Bitcoin giant BTCC launches priority blockchain transactions for its customers

Bitcoinpro

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Quote from: lixer on November 21, 2015, 08:36:02 AM

With my little knowledge, I believe everybody can prioritize their transactions by putting higher transactions fees so that the next new block will pick their transactions.

Hehe funny

yes its cheaper to pay tx than have some China conglomerate rape u financially amoung other methods

Dont go anywhere near this bobby lee crap if u want to live

lixer

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With my little knowledge, I believe everybody can prioritize their transactions by putting higher transactions fees so that the next new block will pick their transactions.

Bitcoinpro

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Quote from: the_poet on November 20, 2015, 09:35:23 AM

It doesn't look like good news...

http://www.ibtimes.co.uk/bitcoin-giant-btcc-launches-priority-blockchain-transactions-its-customers-1529730

Ohhhh but Phinneaus cage told me 4 years ago that was not possible

Ive trumped my asset securitization prediction on the blockchain !

Blue_Tiger73

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Quote from: RustyNomad on November 21, 2015, 01:52:25 AM

Not sure if I understand this correctly but I also fail to see the advantage.

If you are a BTCC client and you send a no fee transaction the chances are good that it will be ignored by the rest of the miners and the transaction will hang around until BTCC manages to get a block. So your no fee transaction could easily still end up waiting an hour or more before its included. So there is no guarantee that you will always be in the next block, only way BTCC can get that done is if they catch each and every block.

Exactly. This isn't really big news for the Bitcoin community. I don't really this will effect the amount of people that use BTCC. The miners don't really give a shit about who is making the transaction, they just want to make some money.

HostFat

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With blocks completely full a common tx with the actual fee it will probably need more than 15 hours to get verified (the first confirmation)

So then there will be two possibilities:
- Putting a very high fee and hopping that a random pool will add it to his blocks
- Giving the fee (probably lower) directly to the miner/pool and having an high probability to get the confirmation earlier.

RustyNomad

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Not sure if I understand this correctly but I also fail to see the advantage.

If you are a BTCC client and you send a no fee transaction the chances are good that it will be ignored by the rest of the miners and the transaction will hang around until BTCC manages to get a block. So your no fee transaction could easily still end up waiting an hour or more before its included. So there is no guarantee that you will always be in the next block, only way BTCC can get that done is if they catch each and every block.

HostFat

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@franky1
BTCC is going to give priority to the tx of the users that will pay in advance to BTCC directly.
You will probably find the blocks of BTCC full of tx with zero fees, because they will be paid in advance on their "BlockPriority" service.

Raimonn

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It only afects the transactions with no fees or very low fees, that normaly takes more time to confirm. If you make the transaction with a normal there is no change.

franky1

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Quote from: HostFat on November 20, 2015, 10:01:31 AM

Maybe in few weeks every pools will have an accounting system where users will be able to push their tx by paying a plus, if they want a faster confirmation.

blocks get solved when blocks get solved.. nothing changes that.

the only thing this topic is saying is that BTCC mining pool will not ignore tx's that have no fee...
that is all..

but it does not mean other pools will automatically include a zero fee tx, thus when other pools mine blocks. the BTCC zero fee customers wont hit the blockchain..
especially when BTCC only has 13%.. thats like 1 block an hour is BTCC..

so, its no guarantee..

gentlemand

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Welt Am Draht

Looks like the future is arriving early. And the beginning of the end too. Doooom.

HostFat

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Maybe in few weeks every pools will have an accounting system where users will be able to push their tx by paying a plus, if they want a faster confirmation.

franky1

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not really big news.. they just push tx's to their pool. and the pool ensures they add it to the next block..

however, at only 13% total hash. there is still no guarantee peoples tx will be in the next block, as other pools also solve blocks which may not have included BTCC tx's.

so although it can be advantageous.. its not a guarantee. and its not a 'instant acceptance' either.. the tx still needs to be confirmed.

the_poet

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It doesn't look like good news...

http://www.ibtimes.co.uk/bitcoin-giant-btcc-launches-priority-blockchain-transactions-its-customers-1529730

Topic: Bitcoin giant BTCC launches priority blockchain transactions for its customers (Read 934 times)