Topic: Bitcoin Master guide - page 2. (Read 1264 times)
Thank you, with everyone's help we can make it better!
here are some corrections
blockchain: "It prevents double spending and counterfeited Bitcoin transactions to take place."
due to orphan risks no one should trust a transaction as soon as it confirms.
many people say to trust a transaction after 1-6 confirms to mitigate the orphan risk.. but now due to CLTV and CSV, if a tx includes a maturity time(cltv) and has a revoke commitment(CSV) you should not trust a confirmed transaction until it has matured
.. not sure how you are going to write it to sound sensible and succinct, but atleast you know the real deal about bitcoin. maybe something like.
'due to orphan and other feature risks no one should trust a transaction unconfirmed or as soon as it confirms. the more confirmations after maturity, the more you can trust it becomes immutable'
mining: "since once written onto the blockchain transactions remain unconfirmed. Mining one block usually takes about 10 minutes, depending on network difficulty."
'until written into a block and validated, transactions remain unconfirmed. mining a block, based on the rules of 2016blocks trying to maintain a 2 week target, this works out as an average of 10minutes time to make a block.. but could be as little as 2 minutes or hours, depending on the luck of mining'
trading: "Just like everything else, Bitcoin and other crypto-currencies are being actively traded on special markets. On these online exchanges, Bitcoin can be traded as a commodity."
'traded as an asset', much like forex or other items of value such as gold or silver
(note: commodities are raw materials used to create other products. dont confuse golds commodity market with golds asset market. they are 2 different things for 2 different purposes)
blockchain: "It prevents double spending and counterfeited Bitcoin transactions to take place."
due to orphan risks no one should trust a transaction as soon as it confirms.
many people say to trust a transaction after 1-6 confirms to mitigate the orphan risk.. but now due to CLTV and CSV, if a tx includes a maturity time(cltv) and has a revoke commitment(CSV) you should not trust a confirmed transaction until it has matured
.. not sure how you are going to write it to sound sensible and succinct, but atleast you know the real deal about bitcoin. maybe something like.
'due to orphan and other feature risks no one should trust a transaction unconfirmed or as soon as it confirms. the more confirmations after maturity, the more you can trust it becomes immutable'
mining: "since once written onto the blockchain transactions remain unconfirmed. Mining one block usually takes about 10 minutes, depending on network difficulty."
'until written into a block and validated, transactions remain unconfirmed. mining a block, based on the rules of 2016blocks trying to maintain a 2 week target, this works out as an average of 10minutes time to make a block.. but could be as little as 2 minutes or hours, depending on the luck of mining'
trading: "Just like everything else, Bitcoin and other crypto-currencies are being actively traded on special markets. On these online exchanges, Bitcoin can be traded as a commodity."
'traded as an asset', much like forex or other items of value such as gold or silver
(note: commodities are raw materials used to create other products. dont confuse golds commodity market with golds asset market. they are 2 different things for 2 different purposes)
For all beginners and also for those who already know something about bitcoin, we created an master guide which covers almost all bitcoin related topics:
https://www.crypto-news.net/bitcoin-master-guide/
Happy reading!
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https://www.crypto-news.net/bitcoin-master-guide/
Happy reading!
After you read it we would like you to answer to few questions in this survey.
Also, give an upvote on reddit
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