Bitcoin Transactions

Elon Musk’s love of Dogecoin is nothing new, but he’s starting to give it serious praise beyond just memes. He recently claimed that while Bitcoin makes a good store of value, Dogecoin trumps it as a medium of exchange. Musk has criticized Bitcoin for its low transaction throughput, but the Bitcoin community generally disfavors his solutions. Dogecoin Over Bitcoin? Musk – who was recently named Time’s “Person of the Year” – spoke in an interview with the magazine released today.…

The fourth industrial revolution has come with consistent growth and adoption of technology in different fields of life. Amidst all this, the most extensive innovation of our century, Bitcoin, also surfaced on the financial markets over ten years ago. Bitcoin is burgeoning. A decade since its inception, the average daily trading of cryptocurrencies has exceeded 1% of trading in Foreign exchange markets. It’s currently the most significant market globally by trading volume. Bitcoin transactions alone have grown by almost 60%…

Government and monetary bodies in China continue to oppose the existing cryptocurrencies in the market, dismissing them as any form of legal tender. The crypto restrictions came into the spotlight in 2013 when China's Central Bank blocked financial institutions from conducting any Bitcoin transactions.  Trading platforms, exchanges, and ICOs followed suit as China prohibited any conversion and fundraising activities in 2017. According to the Chinese regulators, ICOs and crypto transactions are closely related to frequent fraudulent activities. As a result,…

To ensure thorough comprehension, here are some cryptocurrency terminologies and what they mean as used in this guide: Node (blockchain node): Computers connected to the network that store a full copy of the ledger and process transactions, i.e., miners Wallet: a software or hardware + software container for keeping, sending, and receiving cryptocurrency. Protocol: a set of rules that govern how nodes or computers in a system communicate with one another. Ledger: Decentralized database or record of transactions. Used interchangeably…

May 11, 2020, was a big event for Bitcoin miners. The third halving transitioned, cutting the supply of bitcoin in half, from 12.5 to 6.25 BTC every ten minutes for every mined block. But what exactly is mining? It is a universal term associated with the Bitcoin network and many other cryptocurrencies. Yet many explanations go only as far as indicating the importance of processing transactions, securing the network, and making transactions near-instant. This guide lets you understand what happens…

The Bitcoin mempool are broadcasted Bitcoin network transactions that have not been added to a block. Awaiting transactions in mempool are usually chosen for addition into the freshly mined block according to their transaction fee. However, when the transaction fee is low, it may take longer time for the confirmation of such transaction. In recent weeks, there was a considerable spike in the backlog of unconfirmed transactions on Bitcoin network thereby making the Bitcoin mempool reach its biggest size in…

Several things happen before an operation is included in the system when transacting on the Bitcoin network.  Unconfirmed transactions first accumulate in a pool known as mempool. Then, miners choose a transaction at random (but most prefer those with high fees) and add it to a transaction block. They then verify the transaction by solving complex mathematical problems, i.e., Proof of Work.  Next, the network confirms the block and adds it to the blockchain. Blocks added to the blockchain amount…

As Bitcoin gains increased mainstream adoption currently being used as a means of payment, the number of transactions on the Bitcoin network has increased significantly over the past few years. Unfortunately, with increased transactions, not all of them are verified and added straight away in the blockchain. For several reasons, Bitcoin transactions sometimes fail to confirm or become "stuck." One reason transactions get stuck is miners "prefer" transactions with transaction fees and include them in their blocks almost immediately. Transactions with…