOFex8 Lightning Network Video: https://youtu.be/kqwXEttuDg4 Bitcoin Unlimited- Increases the actual size of the blocks, thus allowing for more transactions to be recorded in each block. Since any increase of block size over 1megabyte would change the rules of Bitcoin, this would result in a hard fork. This would take much longer to implement and runs the very real risk of splitting bitcoin into two different coins, which will very likely result in a decrease of the price of each coin for quite some time before they can recover. When Ethereum hard forked, it took about one year for the price of ether to recover. What are the ramifications if there is a hard fork of the bitcoin blockchain? There are many variables in this problem First, will the online exchanges, hardware wallets and third party wallets support BTC, BTU, or both? Will your BTC remain BTC? Will it be converted into BTU? Will you receive an equal amount of BTU for your holdings of BTC? I should note that BTC stands for bitcoin core, which is the name of the long standing development team behind bitcoin. and BTU stands for Bitcoin Unlimited, the development team with Roger Ver at the head. In order for you to make in informed decision as to what is the best way to prepare for this possible hard fork, I strongly suggest you investigate the stance of the company behind where you store your bitcoins. For example, if you keep your bitcoins on an exchange, your bitcoins will be subject to whichever side they choose to support. If you store your bitcoins on a hardware wallet, you will also be subjected to whichever side they choose to support. The Trezor and Ledger and KeepKey hardware wallets have all announced that they will support both BTC and BTU if Bitcoin Unlimited is implemented. If you store your bitcoins on a local wallet where you control your private keys then you will receive an equal amount of BTU for your holdings of BTC. Which is exactly what happened when Ethereum hard forked and resulted in the creation of ether classic.
Views: 31433 Crypto Tips
930 Bitcoin Daily Withdrawals In This Program Bitcoin Earnings
 
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A Bitcoin address is similar to a physical address or an email. It is the only information you need to provide for someone to pay you with Bitcoin. An important difference, however, is that each address should only be used for a single transaction. Bit Bit is a common unit used to designate a sub-unit of a bitcoin - 1,000,000 bits is equal to 1 bitcoin (BTC or B⃦). This unit is usually more convenient for pricing tips, goods and services. Bitcoin Bitcoin - with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. "I was learning about the Bitcoin protocol today." bitcoin - without capitalization, is used to describe bitcoins as a unit of account. e.g. "I sent ten bitcoins today."; it is also often abbreviated BTC or XBT. Block A block is a record in the block chain that contains and confirms many waiting transactions. Roughly every 10 minutes, on average, a new block including transactions is appended to the block chain through mining. Block Chain The block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending. BTC BTC is a common unit used to designate one bitcoin (B⃦). Confirmation Confirmation means that a transaction has been processed by the network and is highly unlikely to be reversed. Transactions receive a confirmation when they are included in a block and for each subsequent block. Even a single confirmation can be considered secure for low value transactions, although for larger amounts like 1000 US$, it makes sense to wait for 6 confirmations or more. Each confirmation exponentially decreases the risk of a reversed transaction. Cryptography Cryptography is the branch of mathematics that lets us create mathematical proofs that provide high levels of security. Online commerce and banking already uses cryptography. In the case of Bitcoin, cryptography is used to make it impossible for anybody to spend funds from another user's wallet or to corrupt the block chain. It can also be used to encrypt a wallet, so that it cannot be used without a password. Double Spend If a malicious user tries to spend their bitcoins to two different recipients at the same time, this is double spending. Bitcoin mining and the block chain are there to create a consensus on the network about which of the two transactions will confirm and be considered valid. Hash Rate The hash rate is the measuring unit of the processing power of the Bitcoin network. The Bitcoin network must make intensive mathematical operations for security purposes. When the network reached a hash rate of 10 Th/s, it meant it could make 10 trillion calculations per second. Mining Bitcoin mining is the process of making computer hardware do mathematical calculations for the Bitcoin network to confirm transactions and increase security. As a reward for their services, Bitcoin miners can collect transaction fees for the transactions they confirm, along with newly created bitcoins. Mining is a specialized and competitive market where the rewards are divided up according to how much calculation is done. Not all Bitcoin users do Bitcoin mining, and it is not an easy way to make money. P2P Peer-to-peer refers to systems that work like an organized collective by allowing each individual to interact directly with the others. In the case of Bitcoin, the network is built in such a way that each user is broadcasting the transactions of other users. And, crucially, no bank is required as a third party. Private Key A private key is a secret piece of data that proves your right to spend bitcoins from a specific wallet through a cryptographic signature. Your private key(s) are stored in your computer if you use a software wallet; they are stored on some remote servers if you use a web wallet. Private keys must never be revealed as they allow you to spend bitcoins for their respective Bitcoin wallet. Signature A cryptographic signature is a mathematical mechanism that allows someone to prove ownership. In the case of Bitcoin, a Bitcoin wallet and its private key(s) are linked by some mathematical magic. When your Bitcoin software signs a transaction with the appropriate private key, the whole network can see that the signature matches the bitcoins being spent. However, there is no way for the world to guess your private key to steal your hard-earned bitcoins. Wallet A Bitcoin wallet is loosely the equivalent of a physical wallet on the Bitcoin network. The wallet actually contains your private key(s) which allow you to spend the bitcoins allocated to it in the block chain. Each Bitcoin wallet can show you the total balance of all bitcoins it controls and lets you pay a specific amount to a specific person, just like a real wallet. This is different to credit cards where you are charged by the merchant.
Views: 23 benjamin tube
Bitcoin Transaction Details - Part 2
 
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A look at the details of the transactions... it gets a little technical, put on your seatbelts. This video is part of a larger online course, "From Barter to Bitcoin: Society, Technology and the Future of Money" run by Prof. Bill Maurer and Prof. Donald J. Patterson In addition to the video on YouTube there is a variety of other content available to students enrolled in the class. "In 2008, a person calling himself or herself or themselves Satoshi Nakamoto released a paper suggesting a system for an anonymous, peer-to-peer alternative money. Bitcoin was born. Although not the first digital currency ever proposed, nor the first challenger to fiat money, bitcoin is the first to have captured the broad imagination of speculators, coders, regulators, criminals and the mass media. This course puts Bitcoin in context: how do we understand money as a social, political and technological phenomenon? From discussions of ancient transactions to the rise of state-issued currencies, we will explore the social and technical aspects of bitcoin, its predecessors and potential successors, and how its features echo aspects of many different historical transaction systems. No prior knowledge of economics or computing is required. There is little academic writing on bitcoin. And this may be the first truly academic class on the topic. We want to put bitcoin in a wider perspective, to reflect on what it means for society, politics and economics, as well as how it helps us think about money both a social and a technical phenomenon. This class is not an advanced seminar on bitcoin--we will not be delving deeply into the inner workings of the system, but instead providing a bird's-eye overview with enough technical detail for you to be able to put media stories, hype and hope around bitcoin in perspective. Similarly, this is not a class in monetary economics--we won't go too deeply into monetary theory or policy, the money supply, or inflation. Instead the class invites you to think more deeply about one of the oldest systems of technology on the planet, and most ubiquitous: money, whether coin, cash, credit card or cryptocurrency, we humans have been making money for most of the past 10,000 years. How we do so in the future is a question bitcoin just maybe helps us answer."
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