Topic: Storing data on Bitcoin blockchain? (Read 260 times)

I think this is not about a lot of BTC and in this case it can be the best solution.

I am not sure but do you mean some texts in Coinbase data, like the Genesis block ?


Or the similar message in block #629999

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• "Chancellor on brink of second bailout for banks" - Where To Find this on the Bitcoin Blockchain

It is possible, there's a system that uses data while sending transactions, there's an option to actually send messages depending on the platform that you are using, in the wallet that I use, you can send a custom text to the user before the user actually receives the transaction, now I don't know if other platforms also have that feature but it is actually quite possible but not technically on the blockchain transaction itself. (correct me if it is possible though).

This is EXACTLY what I was looking for. Thanks so much!

BTC blockchain is not the best place to store your data. There are a lot of limits and size is the most important one

i heard some of altcoin there actually mainly purposed to store data Correct me if i am wrong it called Proof of Capacity but not in bitcoin maybe in coming days will be lot of Centralized tech and becoming decentralized tech just like DeFi 

Maybe you can take a long at this:


http://bitfossil.com/78f0e6de0ce007f4dd4a09085e649d7e354f70bc7da06d697b167f353f115b8e/

Excellent explanation, thank you. Is there any explorer/browser to look at data stored in the blockchain since its beginning? I wonder whether someone has already tried, maybe when BTC was cheap, to store images in the blockchain.

Block weight is limited, so even if someone tried to encode a LOT of data:

• It would need to be split somehow across multiple transactions and multiple blocks
• It wouldn't increase the size of the blockchain more than about 4 MB every 10 minutes.

This would have been a bigger concern back when it was relatively easy to get transactions confirmed with ZERO transaction fee since any attempt to store a few megabytes could have displaced up to an hour of valid transactions.

However, it really isn't very cost effective to use the blockchain as storage anymore now that there is enough demand to keep transaction fees alive. If someone wanted to store a 1 MB image in the blockchain, at 1 satoshi per byte, that's 0.00000001 BTC X 1,000,000 bytes = 0.01 BTC to store a single 1 megabyte image.  At the current exchange rate that's approximately $320 to store that one image.  For that same $320 you could store 500,000,000 of those images (500 TB) in AWS Standard S3 storage, well replicated and easily accessible with 99.999999999% (eleven 9's) of durability, for 13 months (or 13 of those images for 500,000,000 months?).

Meanwhile, there are enough people wanting their transactions confirmed, that they'd happily increase the fee on their transactions to 2 satoshis per byte. This means that if you want your image quickly and reliably stored, you'd have to increase your fee to AT LEAST 3 satoshis per byte (TRIPLING YOUR COST!).  Still you may find plenty of users willing to spend 4 satoshis per byte to send a simple 250 byte transaction (after all, it's only going to cost them about $0.32 to send thousands or millions of dollars worth of bitcoin).  Now you're starting to look at over $1,600 to store a single 1 megabyte image, and depending on transaction demand, the cost can go up quite a bit from there.

On a protocol level, there is OP_return, an opcode which allows you to store about ~80 bytes of data as an output. You can encode arbitrary data with it to burn coins or to place messages. Go to any recent blocks and you'll see that the Coinbase transaction (which has the block reward) has an OP_return that indicates the merkle root of the witness tree.

There is no limits that's defined on a protocol level but you can only have one of such output and it has to be less than 80 bytes unless you're able to find a miner to help you and put it in their block. Anything greater than 80bytes is considered non-standard and will not be relayed by the nodes. It's inherently expensive to store huge data on Bitcoin's blockchain, blockchain bloat is a serious concern.

I think this is the very principle on which guy like Elon Musk is having future vision to transfer the data from one point to other. What’s the difference in this? Well they want to have it in large chunks, fat pockets with complete and permanent encryption.

Blockchain is having added advantage of data integrity. One thing is you can’t tamper the data ones it is embedded into nodes. I don’t think there is any limit to data storage, so with the time techs will be developed so that common man can also use it for data storage and transmission.

Yes there are some projects that I have heard of, they do want to replicate the concepts behind blockchain. I think data storage type of blockchain is a pretty helpful concept for data privacy if ever it comes to become created, being secured in cyber space will not be limited to using VMs, Tails OS, Deep Web and other privacy services, even the Surface web will be safe.

Please correct me if I am wrong, but I think you can store data in a BTC transaction. I have seen users storing a short text string.
Is there any limit in the amount of data you can store per transaction?
Would it be possible, for example, to store a photo (by converting it into hex)?