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It tells me there are only 30.000 transactions? In the last block? Because that number seems very small compared to the hype that surrounds Bitcoin if that is "

by akuji1993 7y ago

It tells me there are only 30.000 transactions? In the last block? Because that number seems very small compared to the hype that surrounds Bitcoin if that is "All Transactions of all time"

ignaloidas 7y ago
This doesn't represent Lightning network, which is used for smaller, quicker transactions later synced onto the main Bitcoin chain by transferring only the differences between the nodes to save on transaction fees.
- umanwizard 7y ago
  It's more honest to say "intended to be used for". The LN has been promised as the solution to Bitcoin's scaling woes for years, but somehow never seems to catch on.
  - deleted 7y ago
    [deleted]
  - grubles 7y ago
    The Lightning Network actually has seen parabolic growth since it started in Q1 2018 -- with roughly 40,000 payment channels opened and ~1000 BTC total capacity. https://p2sh.info/dashboard/db/lightning-network?orgId=1&from=now-2y&to=now https://p2sh.info/dashboard/db/lightning-network?orgId=1&fro...
- ilaksh 7y ago
  I didn't know LN was a real thing I could use. What app or whatever do I get for a wallet? And what places or sites accept LN? Or it works with any btc transaction?
  - ric2b 7y ago
    The simplest way is to use the Eclair wallet on Android. The receiver needs to support it, I've used: - https://joltfun.com/ https://joltfun.com/ - Buy games with LN at low prices - https://www.bitrefill.com/ https://www.bitrefill.com/ - Buy gift cards for many shops. This lets you make purchases on shops that don't accept Bitcoin. There's also moon, which I haven't used but lets you buy from Amazon with LN: - https://paywithmoon.com/ https://paywithmoon.com/
olalonde 7y ago
It's probably number of transactions in a single block (e.g. within ∼10 minutes). All transactions of all time is way larger.
gibybo 7y ago
A typical block has on the order of 1000 transactions and they occur on average once every 10 minutes. The 30k number that the website gives in the beginning is talking about the number of transactions that have not yet made it into a block but are currently being replicated among nodes in the network. Each transaction includes a bounty to be paid to the miner that includes it in a block. Most of these 30k pending transactions have a low fee and are usually ignored by most miners, but may eventually make it into one when an altruistic miner manages to mine a block, or when a greedy miner has no better options. If they don't make it into a block relatively soon, nodes will stop replicating them.
- akuji1993 7y ago
  Okay, that makes waaay more sense. Thanks for explaining. Do I understand correctly, though? If I want to send a small amount of bitcoin, with a minimal fee, there is a possibility that that transaction won't go through, because no miner picks it up?
  - m00dy 7y ago
    right.
  - gibybo 7y ago
    That is correct, there is a maximum number of transactions that can occur on the main Bitcoin chain (it was ~7/second at the beginning, and I think it still is) so there is effectively an auction to get on the chain. As ignaloidas explained in another comment though, this doesn't include the Lightning Network which is where most everyday transactions would occur.
    - akuji1993 7y ago
      Alright, so there's always a way to get my transaction through, nice. Would you have any resource that is worth checking out to learn more about blockchain? I don't care about market analysis, economy. I just want to understand the underlying technology to know what's happening there. Book would be fine too.

It tells me there are only 30.000 transactions? In the last block? Because that number seems very small compared to the hype that surrounds Bitcoin if that is "All Transactions of all time"

ignaloidas 7y ago

This doesn't represent Lightning network, which is used for smaller, quicker transactions later synced onto the main Bitcoin chain by transferring only the differences between the nodes to save on transaction fees.

umanwizard 7y ago
It's more honest to say "intended to be used for". The LN has been promised as the solution to Bitcoin's scaling woes for years, but somehow never seems to catch on.
- deleted 7y ago
  [deleted]
- grubles 7y ago
  The Lightning Network actually has seen parabolic growth since it started in Q1 2018 -- with roughly 40,000 payment channels opened and ~1000 BTC total capacity. https://p2sh.info/dashboard/db/lightning-network?orgId=1&from=now-2y&to=now https://p2sh.info/dashboard/db/lightning-network?orgId=1&fro...
ilaksh 7y ago
I didn't know LN was a real thing I could use. What app or whatever do I get for a wallet? And what places or sites accept LN? Or it works with any btc transaction?
- ric2b 7y ago
  The simplest way is to use the Eclair wallet on Android. The receiver needs to support it, I've used: - https://joltfun.com/ https://joltfun.com/ - Buy games with LN at low prices - https://www.bitrefill.com/ https://www.bitrefill.com/ - Buy gift cards for many shops. This lets you make purchases on shops that don't accept Bitcoin. There's also moon, which I haven't used but lets you buy from Amazon with LN: - https://paywithmoon.com/ https://paywithmoon.com/

olalonde 7y ago

It's probably number of transactions in a single block (e.g. within ∼10 minutes). All transactions of all time is way larger.

gibybo 7y ago

A typical block has on the order of 1000 transactions and they occur on average once every 10 minutes. The 30k number that the website gives in the beginning is talking about the number of transactions that have not yet made it into a block but are currently being replicated among nodes in the network. Each transaction includes a bounty to be paid to the miner that includes it in a block. Most of these 30k pending transactions have a low fee and are usually ignored by most miners, but may eventually make it into one when an altruistic miner manages to mine a block, or when a greedy miner has no better options. If they don't make it into a block relatively soon, nodes will stop replicating them.

akuji1993 7y ago
Okay, that makes waaay more sense. Thanks for explaining. Do I understand correctly, though? If I want to send a small amount of bitcoin, with a minimal fee, there is a possibility that that transaction won't go through, because no miner picks it up?
- m00dy 7y ago
  right.
- gibybo 7y ago
  That is correct, there is a maximum number of transactions that can occur on the main Bitcoin chain (it was ~7/second at the beginning, and I think it still is) so there is effectively an auction to get on the chain. As ignaloidas explained in another comment though, this doesn't include the Lightning Network which is where most everyday transactions would occur.
  - akuji1993 7y ago
    Alright, so there's always a way to get my transaction through, nice. Would you have any resource that is worth checking out to learn more about blockchain? I don't care about market analysis, economy. I just want to understand the underlying technology to know what's happening there. Book would be fine too.