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Topic: What feature of Bitcoin do you think is most difficult to understand? - page 2. (Read 359 times)
November 17, 2022, 09:01:49 PM
November 17, 2022, 09:00:06 PM
Well we all have our curiosity or what brought us in Bitcoin so I think we would first get used to that before learning more. Some can be investment, others try to get a decentralized financial system, some trading.
Mine was that Bitcoin is the future and I have to be part of it.
I have used Bitcoin in my business, my career and my daily financial activities. I have tried trading and got a hang over it but one aspect I still don't understand is the mining aspect of Bitcoin.
Mine was that Bitcoin is the future and I have to be part of it.
I have used Bitcoin in my business, my career and my daily financial activities. I have tried trading and got a hang over it but one aspect I still don't understand is the mining aspect of Bitcoin.
For me, it's the technical side of Bitcoin, like mining Bitcoin, the machine that uses to mine or how to set it up.
I don’t really understand mining myself. From what I can see, it’s very expensive to set up and continuously run, so that’s beyond anything I can attempt to do.
And addition the addresses or private keys with Bitcoin, which I always keep to see here on the Bitcoin forum from some users, some words like "derived", "keys", etc. And recently, I just discovered that there are different types of Bitcoin transactions, like P2PKH, P2SH, and OP_RETURN.
These are all new to me, and even though I am into coding, this is very difficult to understand for me.
Correction added at bottom
It can get very confusing. I don’t think I can explain OP_RETURN any better than a Google search, but maybe I can help with addresses and private keys.
Private keys are what allow you to spend bitcoin. It is randomly generated with an encryption algorithm called SHA256. Basically, it’s a long string that is so long and random, there are enough private keys available for everyone millions of times over.
Your public key is "derived" from your private key from an elliptic curve. Imagine a curve on a coordinate plane. That curve is created by your private key, and the points on that curve make up your public key. That public key is then compressed to create your public address (which is what you share with others to get paid).
P2PKH is a type of address called a "legacy address" because it’s oldest Bitcoin address. It’s larger (more bits) than the newer address types (P2WPKH or Bech32) so miner fees cost more but it’s accepted by everyone on the Bitcoin network.
P2WPKH or Bech32 is the newer address type that includes SegWit. Basically, it’s a special address that is lower bits, so the block size doesn’t fill up as quickly.
P2SH is a "scripting" address. It allows you to add things like nLocktime. In other words, it’s a lets you code what conditions you want to pass before the transaction become valid.
That’s probably the best way I can explain it in layman terms.
Private keys are what allow you to spend bitcoin. It is randomly generated with an encryption algorithm called SHA256. Basically, it’s a long string that is so long and random, there are enough private keys available for everyone millions of times over.
There are few major error,
1. Private key usually is generated with secure random number generator. Some people refer it as CSPRNG/CRNG.
2. SHA-256 is hashing algorithm, not encryption algorithm.
P2PKH is a type of address called a "legacy address" because it’s oldest Bitcoin address. It’s larger (more bits) than the newer address types (P2WPKH or Bech32) so miner fees cost more but it’s accepted by everyone on the Bitcoin network.
FYI, the oldest address type is P2PK (Pay to Public Key).
November 17, 2022, 08:05:01 PM
What features do you find difficult to use? Maybe we can help each other understand, or find serious user experience (UX) problems that can be solved.
(....)
For me, it's the technical side of Bitcoin, like mining Bitcoin, the machine that uses to mine or how to set it up. And addition the addresses or private keys with Bitcoin, which I always keep to see here on the Bitcoin forum from some users, some words like "derived", "keys", etc. And recently, I just discovered that there are different types of Bitcoin transactions, like P2PKH, P2SH, and OP_RETURN.(....)
These are all new to me, and even though I am into coding, this is very difficult to understand for me.
November 17, 2022, 06:19:37 PM
I would say the build transaction process is a difficult feature to use, because from the Bitcoin core QT we can't select the inputs and outputs, we can only choose the address to spend the coins and the amount, but with inputs manipulations we could select the right inputs to spend less fees.
We have the option to manipulate those inputs if we build the transaction with bitcoin-cli, but that's by command line and as you mention that's not an option for all.
We have the option to manipulate those inputs if we build the transaction with bitcoin-cli, but that's by command line and as you mention that's not an option for all.
This sounds interesting. I can build Python programs that make RPC calls to Bitcoin Core. When I have time, I will look into this and see what I can come up with.
I like the idea, but it would be like building a new user interface for the bitcoin core, as you mention it can be done with RPC calls and we could include some features like a block explorer inside the wallet. That would be awesome.
And again I've proposed it. Automating sendmany with % distribution from core
I think we should probably be working together. Feel free to reach out maybe we have goals that align.
I think we should probably be working together. Feel free to reach out maybe we have goals that align.
I just take a look to your thread, and what you are looking for could be done with a bash script.
I would use the -blocknotify option on bitcoin-cli to verify if the address get new coins each block, and in the moment it get the coins then some math to split the income and send them to the different address. If you still interested in that task feel free to send me a personal message and we could negotiate the script price.
November 17, 2022, 02:29:33 PM
What features do you find difficult to use? Maybe we can help each other understand, or find serious user experience (UX) problems that can be solved.
I would say the build transaction process is a difficult feature to use, because from the Bitcoin core QT we can't select the inputs and outputs, we can only choose the address to spend the coins and the amount, but with inputs manipulations we could select the right inputs to spend less fees.
We have the option to manipulate those inputs if we build the transaction with bitcoin-cli, but that's by command line and as you mention that's not an option for all.
This sounds interesting. I can build Python programs that make RPC calls to Bitcoin Core. When I have time, I will look into this and see what I can come up with.
I think we should probably be working together. Feel free to reach out maybe we have goals that align.
November 17, 2022, 02:25:21 PM
What features do you find difficult to use? Maybe we can help each other understand, or find serious user experience (UX) problems that can be solved.
I would say the build transaction process is a difficult feature to use, because from the Bitcoin core QT we can't select the inputs and outputs, we can only choose the address to spend the coins and the amount, but with inputs manipulations we could select the right inputs to spend less fees.
We have the option to manipulate those inputs if we build the transaction with bitcoin-cli, but that's by command line and as you mention that's not an option for all.
This sounds interesting. I can build Python programs that make RPC calls to Bitcoin Core. When I have time, I will look into this and see what I can come up with.
November 17, 2022, 02:21:03 PM
Well we all have our curiosity or what brought us in Bitcoin so I think we would first get used to that before learning more. Some can be investment, others try to get a decentralized financial system, some trading.
Mine was that Bitcoin is the future and I have to be part of it.
I have used Bitcoin in my business, my career and my daily financial activities. I have tried trading and got a hang over it but one aspect I still don't understand is the mining aspect of Bitcoin.
Mine was that Bitcoin is the future and I have to be part of it.
I have used Bitcoin in my business, my career and my daily financial activities. I have tried trading and got a hang over it but one aspect I still don't understand is the mining aspect of Bitcoin.
November 17, 2022, 02:14:19 PM
I've recently proposed this as a service.
(Basically I've made this same topic) nlocktime as a service practical use case scenarios
This can be whipped up in like a day or two but I dont think people will use it.
We strive to specialize in making the unreasonably challenging aspects of bitcoin so easy the retail investor (average joe) can use it
For some reason the people that can make it possible deem it unnecessary due to their paradigm (their perception is assumptive because of their frame of reference and knowledge on the subject) its hard for a programmer to empathize unless the projects born of empathy on said subject. in this situation ntimelock as an easy to use GUI core plugin style thing(whatever it is) will likely be created from a programmer/scrum master that thinks the task is overcomplicated and altruistically creates it or redesigns it as a service. Since there isnt a secure(trustless) way to do it as a service being a 3rd party youll have to wait for it to be done for free and open source.
(Basically I've made this same topic) nlocktime as a service practical use case scenarios
This can be whipped up in like a day or two but I dont think people will use it.
We strive to specialize in making the unreasonably challenging aspects of bitcoin so easy the retail investor (average joe) can use it
For some reason the people that can make it possible deem it unnecessary due to their paradigm (their perception is assumptive because of their frame of reference and knowledge on the subject) its hard for a programmer to empathize unless the projects born of empathy on said subject. in this situation ntimelock as an easy to use GUI core plugin style thing(whatever it is) will likely be created from a programmer/scrum master that thinks the task is overcomplicated and altruistically creates it or redesigns it as a service. Since there isnt a secure(trustless) way to do it as a service being a 3rd party youll have to wait for it to be done for free and open source.
I have created a GUI for using nLocktime, hence my name BTCapsule. Now I’m looking for new projects to work on. You can check out the source code here:
https://github.com/BTCapsule/BTCapsule
November 17, 2022, 02:01:45 PM
I've recently proposed this as a service.
(Basically I've made this same topic) nlocktime as a service practical use case scenarios
This can be whipped up in like a day or two but I dont think people will use it.
We strive to specialize in making the unreasonably challenging aspects of bitcoin so easy the retail investor (average joe) can use it
For some reason the people that can make it possible deem it unnecessary due to their paradigm (their perception is assumptive because of their frame of reference and knowledge on the subject) its hard for a programmer to empathize unless the projects born of empathy on said subject. in this situation ntimelock as an easy to use GUI core plugin style thing(whatever it is) will likely be created from a programmer/scrum master that thinks the task is overcomplicated and altruistically creates it or redesigns it as a service. Since there isnt a secure(trustless) way to do it as a service being a 3rd party youll have to wait for it to be done for free and open source.
(Basically I've made this same topic) nlocktime as a service practical use case scenarios
This can be whipped up in like a day or two but I dont think people will use it.
We strive to specialize in making the unreasonably challenging aspects of bitcoin so easy the retail investor (average joe) can use it
For some reason the people that can make it possible deem it unnecessary due to their paradigm (their perception is assumptive because of their frame of reference and knowledge on the subject) its hard for a programmer to empathize unless the projects born of empathy on said subject. in this situation ntimelock as an easy to use GUI core plugin style thing(whatever it is) will likely be created from a programmer/scrum master that thinks the task is overcomplicated and altruistically creates it or redesigns it as a service. Since there isnt a secure(trustless) way to do it as a service being a 3rd party youll have to wait for it to be done for free and open source.
November 17, 2022, 01:50:05 PM
What features does Bitcoin have? It is a piece of code that has been deployed on the Blockchain. We only use the send/receive Bitcoin and sign message functions. Actually, I'm not sure what you mean by features. Yes, mining is an important part of Bitcoin, but this is not a feature. Mining is used to secure the Blockchain and ensure transaction success while also mining new Bitcoin. So, please be more specific about what you want to conclude.
Thanks for the suggestion. I edited my OP
November 17, 2022, 01:47:03 PM
What features do you find difficult to use? Maybe we can help each other understand, or find serious user experience (UX) problems that can be solved.
I would say the build transaction process is a difficult feature to use, because from the Bitcoin core QT we can't select the inputs and outputs, we can only choose the address to spend the coins and the amount, but with inputs manipulations we could select the right inputs to spend less fees.
We have the option to manipulate those inputs if we build the transaction with bitcoin-cli, but that's by command line and as you mention that's not an option for all.
November 17, 2022, 01:46:15 PM
What features does Bitcoin have? It is a piece of code that has been deployed on the Blockchain. We only use the send/receive Bitcoin and sign message functions. Actually, I'm not sure what you mean by features. Yes, mining is an important part of Bitcoin, but this is not a feature. Mining is used to secure the Blockchain and ensure transaction success while also mining new Bitcoin. So, please be more specific about what you want to conclude.
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November 17, 2022, 01:36:23 PM
What features do you find difficult to use? Maybe we can help each other understand, or find serious user experience (UX) problems that can be solved.
When you say features, without a clear explanation of what you mean, alot of person can misunderstand this, and can maybe misinterpret this to me sending, receiving and storing bitcoin, mining Bitcoin, how to use the bitcoin lighting network, running bitcoin node and so on, all this and many more are bitcoin features I believe, so it did be more easier for readers to understand and contribute to this topic is you will highlight some the features you mean as an example.
November 17, 2022, 01:26:21 PM
The only thing i can see as a difficult and aquillian task for anyone to implen is anything outside the documentation with the whitepaper protocols and the blockchain concesus as whole, that is why it is believed that bitcoin is limited to only work in accordance to the planned work of Satoshi's research on how to engage it, bitcoin has always served it purpose of creation and in addition to this the bitcoin improvement proposal (bip) is a major implementation that help more in this aspect importantly.
November 17, 2022, 12:59:08 PM
Bitcoin has many features that make it the greatest money ever created, but sometimes it’s difficult for non-technical people to understand how to use these features. There are very smart people working on Bitcoin, and I think sometimes they assume coding terms they use everyday should be easy for everyone to understand.
What features do you find difficult to use? Maybe we can help each other understand, or find serious user experience (UX) problems that can be solved.
For example, Bitcoin has a timelock feature that can create a transaction that is impossible to spend until a certain date or block height is reached. You can do this using OP_CHECKLOCKTIMEVERIFY, but it seems most people don’t know how to use this feature or where to even begin.
Some people seemed worried about self-custody and storing their private key or seed phrase securely. Hardware wallets make this easier by requiring a pin or password to access your Bitcoin.
What features do you find difficult to use? Maybe we can help each other understand, or find serious user experience (UX) problems that can be solved.
For example, Bitcoin has a timelock feature that can create a transaction that is impossible to spend until a certain date or block height is reached. You can do this using OP_CHECKLOCKTIMEVERIFY, but it seems most people don’t know how to use this feature or where to even begin.
Some people seemed worried about self-custody and storing their private key or seed phrase securely. Hardware wallets make this easier by requiring a pin or password to access your Bitcoin.
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