Analysis of Bitcoin Transaction Size ... - Blog TradeBlock
Analysis of Bitcoin Transaction Size ... - Blog TradeBlock
Transaction - Bitcoin Wiki
Weight units - Bitcoin Wiki
What is in a transaction size? : Bitcoin
What is the average size of a bitcoin transaction ...
https://xuezcoin.com/ XUEZ is a community-based project, aiming to address the inherent problems plaguing Bitcoin and other cryptocurrencies. Understanding the importance of anonymity as well as usability, XUEZ provides a 8MB block size that results in close to instantaneous transaction times.
ELI5: Future plans for the size of bitcoin transaction fees.
I'm not in shape with this topic, and would like if someone can explain this confusing issue: Has it always been the "plan" for bitcoin transaction fees to rise to the level they're at now? If it has been the plan, this implies bitcoin is not a currency in any reasonable sense. Why then does bitcoin have such a large market cap compared to other crypto coins where transaction fees are far more modest? If it has not been the plan, why has it happened, and when and how will the transaction fees correct to more modest levels?
07-31 01:05 - 'Based on my understanding when you send your transaction it’s just like sending any other data online - an email, a file, website data. The “file” (or data packet) size of the transaction info. [link]' by /u/chinavirii removed from /r/Bitcoin within 1-11min
''' Based on my understanding when you send your transaction it’s just like sending any other data online - an email, a file, website data. The “file” (or data packet) size of the transaction info. [link]1 ''' Context Link Go1dfish undelete link unreddit undelete link Author: chinavirii 1: t*ad**lo*k*com/b*og/analysis-of**i*coin-*rans*ctio*-*ize**re*ds/ Unknown links are censored to prevent spreading illicit content.
07-09 18:17 - 'Actually a monero transaction is about 10x the size of a bitcoin transaction (around 2kb), so it's not "100x-1000x fewer users". Also the tx size will shrink soon with new development. / Bitcoins missing fungibility is...' by /u/Davethebrave111 removed from /r/Bitcoin within 61-71min
''' Actually a monero transaction is about 10x the size of a bitcoin transaction (around 2kb), so it's not "100x-1000x fewer users". Also the tx size will shrink soon with new development. Bitcoins missing fungibility is a very huge show stopper imo. And it doesn't matter if you make some of the transactions private, with coinjoins etc. ,which instantly triggers all red flags in the snitch companies software like chainalysis. It's ether privacy by default or no privacy. I'm don't want to shit on bitcoin, but this game is lost. Bitcoin won't ever be private, even if it's technically possible, the suits in the game will prevent this by all means because "compliance". It's too late, the time to think about this was 5 years ago. Better join the dark brother of bitcoin;) ''' Context Link Go1dfish undelete link unreddit undelete link Author: Davethebrave111
Binance DEX (decentralized exchange) could kill the dominance of Bitcoin BTC, since all transactions are done on-chain. This will expose the flaw in BTC's small block size limit, and cause BTC transaction fees to skyrocket.
Currently, everyone holds Bitcoin BTC as their reserve trading currency. That's because:
BTC has legacy status as the default trading pair.
Trading costs at traditional crypto exchanges are the same, regardless of cryptocurrency. Ex: Binance trading fee is 0.1%, regardless of coin. That's because transactions are done off-chain.
But we've all known the flaw in traditional crypto exchanges: if the exchange collapses or disappears, you lose all your coins, since you don't have any seed words or private keys. With a DEX, you hold your seed words & private keys. If the exchange collapses or disappears, you should still be able to access your coins on the respective blockchains. If DEX exchanges take off, that could be a fatal blow to Bitcoin BTC's legacy status as a reserve trading currency. That's because:
Bitcoin BTC has a small block size limit, and can't scale on-chain, so as DEX trading volume increases, Bitcoin BTC's mempool & transaction costs will skyrocket, making it unusable.
RESULT: If decentralized exchanges - like Binance DEX - become popular, Bitcoin BTC on-chain transaction fees will become ridiculously expensive, and people will start looking for a new default cryptocurrency to hold / trade / spend. It will be the end of Bitcoin BTC dominance.
Since the Bitcoin Cash upgrade in May 2018, software developers have unleashed a slew of microblogging protocols that utilize OP_return transactions. One application called Member is a BCH-based browser that makes use of these types of transactions and the extra space added to the data carrier size.
"I'd just like to call everyone's attention to #BitcoinSV Block no. 574555... 251 transactions, 19.2MB in size. I see no evidence of stress tests happening on the network, so I can only surmise that this is organic growth. People using Bitcoin."
I find it comedic that people think Bitcoin can be the currency of the future, yet those same people oppose increasing the block size from 1 MB to 20 MB. You can't have a currency of the future that only handles 7 transactions per second.
Security of the bitcoin network is funded by the reward miners get: Transaction fees + subsidy. Over time the subsidy drops to 0 and we are left with just fees. If you limit the block size to 1mb you limit miner reward to what fees can fit in 1MB of space. You limit the security of the network.
I've posted this before and was criticized because it was claimed this was a future problem. Actually, the block reward goes pretty low pretty fast. Already 80% of coins are already mined. This is a future problem, but guess what? So are cores hypothetical centralization problems that are supremely trumped by this problem. Cores hypothetical in the future problem is that miners will geographically centralize because the latency of relaying large blocks will result in close miners having an advantage. The relay network which allows blocks to transmit without latency issues shouldn't count according to core because it is not "decentralized". The other part of their "decentralization" argument is that we need to all run full nodes to make transactions, but then fail to give an example of anyone being defrauded by an SPV wallet. They then give statistics for how full nodes are dropping (without factoring in that the original bitcoin wallets were all full nodes which skews the statistics)
Nick Szabo: "There's an obsessive group of people who think of [the block size] as some kind of artificial barrier to more transactions per second on Bitcoin"
On the recent interview with Nick Szabo and Tim Ferris, Nick has a really good point to make about the block size: "There's a technical security parameter, it's called the "blocksize". How the general public glombed onto this I do not know, but there's an obsessive group of people who think of this as some kind of artificial barrier to more transactions per second on Bitcoin. Really, it's job is it's a fence preventing people from flooding the network with lots of transactions that the full nodes I talked about can't handle. That transaction history keeps building and building ... "This shouldn't even be a public debate. It's like a public debating and voting on the graphite reactor settings that prevent a nuclear reactor from overheating and shutting down. There are certain things you should let the engineers decide, and this is one of them. For some reason there's this whole group of people that want to pull out the graphite moderator rods and let this run at full steam." http://tim.blog/2017/06/04/nick-szabo/ At 00:46:00
“The new large OP_RETURN data sizes on #BitcoinSV are the start of a new era of leveraging #Bitcoin as a data carrier. Long-term, miners will be funded entirely by tiny transaction fees on huge volumes of transactions.” - @money_button @ryanxcharles
1) Historical Transaction Type Trends: 2009-2015. Non-basic or atypical transaction types began appearing on the Bitcoin blockchain in 2013. Atypical transactions types comprised 0.03%, 1.23%, and 10.15% of the total transaction volume in 2013, 2014, and 2015 (to-date), respectively. 2) Transaction Type Trends vs. Average Transaction Size: 2014 ... Just to give a few exact numbers, the current average transaction size (of all existing transactions until block height 498920) is 522.45 bytes. If we take into account just the first 100000 blocks, then the average transaction size was indeed 238.51 bytes. This is a plot of the average transaction size (aggregated monthly): Bitcoin Blockchain Size – Das Wachstum 2017 , 2018 und 2019. Die ausgeklügelte Mechanik des Bitcoins hat sich in den letzten zehn Jahren kaum verändert. Das trägt natürlich zur Stabilität und zum Vertrauen in das Netzwerk bei, zeigt aber auf der anderen Seite, dass wesentliche technische Herausforderungen noch ungelöst sind. Abgesehen von der Proof-of-Work Difficulty, die für das ... Bitcoin was released with an implicit maximum block size limit of 32 mibibytes (32 MiB), ... The transaction's real size on disk and over the network is 218 bytes, which is the size in bytes of the whole transaction expressed above in hexadecimal. The weight is always greater than the real size, in this case 542 weight units. The size in vbytes would be 135.5. References ↑ Bitcoin Core 0.13 ... Both can vary in size, but your typical "standard" transaction has inputs that are about 181 bytes, and outputs of 34 bytes. Typically you would use at least 1 input and create two outputs (recipient + change back to yourself). How many inputs you need to use depends on how much BTC you are sending and what amounts you have received in previous individual transactions.
How to Lower Bitcoin Fee and See Transaction Size in Bitcoin Core
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