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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

by 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.

gibybo 7y ago
The original 9 page paper by Satoshi is probably the best place to start for a technical introduction: https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf The Bitcoin wiki has a lot more information, although it can be hard to navigate: https://en.bitcoin.it/wiki/Main_Page https://en.bitcoin.it/wiki/Main_Page For some more modernish innovations in Blockchain tech in general, I would also recommend the Ethereum white paper: https://github.com/ethereum/wiki/wiki/White-Paper https://github.com/ethereum/wiki/wiki/White-Paper. Ethereum re-imagines the Bitcoin protocol with a turing complete virtual machine that runs on the chain itself.
- akuji1993 7y ago
  Thanks, I'll be sure to check those out.
olalonde 7y ago
I would start with the original Bitcoin white paper[0] followed by the blockchain guide on Bitcoin.org[1]. [0] https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf [1] https://bitcoin.org/en/blockchain-guide#introduction https://bitcoin.org/en/blockchain-guide#introduction
wickoff 7y ago
https://github.com/bitcoinbook/bitcoinbook https://github.com/bitcoinbook/bitcoinbook This is probably the best in depth technical overview of how Bitcoin works.
latchkey 7y ago
The way to get a transaction through is to pay a fee to have it validated. The higher the fee, the more incentive for miners to add your transaction to their blocks since they will earn that fee if they can validate the block the fastest. Right now, the fees are relatively low because miners are primarily living on the block rewards for validating transactions. As those block rewards decrease (halvenings), transaction fees will need to pick up the slack. Smaller miners may also leave the network as the competition picks up, which will lower the difficulty and increase the chances of validating the block the fastest (and thus getting paid the rewards/fees). Halvenings means less inflation, so the theory/practice is that the price will also go up over time... thus the transaction fees will go up, but not substantially because the price is also going up. This will also incentivize outside transactions like lightning network.

gibybo 7y ago

The original 9 page paper by Satoshi is probably the best place to start for a technical introduction: https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf The Bitcoin wiki has a lot more information, although it can be hard to navigate: https://en.bitcoin.it/wiki/Main_Page https://en.bitcoin.it/wiki/Main_Page For some more modernish innovations in Blockchain tech in general, I would also recommend the Ethereum white paper: https://github.com/ethereum/wiki/wiki/White-Paper https://github.com/ethereum/wiki/wiki/White-Paper. Ethereum re-imagines the Bitcoin protocol with a turing complete virtual machine that runs on the chain itself.

akuji1993 7y ago
Thanks, I'll be sure to check those out.

olalonde 7y ago

I would start with the original Bitcoin white paper[0] followed by the blockchain guide on Bitcoin.org[1]. [0] https://bitcoin.org/bitcoin.pdf https://bitcoin.org/bitcoin.pdf [1] https://bitcoin.org/en/blockchain-guide#introduction https://bitcoin.org/en/blockchain-guide#introduction

wickoff 7y ago

https://github.com/bitcoinbook/bitcoinbook https://github.com/bitcoinbook/bitcoinbook This is probably the best in depth technical overview of how Bitcoin works.

latchkey 7y ago

The way to get a transaction through is to pay a fee to have it validated. The higher the fee, the more incentive for miners to add your transaction to their blocks since they will earn that fee if they can validate the block the fastest. Right now, the fees are relatively low because miners are primarily living on the block rewards for validating transactions. As those block rewards decrease (halvenings), transaction fees will need to pick up the slack. Smaller miners may also leave the network as the competition picks up, which will lower the difficulty and increase the chances of validating the block the fastest (and thus getting paid the rewards/fees). Halvenings means less inflation, so the theory/practice is that the price will also go up over time... thus the transaction fees will go up, but not substantially because the price is also going up. This will also incentivize outside transactions like lightning network.