Bitcoiners Resort to Jerry-Rigged Solutions to Send Bitcoin

Bitcoiners Resort to Jerry-Rigged Solutions to Send Bitcoin

Over the past few months, many people have been talking heavily about the Bitcoin network’s backlog of unconfirmed transactions and higher fees. Unfortunately, the community at large hasn’t figured out the best solutions to tackle these issues. However recently many bitcoiners are resorting to different ‘jerry-rigged’ ways to overcome the current obstacles of steep miner fees and lagging transactions.

Also read: Japan Declares Sale of Bitcoin Exempt from Consumption Tax

Makeshift Solutions for Lower Fees and Better Time Frames for Bitcoin Transactions

Lately, there has been quite a bit of focus on the scaling debate, and much of the discussion resonates with Bitcoin’s transaction rate and miner fees. Fees, for instance, are always varying and lately, people have been paying upwards of $1-1.50 per transaction. For now, a great majority of people have been resorting to looking at websites like 21 inc’s average fee converter to calculate the fees for the transactions they send.

However, there are also other methods people have been using to not only pay lower fees, but also get their transactions confirmed more quickly. Just as a lot of people refer to fee website these days bitcoiners are also looking at the mempool count and visualizing the number of transactions waiting to be processed.

Bitcoiners Resort to Jerry-Rigged Solutions to Send Bitcoin
Source: Blockchain.info charts.

Many have found over the past few months that particularly on Saturdays and Sundays, the amount of unconfirmed transactions in the queue are far lower than on the weekdays. People have figured out and are now discussing the best time frames to send bitcoins in order to get faster confirmations.

People have also found out that during the times when there isn’t much backlog the high fee your wallet recommends for a transaction may not be necessary. Lower fees paid to miners when the transaction queue is relatively low will likely be confirmed just as fast without paying a high rate. This could mean paying 10-15 cents per transaction as opposed to a dollar if the timing is right, but it’s not a guaranteed science.

Zero Confirmation Acceptance

Bitcoiners Resort to Jerry-Rigged Solutions to Send Bitcoin Another way people have improvised is by accepting zero confirmations when dealing with bitcoin transactions. The practice is considered risky to some who believe accepting zero confirms may lead to more frequent acts of fraud. However over the past year or so since the backlog started getting bad, various merchants announced they had been accepting zero confirmations. Some have advocated the practice is completely safe by saying cheating doesn’t happen very often. One particular forum post called “Why bitcoin zero confirmation transactions are safe” illustrates one company’s example.    

“My present business is a busy bar and restaurant in a developing country. We operate a tab system for every customer. A customer could easily just walk off and not pay the tab. We serve over 2,000 customers a day, but this happens less than 0.00001% of the time.”

Just last week, another business called SMS Privacy got a well-received response when developer James Stanley announced his company was accepting zero confirmation payments. Stanley details that his customers were “frustrated with long confirmation times” and even with one confirmation, some transactions could take a while.

“Instead of sending money and being able to use the service immediately, customers sometimes had to wait hours,” explains Stanley. This is immensely frustrating for a legitimate customer: you’ve sent the money, you’re not trying to steal anything, why do you have to wait?”

Stanley started his experiment over a month ago and has seen zero instances of double-spends and all of his customers are anonymous.

Transaction Accelerators

Slow confirmation times have also produced new services called transaction accelerators. A couple of mining pools have come up with a way to prioritize transactions, which essentially claims to increase the chance of a transaction confirmation. Users simply submit the TXID to the service and wait to see if the pool finds the transaction in the next block they find.

The method is currently being offered by two mining pools at the moment BTC.com and Viabtc. BTC.com’s service users have to pay for and can use a credit card if they desire. Viabtc’s service is free but requires the transaction to have a minimum fee of 0.0001BTC/KB. Accelerators are still rudimentary and users still may have to wait a few hours before getting a confirmation.

Bitcoiners Resort to Jerry-Rigged Solutions to Send Bitcoin

Improvised Solutions Are Not Perfect  

The makeshift methods people are using to bypass slow transaction times and high fees will be a reality until the scaling issue is resolved. The jerry-rigged techniques mentioned above are not perfect by any means. There still could be a considerable wait time for bitcoins sent with a fee that’s too low and accepting a zero confirmation transaction could lead to fraud. For now, people are trying different makeshift methods to bypass the Bitcoin network’s congestion and high fees.

What do you think about people practicing makeshift solutions when sending or accepting transactions? Let us know in the comments below.


Images via Shutterstock, Blockchain.info, and Bitcoin.com.


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The post Bitcoiners Resort to Jerry-Rigged Solutions to Send Bitcoin appeared first on Bitcoin News.

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SibCoin: Siberia Down, China to Go

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

April 8, 2017, Siberia, Russia – SibСoin, a Dash fork originating from the vast frost-bound realms of Siberia, continues to expand beyond the cold land. Having conquered Siberia in a blitz, the coin known in Russia as the “Siberian Сhervonets” is now entering the adjacent domain of China. The project’s official website, sibcoin.org now has a Chinese language version, which opens the gate for China’s crypto-enthusiasts and professional traders alike.

SibСoin’s story begins with Dash, a popular anonymity-focused cryptocurrency that has undergone several brand changes and a block size increase. Dash’s creator, Evan Duffield, noted on multiple occasions that Dash, as opposed to Bitcoin, lacks tons of technological drama due to an entirely different governance architecture. Quite recently, the cryptocurrency has broken through its earlier price to create a new record.

SibСoin was created in 2015 as a ‘people’s patriotic project’ initially focused on the Russian-speaking cryptocurrency community. The project managed to garner massive support amongst both expert traders and crypto-rookies not least since it proved to be the gateway altcoin for those feeling cautious about Bitcoin. SibCoin employs encryption algorithms developed by Russian cryptographers on top of those of Dash, and is continuously evolving to become “closer to people.”

SibCoin is available for trade on Livecoin and YoBit exchanges. And it has recently been added to Bittrex — one of the world’s oldest and most reputable cryptocurrency exchanges as well.

The SibCoin Project leader, Ivan Rublev while mentioning the increasing value of the cryptocurrency said,

“SibСoin might as well follow the steps of its mother coin, Dash. Those who had bought it back when it was Xcoin and was not expensive at all now may enjoy all the benefits and pleasures of yet another record-breaking price. We expect SibСoin to follow that inspiring example.”

Earlier he stated that the team is currently concentrating their efforts on two main areas; traditional services like exchanges and payout/payment collection services, and masternode-based services to be unveiled in a short while. The SibCoin community is going to see a lot of feature additions to the platform during the year 2017.

About SibCoin

SibCoin is a Dash fork, employing additional encryption algorithms devised by Russian cryptographers. The coin’s adoption has been growing rapidly ever since the first block was mined in May 2015.

SibCoin is striving to become the driving force behind the consolidation of Russian blockchain community. Frequent community meet-ups are held in every large Siberian city and scores of cities in western Russia and neighboring countries.

Learn more about SibCoin at – http://sibcoin.org/en/

Media Contact

Contact Name: Ivan
Contact Email: ivanr@sib.guru
Location: Siberia, Russia

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post SibCoin: Siberia Down, China to Go appeared first on Bitcoin News.

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Media Frenzy in Japan as Bic Camera Starts Accepting Bitcoin

Japan’s consumer electronic retail giant Bic Camera officially began accepting Bitcoin payments on Friday at two of its stores in Tokyo. 28 media crews reportedly gathered to cover the premier event. Bitflyer which processes Bitcoin payments for the stores has also launched a campaign to give away bitcoin to shoppers using its wallet.

Also read: Bitcoin to Be Accepted at 260,000 Stores in Japan by This Summer

Bic Camera’s Bitcoin Premier

Media Frenzy in Japan as Bic Camera Starts Accepting Bitcoin
Premier event at Bic Camera; Photo by Ken Shishido

Bitcoin.com recently reported about the partnership between Bitflyer and Bic Camera for two of Bic Camera’s stores in Tokyo to accept Bitcoin payments. Starting on Friday, customers can pay using bitcoin at the Bic Camera store in Yurakucho district, and at Bicqlo Bic Camera store in Shinjuku East. The latter is a hybrid outlet with a giant casual wear designer, manufacturer, and retailer, Uniqlo. Bic Camera executives say more stores could also start accepting bitcoin.

“You can use Bitcoin at most 100,000 yen for one payment. Other payment methods can be used with Bitcoin together,” according to a Bic Camera’s promotional leaflet for Bitcoin payments. Customers can also collect reward points just as they would using cash.

The event has been covered by major Japanese media outlets including Nikkei and Asahi Shimbun newspapers, as well as a large number of media publications worldwide. In addition, Japan’s national public broadcasting organization, NHK, has also aired a segment of the event. Bic Camera executives expect foreign travelers to be among the first to use bitcoin for payments but the number of local Japanese users are also expected “to rise eventually,” NHK reported.

Ken Shishido, one of the organizers of the Bitcoin Tokyo meetup group, describes Bic Camera stores as a “Best Buy type of electronic shop.” At the premier on Friday, Bitflyer CEO Yuzo Kano spoke to the crowd and, according to a tweet by Shishido, he was “surrounded by 28 media crews at Bic Camera.”

Bitflyer’s Bitcoin Giveaways

Starting on Friday, Bitflyer is also running a campaign to give away bitcoin to customers for shopping at the two Bic Camera stores using a Bitflyer wallet. From April 7 to 19, Media Frenzy in Japan as Bic Camera Starts Accepting BitcoinBitflyer will give the first 200 customers who settle with Bitflyer wallet 500 yen worth of bitcoin, the company explains.

Additionally, during the same period, Bitflyer is also simultaneously promoting its “Bitwire Shop” e-commerce service which allows customers to accept bitcoin on their own websites. Anyone with an e-commerce website or blog can accept Bitcoin payment just by inserting the Bitwire Shop URL onto it, according to a translation of Bitflyer’s description. For this campaign, the company will give the bitcoin equivalent of 500 yen to 200 people who register for Bitwire Shop ver2.1, and winners will be chosen by drawing.

In both cases, the winners will receive their bitcoin within 5 business days after the campaign ends.

Media Frenzy in Japan as Bic Camera Starts Accepting Bitcoin

How many people do you think will be using bitcoin at Bic Camera? Let us know in the comments section below.


Images courtesy of Bitflyer, Roger Ver, and Ken Shishido


Need to calculate your bitcoin holdings? Check our tools section.

The post Media Frenzy in Japan as Bic Camera Starts Accepting Bitcoin appeared first on Bitcoin News.

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