0
I am not an expert on bitcoin, so please pardon me for dumb questions.
1, Will bitcoin not work any more in the far future? I think, not sure, every bitcoin transactions are recorded into memory or a block, and since this memory is so limited and hard to get, let's assure that your memory card is full or corrupted, then your expensive digital camera simply won't work anymore. So I think bitcoin owners pay too much on their memory card and forget about that the real value is in the camera.
2, What are the differences between a bitcoin and a memory block? I think they are the same thing, but on the other hand, I can spend a bitcoin, but I don't think I can spent a memory block.
3, I notice a payment that I sent days ago still haven't got confirmed. I sent 0.003 BTC and the fee I pick is 0.0003 BTC which was all I got in my wallet. That is too slow. I understand why, but I just can't accept it. So my third question will be what happen when everyone pick the same "priority" or Sat/b value, how long will it take for a transaction to go through in this unrealistic scenario?
4, It's basic economy, Supply and Demand. Since people are paying priority fee every new day, why would anyone want to process the lower fee transactions at all?
5, Is bitcoin really decentralized? but how can anything be decentralized when it's controlled by a group of people, namely those with a super computer. Well, it sorts of like the internet. Internet is controlled by few huge tech companies, some even controlled by its government.
1 is wrong; 2 is unclear; 1, let's say you buy a Super Expensive Camera with irreplaceable internal memory. Eventually, when the memory is full, and you can't take any photo, then your SEC is nothing but junk. Will this be the same to bitcoin? – Atmega 328 – 2017-08-23T11:39:19.480
1 is not wrong. memory won't fill because there is not a maximum. The maximum size of the bitcoin blockchain would (is you ever had to reach such level) the maximum amount of memory of the machine with the maximum amount of memory in the world – Ivano Donadi – 2017-08-23T11:44:52.953
1,what are the differences between memory and blockchain? aren't they the same thing? 2, a block is sort of like a piece of very expensive paper, the bitcoins are the numbers written on it. I got that part. Since this paper is limited, isn't there a value to the paper itself? It is easy to understand that a paper has a value, but it's hard to get why the numbers written on that paper have any value at all. Seems to me, it comes from thin air. Just like how governments print cash out of thin air. Who owns the first buck? (I think both bitcoin and cash are scam, even though people trust it.) – Atmega 328 – 2017-08-23T11:54:35.680
read the last paragraph and read the document in the link i attached – Ivano Donadi – 2017-08-23T12:02:18.830
Your argument for 1 is wrong. Everyone else having the same data does not change the incentive problems with growing storage, as the system relies on independent verification. However, modern full node software does not require storing the full block chain on disk. Look up pruning mode. – Pieter Wuille – 2017-08-23T16:22:07.753
@Pieter Wuille 140 GB ain't expensive to buy. I understand really well that it is an issue for other reasons but I certainly do not think that it is because the memory to store them is too expensive or difficult to get – Ivano Donadi – 2017-08-24T05:21:01.400