Topic: What are the advantages of BTC's blockchain being transparent? (Read 1305 times)
It is the blockchain's most important property, being transparent. Every transaction that ever happened is recorded everywhere that has the public ledger. It's the records or the so-called blocks that are connected together with a timestamp. That prevents forgery or double spending. Even with all the power of the computer, it is very hard to alter. The advantage is, it is open. Everything can be verified. No need for permission. Everyone should be happy.
November 19, 2016, 06:29:27 PM
For me the sole, real and unique advantage is that bitcoins can't be faked : you can the prove that you own them and so.
November 19, 2016, 05:34:05 PM
OP's question says 'public', but seems to mean 'transparent', so I'll comment that way.
Obviously most responders to this thread have been living under a rock for years...
The existence of blockchains like monero, dash, confidential transactions, mimble wimble and zcash shows that complete transparency is unnecessary to ensure no double spends can take place, that the total market cap remains as planned, that sources and destinations of transactions may be opaque, etc.
I'm not sure anyone knows how little information must be available for accurate validation in these respects, but it clearly is much less than bitcoin makes available.
Obviously most responders to this thread have been living under a rock for years...
The existence of blockchains like monero, dash, confidential transactions, mimble wimble and zcash shows that complete transparency is unnecessary to ensure no double spends can take place, that the total market cap remains as planned, that sources and destinations of transactions may be opaque, etc.
I'm not sure anyone knows how little information must be available for accurate validation in these respects, but it clearly is much less than bitcoin makes available.
Thank you for your suggestion! I modified "public" to "transparent".
I am making clear that we do not discuss whether transparent or private blockchains are better, but the level of transparency that a blockchain should and should not have.
avcording to me its an legendry step. i have never seen banks to do this type of thing but with blockchain i can get a special tyoe of satisfaction that yes the tracsactions are actully working and i can show them to anyone no need any special permissions or anything
Correct, when you see that transaction are confirming already, you can have a peace of mind that it is already coming. Since we know that once it is being processed, theres no way to stop it.With blockchain being public, we know transaction is being transparent.
I like this argument. It is calming when you can see when your transaction started to get proceeded and also its confirmation in progress.
November 19, 2016, 11:19:52 AM
We're never going to stop people from buying the things we don't think they should have unless we can see what they're buying using a one world currency. Now don't you hurt your pretty little head by worrying about things you don't control. Just keep preaching the glory of Bitcoin and go to sleep. Daddy's friends over at the club have this all figured out for you. I put a couple of pictures of the club below so you know everything is ok.
November 19, 2016, 11:05:59 AM
avcording to me its an legendry step. i have never seen banks to do this type of thing but with blockchain i can get a special tyoe of satisfaction that yes the tracsactions are actully working and i can show them to anyone no need any special permissions or anything
Correct, when you see that transaction are confirming already, you can have a peace of mind that it is already coming. Since we know that once it is being processed, theres no way to stop it.With blockchain being public, we know transaction is being transparent.
November 19, 2016, 10:58:29 AM
I think it's so that people won't be asking where did someone get something from. It shows the entire history so people can see that the whole bitcoin thing is legit and transparent. Anyway, your personal information is not tied up with your address so I don't think you have something to worry about. There are also other ways to avoid getting tracked like using bitcoin mixers if that thing really bothers you.
November 19, 2016, 10:49:41 AM
What are the advantages of BTC's blockchain being public? Would it not be more secure if it was hidden from people?
Because there are methods that could assemble the information in the blockchain with the information from certain other methods and could point with high precision what blockchain activity belongs to who. Secret services are researching methods like these.
Because there are methods that could assemble the information in the blockchain with the information from certain other methods and could point with high precision what blockchain activity belongs to who. Secret services are researching methods like these.
In my opnion it goes against the idea of Bitcoin, if you want a public coin that expose their users, you can find some alt with focus on that and you can wait to government create and currency like this.
Bitcoin is something against the system, just deal with it.
November 19, 2016, 04:55:53 AM
I don't think you are right. If it was that easy to trace to whom some wallet belongs to, there would be no crime connected to btc, because all the drugdealers could be traced. I suppose that is not so. Oh, and what about Nakamoto? Wouldn't such method enable us to know who he is? I heard that he burnt his btc, though. But I don't believe it. And Public blockchain is something good, because it is sort of an evidence that everything is pkay with this or that transaction.
November 18, 2016, 06:55:09 PM
OP's question says 'public', but seems to mean 'transparent', so I'll comment that way.
Obviously most responders to this thread have been living under a rock for years...
The existence of blockchains like monero, dash, confidential transactions, mimble wimble and zcash shows that complete transparency is unnecessary to ensure no double spends can take place, that the total market cap remains as planned, that sources and destinations of transactions may be opaque, etc.
I'm not sure anyone knows how little information must be available for accurate validation in these respects, but it clearly is much less than bitcoin makes available.
Obviously most responders to this thread have been living under a rock for years...
The existence of blockchains like monero, dash, confidential transactions, mimble wimble and zcash shows that complete transparency is unnecessary to ensure no double spends can take place, that the total market cap remains as planned, that sources and destinations of transactions may be opaque, etc.
I'm not sure anyone knows how little information must be available for accurate validation in these respects, but it clearly is much less than bitcoin makes available.
November 18, 2016, 05:16:09 PM
avcording to me its an legendry step. i have never seen banks to do this type of thing but with blockchain i can get a special tyoe of satisfaction that yes the tracsactions are actully working and i can show them to anyone no need any special permissions or anything
November 18, 2016, 04:56:41 PM
People talk about transparency in everything now a days but when it comes to money nobody wants to disclose how much money they have or the sources they have earned it from that's just ridiculous. Blockchain being public is what we call transparency and that's fine.
November 18, 2016, 04:36:08 PM
Public blockchain not only bitcoin but Ethereum and other cryptocoins too is transparent from anyone who has internet access. This feature made almost impossible for hacking, without to be under restrictions like as capital controls. Transparency of blockchain publicity is the major advantage comparing with private one.
November 18, 2016, 08:30:08 AM
This is for the safety of everybody. Since we can all see how transaction happens. We can all immediately check all transaction that happens on the block.
November 18, 2016, 07:38:22 AM
BTC's blockchain have Advantages and Disadvantages. It is being public to show the bitcoin users that their bitcoin have been processed, it is a proof in short. It's disadvantages is it can be hack by those hacker (black hat), hacker can crack up the private key of every blockchain's wallet that is being processed in the blockchain. If I'm not wrong the biggest heist that happened in the history is 100 million dollars has been stolen from the blockchain from different bitcoin users account.
November 18, 2016, 07:29:00 AM
Having the blockchain public would allow users to have a provably way to check for transactions and addresses. Without it, how would you know what is the max market cap?
There is no security risk with having the blockchain public. Bitcoin can be darn close to being anonymous if the user uses techniques to hide it.
There is no security risk with having the blockchain public. Bitcoin can be darn close to being anonymous if the user uses techniques to hide it.
November 18, 2016, 07:28:36 AM
Because the way blockchain work with verifying the blocks by miners, it will always be public.
A single miner verifying Will already Have Access to All blockchain data and can publish it.
Ipublic chains are essential for checking the validity of the entered data.
A single miner verifying Will already Have Access to All blockchain data and can publish it.
Ipublic chains are essential for checking the validity of the entered data.
November 18, 2016, 07:10:13 AM
There is is no perfectly p2p system without flaws, therefore Bitcoin exists as a decentralised system, where the central processing hub is made out of network participants.
The way this is possible is through (yep, you guessed it) a public ledger. Another plus is to be able to see network activity and give easy access to transaction records to those who actually need it, due to bitcoin's semi-anonymous nature.
The way this is possible is through (yep, you guessed it) a public ledger. Another plus is to be able to see network activity and give easy access to transaction records to those who actually need it, due to bitcoin's semi-anonymous nature.
November 18, 2016, 06:31:35 AM
What are the advantages of BTC's blockchain being public? Would it not be more secure if it was hidden from people?
Banking transactions are hidden from public but they are not secure and everybody knows it, hiding just doesn't mean security.Quote
Because there are methods that could assemble the information in the blockchain with the information from certain other methods and could point with high precision what blockchain activity belongs to who.
What methods you are talking about? There is no any personal information being shared via blockchain transactions other than just the sending and receiving addresses and the one who own address if don't reveal his link to that address himself there are no any way to track him down.Quote
Secret services are researching methods like these.
They are researching from start of the bitcoin age but they haven't found any hole in bitcoin anonymity and i don't think they will find any in future too. November 18, 2016, 05:37:43 AM
What are the advantages of BTC's blockchain being public? Would it not be more secure if it was hidden from people?
Because there are methods that could assemble the information in the blockchain with the information from certain other methods and could point with high precision what blockchain activity belongs to who. Secret services are researching methods like these.
Because there are methods that could assemble the information in the blockchain with the information from certain other methods and could point with high precision what blockchain activity belongs to who. Secret services are researching methods like these.
It has to be public other wise how could everyone verify the ledger ? making sure there is the correct transactions taking place.
November 18, 2016, 01:52:40 AM
A currency has to be public for people to validate the transaction, without the use of a trusted third party. The private Blockchain technologies that are being developed now, will use the banks as the trusted third party. < We do not trust them >
They can manipulate/control/monitor/block/hide transactions with private Blockchains, and that is exactly why this technology is so attractive for them. They cannot do this effectively with cash anymore, so they will ban cash next. We are already seeing this in India. < They are banning the use of larger currencies >
They can manipulate/control/monitor/block/hide transactions with private Blockchains, and that is exactly why this technology is so attractive for them. They cannot do this effectively with cash anymore, so they will ban cash next. We are already seeing this in India. < They are banning the use of larger currencies >
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