12

It takes about 200 vbytes to spend from a Lightning Network (LN) Hashed Time-Locked Contract (HTLC) output used for routing a payment. At the default minimum feerate of 10 nBTC/vbyte, that makes it uneconomical to attempt to claim a routed micropayment below about 2,000 nBTC ($0.008 USD at $4,000 USD/BTC). As fees rise, larger and larger micropayments ...


9

A very low value output in Bitcoin (or any similar system) has zero actual value because the cost in fees to spend it would be equal to or greater than the coins it provides. Like someone writing you a check for $0.01, you'd be best off throwing it out because the time it takes to handle it (much less the tiny risk that it bounces and causes you a bounced ...


6

I do not think there is anything to reach consensus on. very small payments (in relation to the transaction fees) they belong to neither (some developers will create a micro-payment solution on the main chain and other on side chains); both are viable and it depends on the application


5

There's no free lunch. You can spend all the UTXOs in one transaction to spread the output bytes across many inputs, but each input still needs a certain number of bytes. To my knowledge, there isn't any more efficient way of spending them than the standard transaction types. (If there were, it would be the standard.) You can of course attach a fee below ...


4

First off, yes, the lightning network will not require 1000 on-chain transactions added to the blockchain. The lightning network aggregates off-chain transactions into single on-chain settlements. Like the Bitcoin network, the lightning network will also operate on a model of market-driven transaction fees. However, these are not the same fees paid to ...


4

Hashcash is one of the many anti-spam techniques used today, which is essentially a proof-of-work system designed to limit not only email spam but also denial-of-service attacks. A similar proof-of-work methodology is being used in bitcoin for block generation. With an average of 150 billion e-mails sent out on a daily basis I cannot see how this could be ...


4

No, not without any transactions. The Lightning Network is based on so called channels between 2 users. The creation of this channel has to be broadcasted to the blockchain (and another transaction is needed to close it again). While creating the channel, you've also to put some BTC into the channel, which then can be transferred between both ends. To ...


4

It's possible for Alice and Bob to agree among themselves to pay Carol and any number of other recipients (subject to limits on transaction size). However, it's not possible for Carol and other additional recipients to receive those payments with the same trustless security available to Alice and Bob through the payment channel construct. Alice and Bob ...


4

The Microtransaction API documentation it describes a BlockCypher MicroTX as a normal transaction. BlockCypher just checks that the transaction has reached 98% on their confidence-factor and is therefore included in the next block. However the documentation (and the whole concept) seems to be outdated. The Microtransaction API will accept values between ...


3

When I set up a lightning channel with a node, have I need to put some bitcoins in it? Generally, yes. The person who initiates the channel creation process (i.e. the person that says "I want to open a channel with you") is the one who funds the channel. Then, if I wanted to buy something using lightning network (for example, a sticker from Blockstream), ...


3

Payment channels are a specific form of state channels used for forwarding payments (as in the Lightning network). State channels are a more abstract idea: In theory you could use the ideas of cryptographically securing a state between two or more participants (the balance in payment channels) backed by a blockchain for something else than payments (like ...


3

An htlc is a small output in the commitment transaction. As with any output it needs to be bigger than the dust limit. In particular if the amount is smaller than the expected on chain transaction transaction fee to spend it it becomes economically unviable.


3

So the question is if it would be unfair to Alice if: Bob wouldn't reveal his secret information and Bob broadcasts the previous commitment transaction Now, the only case in which Bob would broadcast the previous transaction is if it would have a higher balance for Bob. That would mean that the intention for the channel state update is that Bob would ...


3

The preimage R is the same throughout the entire route, so Bob/Dave would know what R is (from lnd Overview). However if Bob were to broadcast his commitment transaction for the Bob -> Carol channel, it would have to either be an old commitment without the HTLC-offered output or be the current commitment transaction with the HTLC-offered output. In the ...


2

You can use blockchain.info's API to look this up, specifically you're looking for the inputs of the "input_transaction_hash" tx: https://blockchain.info/rawtx/0a11043d6e067bad827d4c82da2c45e99323f3a0b28f843fae156bcbd7e8a1d2 Result: { "ver":1, "inputs":[ { "sequence":4294967295, "prev_out":{ "spent":true, ...


2

Let's take a step back and define dust: dust is an transaction output with a very low value. When creating an input to a new transaction that spends that output, you have to use 36 bytes to reference it (the outpoint), about 72 bytes for the signature, either 65 or 33 bytes for the public key (depending on whether it was compressed, plus about 10 more bytes ...


2

Bitcoin for Point-of-Sale Bitcoin is inherently ill-suited as a form of instant payment. This is due to transactions needing confirmations before they become reliable which even at best times can take between several minutes and an hour. Before a transaction is confirmed, it is merely a declaration of intent open to replacement by another transaction ...


2

1) Bitcoin is a gossip network in which each (full) participant checks all activity of all other (full) participants. Such systems scale notoriously badly as the cost for each network event scales quadratically. Simple example: Three participants creating three transactions leads to six transaction relays and verifications. Six participants creating six ...


2

Depending on your time-restraints, you either have to pay the market's current fee rate, or wait until the block space demand is low enough to include your transaction at a much lower fee rate. Nate did a good job at describing that. I wanted to add that there is an on-going discussion to generally lower the minFeeRate, so if you can be very patient, your ...


2

Port 9735 is the lightning port. What BTCPay wants is the API. C-Lightning does not support TCP natively, but one can use socat as I did in the docker entrypoint to bridge unix to TCP.


1

Note that this video is made by shitcoin paddlers trying to spread FUD. If I remember correctly the further episodes are much much worse. "There's no way to add more beads or take off a portion of the beads without taking the rod down all together." This is false. It is possible to both add and remove coins from a channel. It's called topping up or ...


1

I know Bitcoin has this concept of "sweeping" funds. Does that still involve incurring a flat fee for every address generated by the master private key? No, sweeping an address involves inputting a private key into some wallet software, and then having the wallet software initiate a tx to empty that address’ funds entirely into a new address that the wallet ...


1

The main problem I see with this is increased complexity, and possible collusion between 2 of the 3 parties. If Carol is now required to sign updates, what does Alice do if Carol is unresponsive? Broadcast her rescue transaction even though Bob is a responsive participant? Does she have rescue transactions for misbehavior from both Bob and Carol? What if ...


1

Is it BreadWallet? You can restore that in Mycelium, afaik. As to your actual problem: just leave it, file the seed words somewhere safe, and maybe one day it'll be worth actual money.


1

Bitcoin transaction fees vary with supply and demand. You can see a current snapshot at https://bitcoinfees.21.co/. Right now a typical fee for a transaction is around BTC 0.0006. As you can see, this will not work very well if your goal is to charge 1/10 of this amount (USD 0.25 = BTC 0.000062 as you mentioned). Moreover, you will have to pay (roughly) ...


1

currently that's not feasible with bitcoin due to its price. The alternative is to use another coin with a lower price to make it truly a "micro-transaction" with sub-penny fees. But the problem with scenario is your users will now have to buy that coin just to buy your product. Check coinmarketcap.com for a list of coins to use.


1

The lightning network could potentially allow you to do this. It would not help if each (or many) of your 1000 customers wanted to open a payment channel with you to pay for an emoji. This would result in two transactions (open and close) and 1000 small outputs for you. A payment channel is not particularly useful for one time payments. However, if all ...


1

Yes. It is possible that a transaction is never confirmed, even if it does pay a fee. Transactions that pay more fee take precedence, and after a while your old unconfirmed transaction will drop out of the mempool. Edit: This answer originally stated that older transactions get prioritized, but that behavior is no longer active on the network.


1

Create a unique address, log it to a DB with a reference to the user id. The accounts feature was deprecated in 2016 Use the walletnotify feature in your bitcoin.conf instead of a cronjob. This will call a file that can take the transaction id(passed as %s) as an input whenever a new transaction is received in your mempool and again once confirmed. Use ...


1

You should check out walletnotify: everytime a transaction hits your wallet it will fire a command or script off. Walletnotify will run a shell command everytime something changes in your wallet. I like this repo.


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