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Why Is Bitcoin Core So Slow

Bitcoin Core :: Bitcoin Core 0.14.0 Released With Performance Improvements

Bitcoin Core :: Bitcoin Core 0.14.0 Released With Performance Improvements

Bitcoin Core 0.14.0 Released with Performance Improvements We are pleased to release Bitcoin Core 0.14.0, which significantly speeds up the processing of historic blocks by newly started nodes and the validation and relay of new blocks by online nodes. An optional new feature (disabled by default) is also provided to allow wallet users to rebroadcast one of their previously-sent unconfirmed transactions with a higher fee, which may allow it to confirm more quickly. A short summary of the major new features is provided below, with links to more details later in this post. Improved Initial Block Download (IBD) performance : a full node that has been started for the first time can now validate all blocks up until the present faster than before. This is at least the sixth time IBD performance has been significantly improved by developers to help ensure that new users arent discouraged from running a full node because synchronizing the ever-growing block chain takes too long. Faster new block validation and relay : miners in particular will benefit from improvements made in four existing Bitcoin Core features. The signature cache has been upgraded for machines with many CPU coresa test on a system with 16 cores shows a 40% speed increase in processing a new block. The BIP152 CompactBlocks implementation will now relay some blocks before theyve been fully validated, allowing those blocks to propagate across the peer-to-peer (P2P) network faster than before. The P2P network code has also generally been refactored to allow multiple actions to happen at the same time (concurrency) as well as to increase throughput, eliminating many potential delays in processing new blocks. Finally, unconfirmed transactions in each nodes mempool can now be saved to and restored from disk when t Continue reading >>

Why Does Bitcoin Have Ridiculously High Fees And Slow Confirmations?

Why Does Bitcoin Have Ridiculously High Fees And Slow Confirmations?

Why does Bitcoin have Ridiculously High Fees and Slow Confirmations? If youve tried to use Bitcoin recently, youve probably noticed its getting expensive. The average fee spiked as high as $9 recently. Heck, I paid $12 a few days ago and still had to wait hours. Its getting practically unusable. Yet, Bitcoin price is still going up. Whats going on? Fees are High Because Transaction Capacity Has Become an Artificially ScarceResource Theres only 1MB of data allowed per Bitcoin block, or in other words, only 1 MB of data allowed every 10 minutes. Its a piddling amount of data, considering that my home internet connection has a download speed thats 420,000% greater. Its important to realize that transaction capacity is currently scarce because of a limit that was placed into the code and that has been kept there intentionally by the Bitcoin Core developers. Without this artificial limit, there could still theoretically be a scarcity for transaction space, but it would be purely market driven (based on the willingness of miners to produce bigger blocks.) As it is now, this artificial constraint of 1MB means that you have compete with everyone else and simply outbid the rest of the world. To use an analogy: Imagine theres a city bus that comes along every 10 minutes and only has 12 seats. Seats go to the highest bidders and if you arent willing to pay more than the other 800 people waiting for one of the 12 seats, too bad. Maybe youll get lucky if you wait long enough, but youll still pay a lot. Wait, Wasnt SegWit Supposed to FixThis? SegWit proponents claimed repeatedly and for years that SegWit is a meaningful capacity increase, that it was equivalent to raising the blocksize, that it would produce relief. Anyone with common sense and the most basic understanding of the te Continue reading >>

Whats Going To Happen When Bitcoin Forks(again)?

Whats Going To Happen When Bitcoin Forks(again)?

Whats going to happen when bitcoin forks(again)? The scaling debate has been raging for years, and now the bitcoin network will fork again on block 494,784 ( around November 16th ) as a result of the famous New York Agreement . The bitcoin community experienced its first hard fork when Bitcoin Cash (BCH) launched on August 1st . That was a monumental event in bitcoins history that may have contributed to the BTC price promptly shooting up from ~$2,800 USD to ~$4,800 (on August 31st ): Hard to complain when the price doesthat! When BCH launched, it took the community somewhat by surprise. Due to the last minute nature of the launch there was some uncertainty about what the future held. Bitcoin Cash uses the same address format (1aBcD for single key addresses), shares the same transaction history (and thus balances) at the time of the fork, and has very similar software, so it looked and felt a lot like regular bitcoin. The big difference between then and now is that: Only a tiny minority of the community supported Bitcoin Cash. Regardless of what you think about the block size, segregated witness has a ton of benefits , and Bitcoin cash went out of their way to remove that code (as well as RBF ). Bitcoin Cash was designed as an alternative to those who dont like the direction regular Bitcoin has gone. No major players were arguing at the time that bitcoin cash was the real bitcoin, though Roger Vers bitcoin.com did recently make that claim . It was listed on exchanges as BCH. Its worth noting that there have been some disagreements about the name Bitcoin Cash and bcash. Bitcoin Cash implemented something called strong 2-way replay protection, which means that transactions that occurred on the Bitcoin network could not be replayed on the Bitcoin cash network, and vice-ve Continue reading >>

My Bitcoin Core Wallet Has Been Syncing For At Least 6 Hours Now And Is Only Around 15% Synced. Is There A Faster Wallet? How Long Should I Wait For My Bitcoin Core Wallet To Sync Before Giving Up And Trying A Different Bitcoin Wallet?

My Bitcoin Core Wallet Has Been Syncing For At Least 6 Hours Now And Is Only Around 15% Synced. Is There A Faster Wallet? How Long Should I Wait For My Bitcoin Core Wallet To Sync Before Giving Up And Trying A Different Bitcoin Wallet?

My Bitcoin Core wallet has been syncing for at least 6 hours now and is only around 15% synced. Is there a faster wallet? How long should I wait for my Bitcoin Core wallet to sync before giving up and trying a different Bitcoin wallet? The Bitcoin blockchain is over 110 GB [1] as of 2017. Running a full node can easily take more than a week to sync on a quad-core computer with fast Internet connection and SSD. If you have a very old computer, it may never sync because the files seem to get corrupted often after a week or two of trying. Therefore I highly recommend to not use Bitcoin Core as a wallet until after you know what you are doing. Bitcoin Core offers better privacy and security at a very high cost (in terms of syncing). Users who simply want to try out bitcoin should not use Bitcoin Core , but rather start with a fast, lightweight client like: You can explore Cold Storage options if you really need strong security, but do that after using a lightweight option with small amounts and learning about how Bitcoin works. For cold storage , here are some good options: Bitcoin Trezor - The first Open, secure, crowdsourced hardware wallet. Ledger - The Nano S has some elegant and unique features (eg: on-device PIN input, FIDO support) and is less expensive than the Trezor. KeepKey - Expensive, but seems about as good as Trezor, a few novel improvements made via large screen. Bitaddress.org - BIP38 Paper wallet. See "Going offline" instructions here: Print Offline Tamper-Resistant Addresses . Offline-created cold-storage, encrypted paper wallets are good (if done right) and can be made for free. They work great for savings, but are more difficult to spend from and should never be reused after being spent once. You can even create a cold-storage key using dice for ultima Continue reading >>

Running A Full Node - Bitcoin

Running A Full Node - Bitcoin

A full node is a program that fully validates transactions and blocks.Almost all full nodes also help the network by accepting transactionsand blocks from other full nodes, validating those transactions andblocks, and then relaying them to further full nodes. Most full nodes also serve lightweight clients by allowing them totransmit their transactions to the network and by notifying them when atransaction affects their wallet. If not enough nodes perform thisfunction, clients wont be able to connect through the peer-to-peernetworktheyll have to use centralized services instead. Many people and organizations volunteer to run full nodes using sparecomputing and bandwidth resourcesbut more volunteers are needed toallow Bitcoin to continue to grow. This document describes how you canhelp and what helping will cost you. Running a Bitcoin full node comes with certain costs and can expose youto certain risks. This section will explain those costs and risks so youcan decide whether youre able to help the network. Miners, businesses, and privacy-conscious users rely on particularbehavior from the full nodes they use, so they will often run their ownfull nodes and take special safety precautions. This document does notcover those precautionsit only describes running a full node to helpsupport the Bitcoin network in general. Please seek out assistance in the community if you need helpsetting up your full node correctly to handle high-value and privacy-sensitivetasks. Do your own diligence to ensure who you get help from is ethical,reputable and qualified to assist you. Its possible and safe to run a full node to support the network and useits wallet to store your bitcoins, but you must take the sameprecautions you would when using any Bitcoin wallet. Please see the securing your Continue reading >>

Bitcoin Core - Bitcoin Wiki

Bitcoin Core - Bitcoin Wiki

Bitcoin Core (formerly Bitcoin-Qt) is the third Bitcoin client , developed by Wladimir J. van der Laan based on the original reference code by Satoshi Nakamoto . [1] [2] [3] It has been bundled with bitcoind since version 0.5. [4] Bitcoin-Qt has been rebranded to Bitcoin Core since version 0.9.0 [5] . Bitcoin Core can be used as a desktop client for regular payments or as a server utility for merchants and other payment services. Source code (and build instructions for supported platforms) can be found at the Bitcoin GitHub page . Compatibility with Linux (both GNOME and KDE), Mac OS X and Windows All functionality of the original wxWidgets client Asks for confirmation before sending coins Clearer transaction list with status icons and real-time filtering Languages: Dutch, English, German, Chinese and many more. Translations are being done by volunteers on Transifex . Sendmany support in UI (send to multiple recipients in one transaction) Multiple unit support, can show subdivided bitcoins (mBTC, BTC) for users that like large numbers (only decimal units) bitcoin-cli as a RPC client, instead of bitcoind executable functioning both as a server and as a RPC client Bitcoin Core is often criticized for being slow in downloading and verifying the Bitcoin transaction database (the blockchain ). The download may be quicker using the bootstrap method . NOTE: As of version 0.10.0 it is now slower to download the blockchain via the torrent than it is to download the full blockchain through the P2P client. It has also been criticized for "hogging" upload bandwidth when peers connect to download the blockchain (possible only when run with port 8333 accessible to outside connections).This perceived "issue" has been discussed extensively on GitHub .Most modern routers support qualit Continue reading >>

Speed Up Your Bitcoin Corewallet

Speed Up Your Bitcoin Corewallet

Bitcoin Core can be extremely slow to sync the whole blockchain, and needs outrageous amount of storage space. Most of us have fast drives but with not enough space to put the whole chain on it and a bigger drive, but with poor performance. For this case I have a solution for you. This BIP91 / SegWit issue you might have heard about, and the uncertain effects on our precious coins of the upcoming chain split on August 1st raises a question whether we should put our money in a desktop wallet instead of leaving them having a rest at an exchange or an online wallet. Now I can see, that a desktop wallet actually does blow that haze away from the future partially. After the block chain splits, youll have some BTC (XBT) and some BCC coins, however the exchanges announced different approach to handle the situation, thus its extremely recommended to be well informed about the wallet where you hold your money. For instance, with Coinbase, you are going to lose your BCC (!) option. Saving your coins in your desktop wallet can be a solution for that, but of course it wont help to avoid value losses due to volatility during the upcoming days. So Im here to give a hint on the desktop wallet problem to those who decided to use the Bitcoin Core client from the whole wallet-palette . By using Bitcoin Core, youll be an active component of the Bitcoin ecosystem, however this contribution comes at a rather high cost: it consumes more than 125 GB on your drive as of today (07/23/2017) to store the complete Bitcoin blockchain . What does that mean? You need this free space and it also comes with a slooooooooow initial synchronization procedure. I mean it. If you have a mediocre computer, you need even days to have it synced. You can use your wallet somewhat in the meantime, but you wont se Continue reading >>

How To Run A Full Bitcoin Node

How To Run A Full Bitcoin Node

Take full control of your BTC and help the network with Bitcoin Core Most Bitcoin wallet software connects to other servers to verify Bitcoins (BTC) youve sent and received. This means that transactions can be linked to your own IP address. Lightweight wallets can also be tricked into accepting payments which arent valid as they rely on a third-party server for information. The official Bitcoin Core client is a full node in that it downloads the entire Bitcoin blockchain and processes all new transactions on the network. This means if youre downloading data about all payments received then its much harder to link them to your identity. Running a full node is also more secure as it doesnt need to check with a third-party that all the rules of Bitcoin are being followed for instance, if someone tries to spend the same BTC twice. In this guide, youll learn how to set up your own full node with the official Bitcoin Core client. In order to get started, youll need enough space to store the blockchain (currently around 155GB), as well as 2GB of RAM. Full nodes also upload and download large amounts of data so youll need a reliable and low cost internet connection. (See here for more information). As youll see, there are ways to reduce both internet traffic and storage space used. The safest way to run a full node is on a dedicated computer, as theres less risk youll accidentally download malware . Open your web browser and navigate to . Click Download Bitcoin Core. This should automatically download the correct version of the software for your operating system. If youre using Windows 10 with Microsoft Edge, you can choose to automatically launch the installer by clicking Run. Otherwise open it from your Downloads folder. Once the installer starts, click Next to continue. Fin Continue reading >>

5 Steps To Install Bitcoin-qt Faster - Bitcoin-en.com

5 Steps To Install Bitcoin-qt Faster - Bitcoin-en.com

5 Steps to Install and Set Up Bitcoin-Qt (now Bitcoin Core) Faster As of Bitcoin Core version (formerly Bitcoin-Qt) 0.10.0 and later, the block chain bootstrap torrent is *slower* than a direct download using the bitcoin P2P protocol & client. If you want the torrent for other reasons, please visit: To download the latest version of Bitcoin Core, please visit: Since release v0.14.0 , Bitcoin Core furtherimproves on validation speed and network propagation performance, supports pruning the blockchain, leading to much shorter sync and initial block download times. The biggest pain point of using Bitcoin-Qt( Bitcoin Core )prior to v 0.10as your wallet is it takes forever to sync to get the complete block chain. A fully functioning node must have the Bitcoin-Qt ( Bitcoin Core ) client on a machine instance with the complete block chain.Note that this speed-up tip will no longer be necessary for Bitcoin Core version 0.10 (click here for Bitcoin Core version history) and above because blockchain syncing will be parallelized across multiple peers and and will be faster than the approach mentioned here. Please make sure the software is running from a computer with SSD (solid state drive), not HDD (hard drive) as the disk-intensive operations will be slow to death if you're not using SSD when you launch Bitcoin-Qt for the first time. Applicable to Bitcoin Core prior to v 0.10, this article is a how-to guide about setting up a full bitcoin node by installing Bitcoin-Qt (now a.k.a. Bitcoin Core) on a Mac using slightly faster approaches broken down as follows: Give higher CPU priority to Bitcoin-Qt process Wait for Bitcoin-Qt catch up synchronization Since version 0.9, Bitcoin-Qt was renamed to Bitcoin Core to reduce confusion between Bitcoin-the-network and Bitcoin-the-software. Continue reading >>

Tweetstorm: Slow Bitcoin Core Development Is A Good Thing

Tweetstorm: Slow Bitcoin Core Development Is A Good Thing

1/ another @pmarca tweetstorm #bitcoin slow bitcoin core development is a good thing 2/ #bitcoin software changes to the bitcoin core protocol should be made slowly 3/ #bitcoin it is not possible to truly test the security of software until it is used and attacked 4/ #bitcoin security of bitcoin core is paramount the software is the new bank in your pocket (@gavinandresen) 5/ #bitcoin if you are running a company that uses the bitcoin core protocol you should pay (something/somehow) to support it 6/ #bitcoin joining the #bitcoinfoundation indirectly supports payment of bitcoin core developers, a good thing 7/ #bitcoin recent effort to replace #bitcoinfoundation is misguided but the funding is a good thing 8/ #bitcoin however lack of funding of core developers is a problem and significant risk to the Bitcoin ecosystem 9/ #bitcoin any effort to increase funding of core developers is a good thing 10/ #endtweetstorm #bitcoin www.bitcoininplainenglish.com Continue reading >>

Segwit's Slow Rollout: Why Bitcoin's Capacity Hasn't Seen A Sudden Boost - Coindesk

Segwit's Slow Rollout: Why Bitcoin's Capacity Hasn't Seen A Sudden Boost - Coindesk

SegWit's Slow Rollout: Why Bitcoin's Capacity Hasn't Seen a Sudden Boost "Why do transaction fees appear unaffected?" asked one Reddit user. Another posted an image of a man poking the word "SegWit" with a stick, saying, "C'mon, do something..." Suchcomments, while sparse, have been indicative of the reaction some more casual bitcoin users have so far had to the activation of Segregated Witness (SegWit), a code change that went liveon bitcoin last week after nearly two years of testing and debate. Though the much-hyped technology is well-known for two things boosting average block size and paving the way for a secure Lightning Network when SegWit finally activated on August 23, the code change didn't immediately trigger these benefits. One caveat that some might have missed is that it will likelytake some time before the technology has a noticeable impact on network capacity. Even many "block explorers" (blockchain analysis tools used for browsing blocks and transactions) have yet to add much information in regards toSegWit, making it difficult to track just how widely used the new technology is so far. SegWit.party tracks how many SegWit-style transactions are in each block, showing they have moved from roughly 0.5 percent of transactions to 1 percent per block over the technology's six-daylifespan. Meanwhile, another graph shows the total block size. SegWit hasn't had any visible impact so far. OXT.me , from bitcoin data analysisexpert going by the moniker LaurentMT, tracks the total number of SegWit transactions made per day. Plus, it tracks some more other new data , such asthe new "virtual block size." As evidenced by these graphs, too, there's still a lot of room for adoption. So, why hasn't the increase been bigger? Well, it's up to bitcoin users and companies t Continue reading >>

Bitcoin Core Client Extremely Slow And Unresponsive When Synchronizing

Bitcoin Core Client Extremely Slow And Unresponsive When Synchronizing

Bitcoin Core client extremely slow and unresponsive when synchronizing Bitcoin Client Software and Version Number: Bitcoin Core Version v0.14.1 (64-Bit) System Hardware Specs: 16GB/RAM, i7-2600K CPU with 3.40GHz, 1.5TB Western Digital WD15EADS-00p8b0 Log Files from the Bitcoin Client: See below My Bitcoin Core client became extremely slow and unresponsive when synchronizing. It also hangs for seconds up to minutes when trying to click on something in the GUI. After synchronizing, it is usable. It was not like this in the beginning. It took several hours to synchronize just the last 3 days. When synchronizing, it is almost impossible to use the client. When I just try to do a right-click (e.g. to copy transaction details) it takes about a minute until the context menu shows up. Also, the title bar shows "not responding". The weird thing is that when I check the task manager, CPU load is low (<10%), network usage is low (<1MB/s, usually just a few KB/s), RAM usage is low (4GB/16GB), hard drive active time is almost 100% - but read/write is using only low bandwidth (less than 1MB/s). It did not behave like that some months ago. I upgraded to the latest version 0.14.1, but it does not make a difference. My PC hardware is not that bad. I have 16GB/RAM, i7-2600K CPU with 3.40GHz, Win 10 64 Bit. Harddrive where the Blockchain is stored is a 1.5TB Western Digital WD15EADS-00p8b0 with 250GB free space. Network connection seems also not to be the problem. Litecoin client synchronizes days in just a minute with network usage peaks around 24MBit/s. My network connection is 400MBit/s. Is there any issue like this known? Is there anything I can find out from the log files or console? Only messages which look a little bit suspicious (but I don't know if it is related to the behaviour Continue reading >>

Slow Bitcoin Core Syncing On A Mac

Slow Bitcoin Core Syncing On A Mac

Its been a while since Ive run Bitcoin Core . Recently, I started it up again and ran into the dreadfully long wait of getting it synced up to the blockchain. The problem is, it was sycing far slower than even its usual slow self. It would have taken weeks to sync up. This was disconcerting since the developers have been promoting that changes made to it in version 0.10 make if faster to let it sync than getting a copy of the blockchain using Bit Torrent. Im using version 0.11.2. Whats going on? For me it boiled down to two things, but the first was enough. In the apps Preferences, there is a setting for database cache which is by default set to 100 MB. If youre using slow and old hardware like me, this becomes a more critical setting. It was suggested here that 500 MB or even 1000 MB is a better setting during the initial sync. Once synced, you can roll it back down to 100 MB and give your other apps some room back. I tried 500 MB, restarted the app and saw a huge improvement. Intead of weeks, I was down to many days or maybe a week. I then tried 1000 MB, restarted, and think I saw further improvement, but I suspect I was reaching the point of diminishing returns. The sync was down to days, which was good enough for me. Since Yosemite, Macs now try to put apps that arent doing anything into a low funcitoning state that makes the Mac use less energy. Its been claimed many places that app is being hamstrung by being put to sleep by the OS. This makes sense, and its supposed to be as simple as setting a checkbox in the app's Information window .The problem is, on my Mac, this checkbox does not appear. I have yet to understand why. If I open Application Monitor and look at the Energy tab, I can see if the Bitcoin app is napping. It doesnt appear to be, but it could be whe Continue reading >>

Why Is My Bitcoin Transaction Pending For So Long? Bitcoin Fees For Dummies

Why Is My Bitcoin Transaction Pending For So Long? Bitcoin Fees For Dummies

Last updated on December 8th, 2017 at 01:19 pm If youre reading this post I assume that like many others, you sent a bitcoin transaction and was kind of confused as to why its still listed as unconfirmed or pending after a few hours or so. I mean Bitcoin transactions are supposed to be instant right? In this post I want to try and explain in a very basic way how a Bitcoin transaction works and why the fee that you attach to each transaction has a crucial role in how long it will take the transaction to go through the network. Heres what happens when you send Bitcoins to someone Whenever you send someone Bitcoins, the transaction goes through different computers running the Bitcoin protocol around the world that make sure the transaction is valid. Once the transaction is verified it then waits inside the Mempool (i.e. in some sort of a limbo state). Its basically waiting to be picked up by a Bitcoin miner and entered into a block of transaction on the Blockchain. Until it is picked up its considered an unconfirmed transaction or a pending transaction. Anew block of transactions in added to the Blockchain every 10 minutes on average. However since there are so many transactions lately due to the price increase, and a block can only hold a finite amount of transactions, not all transactions are picked instantly. So you need to wait for a certain amount of time until a miner decided to pick your transaction out of all of those sitting around in the mempool. Once your transaction is included in the block it receives its first confirmation and its no longer pending. After another block of transactions is added it will get another confirmation and so on.heres a short video explaining this: How can you make sure your transaction will get included in the next block? Simple. By Continue reading >>

Gmaxwell-2017-08-28-deep-dive-bitcoin-core-v0.15

Gmaxwell-2017-08-28-deep-dive-bitcoin-core-v0.15

preliminary v0.15 release notes (not finished yet): Alright let's get started. There are a lot of new faces in the room. I feel like there's an increase in excitement around bitcoin right now. That's great. For those of you who are new to this space, I am going to be talking about some technical details here, so you'll get to drink from the firehose. And if you don't understand something, feel free to ask me questions, or other people in the room after the event, because there are a lot of people here who know a lot about this stuff. So tonight I'd like to start off by talking about the new cool stuff in Bitcoin Core v0.15 which is just about to be released. And then I am going to open up for open-format question and answer and maybe we'll have some interesting discuss. First thing I want to talk about for v0.15 is system number wise breakdown. What kind of activities go into bitcoin development these days? I am going to talk about the major themes and major improvements, things about performance, wallet features, and talk a little bit about this service bit disconnection thing, which is a really minor and obscure thing but it created some press and I think there's a lot of misunderstanding about it. And then I am going to talk about some of the future work that is not in v0.15 that will be in future versions that I think is interesting. Quick refresher on how Bitcoin Core releases work . So there's this master trunk branch of bitcoin development. And releases are branched off of it and then new fixes go into that releases are written into the master branch and then copied into the release branches. This is a pretty common process for software development. What this means is that features that are in v0.15 are a lot of them are also in v0.14.2 and v0.14 because v0.15 s Continue reading >>

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