9

Turing completeness includes the capability to run programs that might not terminate or that might terminate after a very long time. This would cause the blockchain to stall, hence it is a must to keep the number of instructions to be run predetermined (like BTC) or to be run according to a budget (like ETH).


5

I cannot predict the future but below are some arguments against turing completeness in Bitcoin. More data needs to be pushed in each transaction than a non-Turing-complete language like Bitcoin's stack-based SCRIPT. Fullnodes will need a lot of resources in order to operate, since they have to process a lot of data. Only few that can afford to run ...


5

Think of the blockchain as a court of law. A perfectly fair and incorruptible court which - if presented with a dispute - always rules justly. However, like real-world courts, it has high operational costs. Those do not have enough judges and juries to adjudicate every dispute anyone could ever encounter. Thankfully, it doesn't need to. The fact that anyone ...


4

1 MB was the maximum Bitcoin block size until 2017, not the size of each block. In the early years there were few transactions and most blocks were almost empty. After the august 2017 segwit soft fork, the way how the transactions size are measured and the maximum space available has changed, now blocks can be bigger than 1 MB. If you are interested, you can ...


3

People have heterogeneous visions for Bitcoin. Some people want it to be a digital gold, some value censorship resistance most, others want it to rival digital payment systems like PayPal. Given that, you will find that each of the ostensible improvements come with its set of tradeoffs—tradeoffs that infringe on the properties that other stakeholders hold ...


3

Proponents of Bitcoin always mention that Bitcoin is Open Source, so if any better cryptocurrency comes along, Bitcoin can just copy those features in their open source. Bitcoin can of course adapt to whatever its community agrees to. This isn't so much a result of the fact that it is open source, but of the fact that its use is entirely opt-in: it works ...


3

No, they are in the order by which your node received the blocks. This can be in any particular order as nodes receive blocks out of order during the initial sync. Furthermore, some nodes will receive and store blocks that become stale, while other nodes (particularly ones that come online after that block has been found) will not. So the blk*.dat files ...


3

Currently Bitcoin transactions can take around 45 minutes. This is not true. Bitcoin transaction is broadcasted instantly. Confirmation time depends on fee rate used, demand for block space, mining pools and few other things. It can take few seconds to few days for a bitcoin transaction to be included in a block. For example: Right now if you use fee rate 1 ...


3

So couldn't billionaires easily take over nodes and make drastic changes? Just curious, I am interested in Bitcoins because it is people's money, however I want to understand this area more. No. Bitcoin works exclusively by agreement. Everyone else in the world can make a change and I can choose not to make that change. Gold advisor told me, With physical ...


3

If you look at the announcement of bitcoin and the very first response to it, you can read James A. Donald pointing out that bitcoin (which we today call the base layer) "does not seem to scale to the required size". Partial quote of James A. Donald's response: We very, very much need such a system, but the way I understand your proposal, it does ...


3

How likely is it that some block from 1 year ago later turns out to be invalid? Very unlikely, but I think that isn't the problem. The problem is, how does a new user find out the current state (UTXO set or equivalent) without having to trust other parties? Any community has dishonest people preying on it. You cannot ignore, expire or invalidate unspent ...


3

Are trades done on exchanges added to blocks? No. Or are they only added once you withdraw the funds to your own wallet? Yes. If this is the case, how does the exchange decide on transaction fees? Fees for trading are just a property of the exchange, transaction fees on Bitcoin transactions for withdrawals are just their choice to make. They might ...


2

It's important to note that "difficulty" as such doesn't actually exist in the system; it's just a convenient way of representing the target value for human consumption. Internally (and on-chain) only the "target" and "nbits" representation are used. Furthermore, the actual difficulty for the genesis block doesn't really matter, ...


2

The problem with this proposal is that it relies on data that is external to the blockchain (namely, data that is in another branch of the chain). The validity of a block should be a function only of its contents, and the contents of anything the block commits to through hashes. Specifically, that includes all ancestors of the block, as the block header ...


2

I have a blockchain.com wallet. yesterday i did a big mistake : I customized transaction fee and set it to 10 satoshi. Here is the tx link of that transaction. Now after 1 day it has n't confirm. I would consider use of blockchain.com wallet also a mistake but that's just my opinion. Tx shared in the question: ...


2

See little-endian and big-endian. The choice made by Bitcoin authors for data transmitted over the network is somewhat arbitrary. I think the reference implementation (Bitcoin core) chooses to store the data on disk verbatim as received from the network. The standard for the Internet is called network order and is big-endian. The Intel x86 family of ...


2

But the merkle root must be different to each miner/node due to transaction order and the generation transaction, Correct. so how do other nodes come to consensus if their transactions are different. They don't. Every miner is fully responsible for the choice of their own transactions. There is no need for different miners to agree on the transaction ...


2

regtest is the test network best suited for this kind of testing. While it does still have a PoW requirement, the work required is basically negligible. It also does not do retargeting so the difficulty does not change. This allows you to create blocks at will. So you can use the regtest network option in order to test that your code is creating blocks ...


2

How Bitcoin restricts the mining time? The mining time is not restricted at all. Blocks are simply found at random times with an expected interval of roughly ten minutes. Miners perform quintillions of hashes of block candidates per second, each of which has a minuscule chance of resulting in a sufficiently low block hash that is required for a valid block. ...


2

The IP-addesses of Bitcoin nodes are not a secret. See addr Nodes don't explicitly tell other nodes their Bitcoin addresses. Since nodes pass on details of other nodes transactions, working out which nodes originated a transaction isn't straightforward. Since the set of Bitcoin nodes is constantly changing, and nodes go offline temporarily (or permanently), ...


2

For bitcoin to change its protocol, 51% of nodes holders have to vote to modify it. There is no voting, no Bitcoin user can be forced to accept protocol rules they don't agree with: their nodes enforce the rules locally on their own machine. At best, an attacker with a majority of the hashrate can enforce stricter rules than what is already allowed by the ...


2

I figured it out. You can input legacy phrases here https://login.blockchain.com/wallet/forgot-password It spits out your password and wallet ID. I logged in. It's an empty wallet :(


2

Does Bitcoin plan to implement any Fraud/Loss Prevention in their protocol? "Bitcoin" doesn't plan anything. It's a network of software nodes run by individual operators, who each decide whether or not they accept transactions as valid based on the transaction's inclusion in the valid chain with the longest proof of work. There is no "their.&...


1

Simple answer: no. The files are not text files and therefore don't have lines.


1

Bitcoin itself will never itself offer any kind of Smart Contract functionality, like the Turing complete EVM. Rootstock (RSK) however, is smart contracts platform (turing complete programming) that works alongside Bitcoin to offer the same functionality. It's been in development for some time and I suspect now it will integrate with Lightning, and thus work ...


1

The balance that you see is the confirmed balance. This is the sum of the unspent transaction outputs controlled by your wallet that are in transactions that have been confirmed. The confirmed balance can temporarily decrease more than the amount that you actually want to send due to change outputs. However once the transactions confirm, it should be what ...


1

A 51% attack involves just 51% of the hashrate, no nodes are involved. With a majority of the hashrate, miners can construct a new branch in the chain that overtakes the chain that was previously accepted. It has to be an otherwise valid chain, as otherwise nodes would reject it. The attack doesn't let the 51% attackers make the network accept any invalid ...


1

Miners offer up blocks to the network hoping that their offerings will be accepted. Other nodes may accept or reject such blocks. A node that accepts a block adds that block to their copy of the blockchain. Nodes that don't accept a particular block don't add it to their copy of the blockchain and don't pass on that block to anyone else. Any miner that is ...


1

Can a full node read and understand these downloaded transactions, ... Yes. or just it's just keeping a copy of encoded information? You write "encoded" but the context makes it seem you may have meant "encrypted" The Bitcoin network does not encrypt any data. None of the data in the blockchain is encrypted. It is all publicly readable ...


1

All info on transactions and more generally on blockchain are readable and understandable by every full node. All the info you find on a blockchain explorer are basically asked to a full node, if you want you can run your own blockchain explorer querying your node. There is no privileged actors in Bitcoin network, all node share the same info and ...


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