Shapeshift is reported to use 2% of the bitcoin network alone coinbase is said to use up 40% of the bitcoin network alone. Shapeshift however was using segwit which would mean without it, it would use 4% of the bitcoin network. Yikes! Shapeshift is reducing stress on the bitcoin network by enabling batching(aka sending a bunch of bitcoin to diff addresses as one transaction For exp 100 single output transactions can be made into 1 output transactions using batching). Shapeshift with batching would now only use 1% or less of the bitcoin network. Coinbase is adding segwit to bitcoin which would mean instead of using 40% of the bitcoin network, about 20% would be used.... Coinbase has also stated it will add batching to bitcoin which would reduce the stress on bitcoin network to 10%. Plus with coinbase adding segwit to bitcoin, other exchanges will follow. Some are doing it already. :) Plus bech32 a better segwit is coming to mainet soon. By next week :) Bech 32 is 10-20% more efficient than regular segwit. Which means that if shapeshift used bech32= about 0.8-0.9% of bitcoin network usage. Let say coinbase sends out 10,000 single output transactions a day. In bitcoin you can combine a bunch of input in one output. Say 10-200 output to 1 output. Instead of performing separate transactions you combine alot the transaction and do it one time. In the blockchain, one batched transaction has the same weight as a single output transaction. Let say coinbase batches every 10 single output transactions and combines them into one output aka batches it.. 10,000/10=1000 Coinbase is sending 1000 transactions out but in those transactions contain way more transactions. I write more about this here: https://steemit.com/bitcoin/@sames/segwit-bech32-batching-others-will-lead-to-bitcoin-reaching-passing-ethereum-on-chain-tps-level ** Key note I used picked 10K bc it was easy to do in my head and realistically possible. Coinbase at any time can do more or less. But either way bathing will help bitcoin "scale" ** Do As you see big block were not needed actually. Bitcoin has to work smarter not harder. With batching and segwit= bitcoin fees will rapidly drop. Just in time for LN to come!! *No conspiracy shapeshift confirmed it themselves they use 2% of bitcoin network: https://info.shapeshift.io/blog/2018/02/22/shapeshift-now-batching-bitcoin-transactions Coinbase based on blockchain analysis does 30-45% but what confirmed is a huge % is used by them alone. Segwit and bathing done by them alone will cut bitcoin fees majorly Source: https://usethebitcoin.com/coinbase-spamming-bitcoin-network-without-implementing-segwit/ And technical source: https://twitter.com/ziggamon/status/951696967419113472 >Currently POW is better. While yes POW does seems like an energy waste it not. This work is necessary to make the chain secure. In POS, the stakers who owns 10% of the supply will mint 10% of the supply, and won't cost them anything much. In, POW you have to battle against everything. You have to buy new miners to keep up, pay electricity, cool the machines, buy new ones. >Pos makes it so that 51 attacks are harder bc they are little their investments on the line. Pow is somewhat even harsher. Not only will their rewards lower if 51% attack done, the coin down=machines useless. This is amplified by asic machines which effectively locks the minier rig to mine only that coin. Pow can be improved even more by making useful mining aka finding primenumbers. Plus: Did you know that bitcoin pow is somewhat actually green: https://steemit.com/mining/@sames/bitcoin-mining-pow-the-truth Basically since most energy produced is usually lost( due to the fact energy can't be stored efficiently or storing energy costs more than making more energy itself ) bitcoin mining gives another use for this energy preventing it from being wasted and giving it value. It also will force miners to use renewable resource because nonrenewable resource will keep on getting expensive. In fact here are already solar bitcoin farms. Yes not the best but the stats saying bitcoin mining is completely wasteful is not true. Lessons on bitcoin made by me: >How segwit is actually a big block increase= https://steemit.com/bitcoin/@sames/how-segwit-is-actually-a-big-block-increase Why big blocks are not the answer= https://steemit.com/bitcoin/@sames/why-big-blocks-are-not-the-answer LN nodes are NOT banks or like banks= https://steemit.com/bitcoin/@sames/ln-nodes-are-not-banks-or-like-banks What is the lightning network= https://steemit.com/bitcoin/@sames/bitcoin-s-lightning-network-simply-explained What is Schoor signatures= https://steemit.com/bitcoin/@tipu/the-next-big-thing-in-bitcoin-network-schnorr-signatures or https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c Bitcoin’s ethereum killer-rsk.co= https://steemit.com/bitcoin/@sames/bitcoin-s-ethereum-killer-rsk-co Bitcoin newest scaling method adding bech32 plus others= https://steemit.com/bitcoin/@sames/bitcoin-newest-scaling-method-adding-bech32-plus-others Adding privacy to bitcoin with softforks or compatible software: https://steemit.com/privacy/@sames/making-bitcoin-have-fungibility-privacy-again
author | sames |
---|---|
permlink | how-bitcoin-fees-will-get-cheaper-with-out-a-block-increase |
category | bitcoin |
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feedyourminnows | 0 | 4,922,054,666 | 3.5% | ||
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flashfiction | 0 | 1,093,863,245 | 100% | ||
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flagship | 0 | 52,231,447,950 | 20.3% | ||
calumam | 0 | 89,781,118 | 0.95% | ||
everydaycoach | 0 | 51,324,066 | 0.3% | ||
kodeblacc | 0 | 1,192,121,314 | 100% | ||
ysnemrr | 0 | 1,126,009,584 | 100% | ||
cyka-blyatko | 0 | 616,128,392 | 100% | ||
frellarong | 0 | 131,823,237 | 30% | ||
newmoneydata | 0 | 561,385,295 | 100% | ||
trulaloo | 0 | 610,646,640 | 100% | ||
avinashadatala | 0 | 489,829,274 | 100% | ||
entrepreneur916 | 0 | 943,470,575 | 17.5% | ||
dzyan | 0 | 582,173,878 | 100% | ||
energyaddict22 | 0 | 61,216,961 | 0.47% | ||
flemmy | 0 | 578,125,328 | 100% | ||
abdullahalnahid | 0 | 612,322,758 | 100% | ||
bunnymoney | 0 | 52,224,199 | 8.75% | ||
amidank | 0 | 612,160,249 | 100% | ||
curationment2 | 0 | 599,337,071 | 100% | ||
thx-flo | 0 | 583,424,472 | 100% | ||
justinezee | 0 | 613,484,987 | 100% | ||
afrid | 0 | 113,676,597 | 100% | ||
qberry | 0 | 354,344,652 | 0.47% | ||
arpit09 | 0 | 613,802,871 | 100% | ||
sagitariu | 0 | 511,736,732 | 100% | ||
ianpenaranda | 0 | 442,797,310 | 100% | ||
idr | 0 | 1,099,341,802 | 100% | ||
sitifajar | 0 | 406,377,335 | 100% | ||
mhossain | 0 | 492,120,324 | 100% | ||
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Electrifying times to be in crypto! <center>https://scontent-ort2-1.xx.fbcdn.net/v/t1.0-9/27973230_2056562131022471_6126320630706619432_n.jpg?oh=0ef44827e41a00bfc304b1b06949bccd&oe=5B00E5DA</center> ## <center>BOOOOOOOOOM!!!</center> #### <center>The ground shakes as incredible power lights the sky. The thunder tests the quality of your post and deems it worthy, rewarding it with a 300% upvote, comment and resteem from @thundercurator.</center> <center>Increase your chances of a 100% upvote and support the project by: - Adding @thundercurator to your autovote service with a minimum upvote of 25% - Joining the @thundercurator curation trail on SteemAuto Investors who delegate SP to @thundercurator are entitled to 75% of @thundercurator income after curation. Get on-board early and grow with us!</center>
author | thundercurator |
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permlink | re-sames-how-bitcoin-fees-will-get-cheaper-with-out-a-block-increase-20180227t015244914z |
category | bitcoin |
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###  **[Sergej Kotliar](https://twitter.com/@ziggamon/status/951696967419113472)** tweeted @ 12 Jan 2018 - 06:06 UTC > We may have found our smoking gun. [status.coinbase.com/incidents/mjzh…](https://t.co/yVMHBmIlgB) [twitter.com/civekonom/stat…](https://t.co/wy6ZAvz5Is) ###### *Disclaimer: I am just a bot trying to be helpful.*
author | twitterbot |
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permlink | re-how-bitcoin-fees-will-get-cheaper-with-out-a-block-increase-20180301t010246 |
category | bitcoin |
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This post received a 0.210 SBD (4.30%) upvote from @upvotewhale thanks to @sames! For more information, check out my profile!
author | upvotewhale |
---|---|
permlink | re-sames-how-bitcoin-fees-will-get-cheaper-with-out-a-block-increase-20180223t023950447z |
category | bitcoin |
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