Increased Block Size - how will it affect me?

eyeknock

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Quote from: el kaka22 on June 16, 2015, 05:43:18 AM

It will not only produce forks. If your bitcoin core accept the increased block size, then your computer's hard disk will use up very soon. For example, if the block size is 20MB per block, then at most 2880MB of space will be consumed per day, or 1TB per year.

for me thats the worst part, because upgrade our clients is nothing, but if our database will increased a lot then it start to be a serious problem, because not everybody like me have lot of free space on his HDD´s.

i think HDD´s companys will be happy because of that Wink

el kaka22

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It will not only produce forks. If your bitcoin core accept the increased block size, then your computer's hard disk will use up very soon. For example, if the block size is 20MB per block, then at most 2880MB of space will be consumed per day, or 1TB per year.

Agestorzrxx

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If you use a online wallet, i think you will not be affected.
If bitcoin going to fork, i think the price of bitcoin may collapse. That is bad for every bitcoin holder.

ranochigo

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Quote from: randy8777 on June 12, 2015, 06:00:21 PM

for us users it's only a benefit. you just have to update your wallet and that's it. same as pools and nodes. there is nothing you have to worry about.

Users can experience a inflation of block size increment if they use full clients. Eg. Bitcoin Core. It may be a problem for people will lower bandwidth allowance or disk space.

Quote from: aahzmundus on June 13, 2015, 06:49:32 AM

Quote from: NUFCrichard on June 12, 2015, 04:07:14 AM

So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?

If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?

Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.

It shouldn't be a concern for a user per se. If you're using online wallet services like blockchain.info or coinbase, it something you have to do nothing about. So, you need not worry about it

Coinbase can choose to not switch to the new fork and you may lose your Bitcoins since they don't provide you with private key. [Same with other online wallets which doesn't allow you to fully control your private key).

Sourgummies

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nice thank you for the links

ikydesu

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Quote from: Sourgummies on June 13, 2015, 11:21:39 AM

I hope some one could provide a good link so that us newbies can get a grasp on this.

About Scalability: https://en.bitcoin.it/wiki/Scalability
article: http://insidebitcoins.com/news/should-we-raise-the-bitcoin-block-size-limit/32486
many debated about this situation.

~iki

Sourgummies

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I hope some one could provide a good link so that us newbies can get a grasp on this.

aahzmundus

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Quote from: NUFCrichard on June 12, 2015, 04:07:14 AM

So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?

If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?

Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.

It shouldn't be a concern for a user per se. If you're using online wallet services like blockchain.info or coinbase, it something you have to do nothing about. So, you need not worry about it

NUFCrichard

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Quote from: BrianM on June 12, 2015, 09:10:33 PM

The bitcoin exhange rate could change dramaticly. This could affect you.
We could see a fork, where part of the user support the new size and another group refuse to use the new block size. Then will we have a big problem. And the exhange rate could colapse because of uncertainty.

A funky thing about this scenario is that you will have double the bitcoin, the coins you own at the point of fork, will exist in both forks.

But half of those bitcoin will be worthless! It will surely only be a nightmare if some exchanges decide to back one fork, and others the other fork.
It would stupidity too though, so I doubt it will happen, someone might try to keep the dead fork going for something though.

Good to know that I don't need to do anything, if every end user had to do something, I think it would be a big negative for Bitcoin.

BrianM

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The bitcoin exhange rate could change dramaticly. This could affect you.
We could see a fork, where part of the user support the new size and another group refuse to use the new block size. Then will we have a big problem. And the exhange rate could colapse because of uncertainty.

A funky thing about this scenario is that you will have double the bitcoin, the coins you own at the point of fork, will exist in both forks.

Joshua kingpin

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Hi
ʹm new at this BTC thing.
How long will it take to synchronize wallet? (core)

randy8777

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for us users it's only a benefit. you just have to update your wallet and that's it. same as pools and nodes. there is nothing you have to worry about.

jeannemadrigal2

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From what I understand the end user is ok. We don't have to worry about it, just the nodes and miners need to make the change.

BitcoinNewbie15

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I too am confused about the block size increase. There have been some good answers posted here. I hope that all i need to do is update my BTC wallet for the block size increase. That sounds like it should be easy for me and BTC newcomers to do.

ranochigo

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Quote from: Muhammed Zakir on June 12, 2015, 09:00:34 AM

Quote from: tyz on June 12, 2015, 08:48:43 AM

I am interested in that question, too. Doesn't it mean that the blockchain will blow up and thus, a normal user need to download a larger blockchain?

AFAIK you will be able to use SPV clients like Multibit.

MultiBit isn't able to provide the full security/features that Bitcoin Core have. [Still a good choice for a person using a wallet to only send and recieve] It is more important to say that devs should be working harder for the blockchain pruning to be able to be pushed to the public.

Muhammed Zakir

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Quote from: tyz on June 12, 2015, 08:48:43 AM

I am interested in that question, too. Doesn't it mean that the blockchain will blow up and thus, a normal user need to download a larger blockchain?

AFAIK you will be able to use SPV clients like Multibit.

tyz

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I am interested in that question, too. Doesn't it mean that the blockchain will blow up and thus, a normal user need to download a larger blockchain?

virtualx

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Quote from: NUFCrichard on June 12, 2015, 04:07:14 AM

So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?

If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?

Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.

If you use an online wallet such as Blockchain you do not have to do anything in regards to block size. I am not too sure about the security of Blockchain.info but for web wallets you would not need to do anything. Offline wallets such as Bitcoin QT you need to update. I don't know about lite wallets such as Electrum or Multibit, you probably would need to update them too.

Amph

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the only difference is that we will need to upgrade to the new client, probably it will be mandatory, so see it as a simply upgrade, they could call it 0.12

nothing you need to do on your end

NUFCrichard

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So I am a Bitcoin user, I don't mine, I don't have a node, I do keep the blockchain upto date on my PC and leave it open so people can upload it.
I am basically a simple Bitcoin user. If and when a hardfork is done so that more transactions can be done per block (say 1mb now to 20mb after the hard fork), how will that affect me?

If I only use Blockchain or another online wallet, will I have to do anything, or will it pass me by completely?

Do I just have to get a new Bitcoin QT after the fork? Will my current version stop working? Will I have to redownload the blockchain (I bloody hope not!). I have posted this in Beginners as it is a basic question that interests me as a basic bitcoin user and will probably interest true beginners too.

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