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Bitcoin Transaction Stuck

 

The number of transactions on the Bitcoin network has rapidly increased over the past couple of years. With more blocks filling up, all the transactions cannot be included in the blockchain at once.

Transactions that pay the highest fees are usually included in the blocks first and transactions with comparatively lower fees are made to wait until they find a new block. These transactions remain in the mempool of miners until their turn is up.

This gets the user quite irritated as some low fees transactions may take around days or weeks to confirm. But here’s what you can do if you happen to have your bitcoin transaction stuck.

Before You Send The Request:

Most wallets had a fixed fee of 0.1 mBTC during the early years of Bitcoin. Back then, miners had spare space in their blocks due to which they were able to accommodate more transactions in the first block itself that they mined.

Although, because of the increased competition for block space right now, the 0.1 milli bitcoin transaction fee is insufficient to have a transaction included in the next block. So, transactions with higher fees are taken up.

If you want to have your transaction confirmed faster, the obvious advice is to increase your amount. You may be able to adjust your fees manually when you send your transaction.

Also, check to see if your wallet includes dynamic fees.

Recently, most wallets are said to support dynamic fees. According to Bitcoin network, these wallets automatically include a fee that is estimated to have a transaction included in the next block or maybe in the upcoming blocks.

Several wallets let you decide your fee priority, again, a higher fee lets your transaction confirm faster.

After You’ve Sent it:

After you’ve sent your transaction and it happens to be stuck, that transaction can be made to skip the queue. This can be made possible using an option called Opt-In Reference-by-Fee (Opt-In RBF). Using this method, you can re-send the same transaction, but with a higher fee. Usually, when you re-send the same transaction, Bitcoin nodes detect this new transaction a double spend and therefore reject it. Although, by sending it using Opt-In RBF, you are explaining to the network that you may re-send that same transaction later on but with a higher fee. As a result, most Bitcoin nodes now accept the new transaction; allowing the new transaction to jump or skip the queue.

But, do remember, not all miners support Opt-In RBF, so your new transaction does depend on the hands of the new miner that mines that next block.

Electrum and GreenAddress are two wallets currently supporting the Opt-In RBF option. You will need to enable Opt-In RBF in the settings menu of your wallet, before proceeding any further with the transaction.

If Opt-In RBF doesn’t do the trick, then another solution would be Child Pay for Parent, CPFP. By applying this method, miners don’t pick a transaction with a high fee, but a set of transactions that include most combined fees.

As a Receiver:

Lastly, a Bitcoin transaction can also get stuck on the receiving end of it. If your wallet allows you to spend Bitcoin unconfirmed transactions, this can be solved with CPFP as well. If the new fee is sufficient, the transaction is supposed to complete within a couple of blocks.

 

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Bitcoin Wallet – A Guideline for Creating a Paper Bitcoin Wallet

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Guideline for Creating a Paper Bitcoin Wallet

A paper wallet is one the most popular and safest options to store your bitcoins. But before we go into the details paper wallet, we’d want you to know what is a Bitcoin wallet and why do you need one.

Bitcoin Wallet:

A Bitcoin wallet is a digital wallet that is used to store coins and make transactions; similar to a traditional bank account.

The wallet consists of two keys: A public key and a private key.

  • Public key: Your address on which other users send coins to you.
  • Private key: Which you use to send bitcoins to others. They key is kept private and only the owner of the wallet knows about it.

The combination of public and private key is what makes a bitcoin transaction possible.

It is important that no one knows about your private key , otherwise, it would give some unwanted entities the access to your wallet, which puts your coins at the risk of theft.

So, if you are using an online or an offline wallet, you’ll be vulnerable to hacking/malware attacks as your keystrokes can easily be logged.

Moreover, a stolen PC or losing your hard drive means you can wave bye to your digital assets for good.

Utilized with care, a paper wallet can shield you against these possibilities.

What is a Paper Wallet?

A paper wallet consists of the public and private keys that make up the wallet in a documented form.

It often has a QR code, so that you can quickly scan it and add the keys into a wallet to perform a transaction.

The prime benefit of having a paper wallet is that it doesn’t store the keys digitally; making it immune to cyber-attacks or a hardware failure.

A downside of the paper wallet is that it’s delicate and must be kept away fire and water.

How to Create a Paper Wallet:

  • Open your favorite browser and go to BitAddress.org
  • After typing some random characters to create randomness, you will be presented with a QR code, a private key, and a public key.
  • Click the tab “paper wallet”
  • Select the number of addresses to generate
  • Click “generate” button for creating new wallets
  • Once the wallet is generated, print it out to make a hard copy
  • Make a note of public addresses
  • Scan the QR code in your Bitcoin app to start depositing funds

What Are Some Security Tips for Paper Wallet?

Due to the fact that these wallets are used to save large amounts of money, it’s necessary to take precautions and make it as secure as possible.

The list of some useful tips for protecting your bitcoin wallet (paper) includes:

  • Make sure no one sees you while creating a wallet
  • BitAdress uses an algorithm named BIP38 to support encryption of private keys. The algorithm utilizes two-factor authentication i.e. something you have (paper wallet) and a passphrase.
  • Use a clean operating system such as Ubuntu to eliminate the risk of a spyware monitoring your activity.
  • Laminate your wallet or store it in a sealed plastic bag to protect it from water/damp.
  • Store it in a locker to protect it from theft.

Follow these tips and your paper wallet would be safer than ever.

To make sure your wallet is safer than ever, read our tips on how to secure a Bitcoin wallet.

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Coin hive crypto jacking campaign- Monero

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Ranked as the 13th best digital currency, Monero recently became part of the crypto jacking stir. In a recent uproar of these growing cases in the cyber world, Coin hive was being implemented for the unauthorized mining of the Monero cryptocurrency.

monero cryptocurrency

In a recent report by the cybersecurity researcher, Troy Mursch explains in detail how this malware hacked nearly 400 web pages in no more than 3 months. These web pages included a lot of government and educational sites as well.

Crypto Jacking

The term, crypto jacking has been in circulation for quite some time now. The hacker or the group of hackers uses the victims or the visitors’ processing and the computing power to mine the cryptocurrencies without their consent. The hackers scramble and steal the data and information from the users’ web-based applications. They would then manipulate victims to pay them any digital coins for the decryption of the data.

Crypto jacking is seriously affecting many websites and object them to mine cryptocurrencies according to the hackers need.

Coinhive- The Crypto Jacker?

According to the research report by Troy Mursch, an outdated version of Drupal has been the root cause of this interjection. Drupal is an open source and free content framework management software. The outdated version of this software in the CMS system, provided with the favorable environment for this malware, Coinhive to penetrate the system. As most of these sites were governmental institutions and educational sites, the integration of this malware into their JavaScript and usage of the computing power was not readily detected. But to the surprise, most of these sites domains were hosted on web pages like Amazon.

On its own, Coinhive is not malicious, but when encrypted and compromised with a ‘crypto jacking’ code, it forces the system to mine Monero without the knowledge of the target. UNICEF runs the same malware to raise funds for their work. But they use it with the consent and knowledge of their users. Which is definitely the right way to use the malware for which it was created.

There are a number of web pages using the same method and process to offer users to donate their system power to mine cryptocurrencies. The process is only performed with the consent and permission of the users. Projects like Bail Bloc and Salon are offering to mine these coins but just with the consent of the operators.

Affected by Coinhive

In an official statement, Troy Mursch has extensively mentioned a list of all the web pages that were affected by the malware so that all the users and visitors can be fully aware of the subject. Among these nearly 400 above websites included,

  • San Diego Zoo
  • The Government of Chihuahua, Mexico
  • The National Labor Relations Board
  • A U.S Federal Agency
  • Lenovo
  • The City of Marion, Ohio
  • The University of Aleppo
  • The Ringling College of Art and Design
  • UCLA’s webpage for Atmospheric and Oceanic Sciences Program, and many more in the list of this 400.

With this detection of extensive, without the consent mining of these Monero (XMR) cryptocurrencies, it is hoped in the future that these practices could be detained. Coinhive is just an application like many others. It is just misused and wrongfully being implemented and practiced by the hackers.

Subsiding this dilemma, there has been an extensive negative dropping of Monero in its already established and flourished market. The reasons and causes still remain undetectable.

The Market Affect

With the slight rise in the market, all the majority of the digital world is floating in the red zones. Still not being able to maintain the pace with the Dollar. Monero XRM has been no different than the trend. Keeping the flow awaken, XRM shows a trivial downfall recently.

Despite its top 20 peers, XRM has been seen floating little weak during the month. For a period of a month, it just managed to collect a rise of 32%.

On a collective period of two months, there has been a collective drop down of -15% of the currency. Despite the reckoning, its top 20 peers still managed to rise gradually with the Dollar.

Keeping eyes on the occurring trends, Monero is facing the same dip for the current week too, continuing the same flow up to -7%.

With its fall of -3% against the dollar collectively, the currency has fallen seemingly for -1.37% against the Bitcoin.

After hitting its record price of $490 per unit against the dollar in January 2018, Monero is being traded at $222.68 currently.

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Tom Lee’s Prediction About BTC: Bitcoin will hit $91,000 by March 2020

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According to Tom Lee (co-founder and head of research at Fundstrat Global Advisors), the price of Bitcoin will hit $91,000 by March 2020. This prediction by Lee was based on a chart that shows the performance of Bitcoin after the slumps that it has seen in the past. Even though there’ve been many bitcoin future predictions since its creation, but Tom Lee’s prediction holds an important place in the crypto-world.

bitcoin future predictions

Can this prediction affect Bitcoin’s users?

No doubt, this prediction is going to excite many investors, and especially those who bought this top-cryptocurrency when it had the worth of $20,000.  The whole nation is under the influence of Bitcoin future predictions. A lot of risky things have been done by the people to jump on the Bitcoin bandwagon but unfortunately, this enthusiasm will not lose out on the cryptocurrency market as it has trapped investors in scams as well.

Not so long, a report said that Twitter was about to ban bitcoin advertisements after several credulous victims were caught in the recent scam.  On the other hand, the same thing was done by some other websites, as they also announced a ban on Bitcoin and ICO advertisements.

Following are the websites that are considering a ICO ads and Bitcoin.

  • Facebook
  • Google

How did Tom Lee predict Bitcoin’s price?

To predict the 2020 price of Bitcoin, Lee used an average of the percentage. The chart is based on a logarithmic scale and just because of its basis, as it’s divergent to the traditional linear-based graph, the ups and downs in the price of Bitcoin are not that dissimilar. The price of Bitcoin once fell to $3000 and since then, Lee has been predicting high-prices for this top-cryptocurrency.

Lee stated in July 2017 that the price of Bitcoin would hit the worth of $55,000 by 2022, and in January 2018, Lee said that by the end of this year, the price of Bitcoin would hit the value $25,000.

This year, at the beginning of March, Lee released “Bitcoin Misery Index”, which is defined as a “contrarian index’ and allows investors to understand how depressed Bitcoin holders are at the current price of Bitcoin right now.

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Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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