116

How Bitcoin Mining Works Bitcoin transactions are mined (processed) by Miners, and Miners want to benefit from their work. By mining transactions with higher fees, they make more money. Some miners can decide to mine all transactions no matter the fee but they still must compete with every other financially motivated miner. Why is it taking so long for my ...


60

Generally, it's not worth your time and effort to mine at home! (Some exceptions may apply.) Age of ASIC mining CPU mining has been unprofitable since 2011, GPU mining just slightly later. Today, ASICs rule mining. The Bitcoin network has more than 1.7 Ehash/s (Oct 2016) now which is 1,700,000,000,000 Mhash/s. Your graphics card will be running full ...


58

I noticed this question was posted a long time ago and perhaps things have changed so I took the liberty to dig in again and also aggregate most of the answers given here and here’s what I found: It’s indeed impossible to buy Bitcoins with Paypal DIRECTLY even today and it's mainly because of Paypal’s TOS (Section 3.7 here) and the issues of chargeback. ...


56

We get a lot of questions revolving around the questions and problems faced by new users of Bitcoin. While some of this is beyond your question, this answer might work as a potential lightning rod for some of the questions that get asked anew here almost daily. In the following you find a few hand-picked questions that are likely of interest for new users. ...


46

How do I recover from a cryptocurrency scam? You don't. At least, you don't recover your money. I guess you recover by learning from the mistake and doing things more safely in future. It may be worth asking an accountant if the financial loss on your investment can be offset against other taxable income. I contacted my bank to see if they could do ...


36

Yes, there is a way to save a borked transmission. A restart of the wallet and some patience typically fixes the issue. How to stop/reverse a Bitcoin transaction without confirmations: Run bitcoind and with -zapwallettxes. This makes the wallet "forget" any unconfirmed transactions, thus enabling you to reuse their inputs. Create a new transaction to make ...


33

this is a generic answer applying to "light" wallets - I don't know much about the blockchain.info-wallet There are several approaches that may work. I'm not sure which methods are most easily available for a user of a blockchain.info-wallet, but probably #0a and #2, followed by #3, #0b and #1b. 0) Wait it out. 0a) Wait for the transaction to go ...


28

Basically there are five main ways of getting bitcoins: Mining Buying Offering goods and services for Bitcoin Obtaining for free through micro payment Asking a friend who already has them to give a tiny fraction for free Let's start with mining: first of all I have to warn that currently there is almost impossible to mine by your own. You need to have a ...


25

In the case that your fee is too low: Now that child-pays-for-parent has been merged, you(or any of the recipients of your unconfirmed transaction) could spend the Bitcoin received and the fee associated with that second transaction will help prioritize the confirmation of the original transaction. This does require more fine grained control of which ...


23

Here is a guide for as many wallets as I could figure out how to perform an RBF with. This is adapted from my bitcointalk post: https://bitcointalk.org/index.php?topic=1802212.0 What is a "Stuck" transaction? How are they caused? A "stuck" transaction is a transaction which has remained unconfirmed for period of time which either the receiver or the sender ...


18

I'm sorry for your loss. As a 'tech person' reasonably informed about cryptocurrency, I concur that it is highly unlikely that you will ever recover any money. Some information about Bitcoin and online scams Technically, it is not hopeless though. You recovering (some) money would hinge on this chain of events: It is not completely impossible that the ...


15

As of what happens if someone send BTC from a BTC wallet to BCC wallet address, the transactions go through. But you can only see that transaction in the Bitcoin Blockchain rather than Bitcoin cash blockchain. I will explain with an example. Say there is an address named "abc" in BTC and another address named "def" in BCC. abc has 1 BTC (Bitcoin Network) ...


13

The other answers cover most useful information already, I'd like to add one point though: The fee estimation of most wallets has significantly improved since blocks have gotten full. If you're running an outdated version, it's likely that it is doing a bad job of guessing the fee. That may cause you to either overpay or your transactions not getting ...


12

Although you can find a more comprehensive list here on the Bitcoin Wiki, some of the most popular exchanges in the community are: Coinbase - https://coinbase.com Bitstamp - https://www.bitstamp.net You can exchange your bitcoins for US dollars on these websites and have them funded to your bank account.


9

Short of having law enforcement and the legal system whose jurisdiction the scammer(s) reside in compelling them to return the funds, you are out of luck. Bitcoin transactions are irreversible. Once they have the coins in addresses for which you do not own the keys, there is nothing you can do to recover them. Your only option may be to treat this as an ...


8

If you are using Electrum, there is no equivalent to -zapwallettxes. The closest thing you can do is to restore your wallet from a seed. This will wipe your client of any unconfirmed transactions. Then, you can resend the transaction with a higher fee.


8

I've just visited #electrum on IRC to get some advice. While restoring from a seed may make your wallet forget a transaction and allow you to resend it with a higher fee, abpa there told me that this sometimes doesn't work because the server will remind the client about the transaction if it's still in the server's mempool. abpa suggested using child-pays-...


8

There is nothing which distinguishes a BCC address from a BTC address; they are both the same format and refer the the same keys, thus a BCC address is a BTC address and vice versa. This means that if someone sends BTC to an address that you created with a BCC wallet, the person who owns that BCC wallet would receive BTC. It won't appear in his BCC wallet, ...


6

As long as both chains adhere to the same address format, which I believe they do for now, there is no such thing as a BTC or a BCC address -- both are valid on both chains. What enables you to split your coins is the replay protection BCC implemented. It makes a BCC transaction invalid under BTC rules and vice versa. BTW, Ethereum faced similar problems ...


6

I was told once I login to change my password It is important you understand why this is a trick intended to deceive you. Wallets don't contain bitcoin. Wallets contain a "private key" - it is this private key that gives you control over an amount of bitcoin. The person who creates a wallet can copy this private key and use it to make a new wallet ...


5

I had this happen to me once. It was apparently caused by an incompatible peer node. Delete $HOME/.bitcoin/peers.dat Restart bitcoind Afterwards, new compatible peers will be found, and hopefully, you'll start processing blocks as expected again.


5

The usual procedure would be to deposit the bitcoins into a bitcoin exchange, sell them there, and withdraw the cash to your bank account. You will have to identify yourself to the exchange, and the exchange must be able to send money to your bank.


5

Not sure if this is a proper question for this site. But in case it doesn't get deleted: Stay away from scams. Imagine Nigerian princes everywhere but with internet money instead of email. Assume anything except Bitcoin is a scam (and convince yourself of even that fact before investing) until you know enough to judge for yourself or 2 years have passed (...


5

The Bitcoin protocol follows a Unspent Transaction Output system to track the existence and state of all Bitcoin in the system. These are known as UTXOs. All transactions that transfer Bitcoin do so by consuming one or more UTXOs, and create one or more new UTXOs. The only exception to this is the Coinbase transaction, which is limited to being the first ...


4

If there are Bitcoin ATMs in your country it should be as simple as goint to the ATM ask for a refound and transfer the Bitcoins to where the ATM asks for. After that it should give you the money (whitout the processing charges).


4

I had to do this for a Dogecoin wallet that was very out of sync once. I will outline the steps that worked for me. My example will be for Bitcoin, though, since that's probably what most people will need. Caution: this is a bit technical, but it works. Expect this to take probably 10-30 minutes. This also assumes you are using a standard Pay-To-Pubkey-Hash ...


4

General What is Bitcoin? Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as ...


4

It looks like your transaction finally went through. I've had a transaction take longer than 24 hours due to not including a large enough miner's fee And currently there's no way to cancel a transaction after it's already sent, even if it's still unconfirmed. So it's a good idea to triple check the amount you're sending, the transaction fee and that it's ...


4

Basically, you can double spend the input and add transaction fees. Firstly, this sounds crazy but it works! Somebody also made an introduction video on how to do this: https://www.youtube.com/watch?v=ycq7O48aPvQ


4

I want to delete my unconfirmed transactions from Blockchain.info? Unconfirmed transaction means that your transaction is being broadcast through the network until some miner write it down into a block. If the unconfirmed transaction is not confirmed into the blockchain after some days, it is deleted from the network. Nowadays, there is no easy way to ...


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