Cryptocurrency Blog

The size of the bitcoin block has bothered a number of developers, miners, and others involved in the popular cryptocurrency. It seems that the limit of 1 megabyte as the block size means that only 7 transactions can be handled in one second. Because of the number of transactions increasing, this can cause the system to lag. On August 1, 2017, the protocol was changed making the block size limit 8 megabytes. The result was that the new currency was not the same as the bitcoin core so it had to fork into two streams of currency. The first bitcoin cash block was mined 6 hours after bitcoin’s block 478558 was mined. This was the last entry in the blockchain before mining the first bitcoin cash block. It held 6,985 transactions and was nearly 2 MB in size – 1.915 MB. Holders as of block 478558 were suddenly owners of both versions of bitcoin. If you owned a bitcoin on that date, it split into two and for every bitcoin you had, you received bitcoin cash. After that, you had bo...

If you do a search for free bitcoins, you will be deluged with great offers to earn bitcoin by visiting websites or playing online games. There are suggestions that you start mining. After all, everyone knows that miners get great payouts. First of all, most of the places that recommend joining sites where you earn bitcoins for watching videos, visiting websites, or any of the usual online low-paying schemes pay in satoshis. What is a satoshi? It’s the smallest unit of bitcoin that gets to be recorded in the blockchain. What is it worth? One hundred millionth of a bitcoin (0.00000001 BTC). What does this mean in terms of dollars? It converts to $0.0000824865 USD. This is on a day when a bitcoin is worth about $8,300. It’s a fraction of a cent. If you had a thousand satoshi, you would have 8 cents. Be careful before you enter into the world with enticing suggestions that you can earn bitcoin. If it seems too good to be true, then it likely is too good to be true. About...