Archive for the ‘General Info’ Category

unconfirmed-bitcoin-transaction

With the recent spike in the price of Bitcoin the number of unconfirmed transactions has increased significantly yet again and the Bitcoin blocks are getting closer and closer to being full. This essentially slows down transactions on the network and in order to ensure that your transaction is being processed faster you need to increase the fee over the standard recommended one. While this may be just fine for larger BTC transfers with fewer inputs, if you want to make a small transaction of few Bitcoin cents or a large one with a lot of inputs the network fees can get quite high. If the fee is not large enough and the waiting list is big you can easily end up with your transaction not getting confirmed and included in a block for over a day and that usually causes a problem, especially if you are paying for something in BTC. The solution would be to just cancel any unconfirmed transaction that did not go through for over 24 hours and it is not that hard to do it actually, although the process itself may require some time.

bitcoin-qt-zapwallettxes

Cancelling stuck Bitcoin transaction sent from your local BTC wallet requires you to run the qt wallet client with a special option that would remove all pending transactions that are not included in the blockchain. You need to run bitcoin-qt.exe (or the respective qt executable file depending on the OS you are using) with the -zapwallettxes parameter, but before running it make sure you backup your wallet.dat file. This will take some time as it will initiate a blockchain rescan, so be prepared to wait until the process finishes and do not forget to remove the extra parameter the next time you run your wallet as it is not needed anymore. As a result you will be able to initiate a new transaction with the unspent coins and by increasing the network fee you pay you should be able to move them faster and have the transaction confirmed this time. You will be essentially double spending your Bitcoins, but the second transaction you initiate will cancel out the earlier one. You cannot successfully double spend Bitcoins unless you control more than half of the Bitcoin network, so no worries here. The only thing you will be able to do is free up your coins that were stuck in an unconfirmed transaction for a long time and then be able to initiate a new transaction to send them successfully this time.

Do note that although we are giving this example for Bitcoin, it should work on many other altcoins as well that are based on a more recent forked Bitcoin wallet code as the option we use here is not included in the earlier version of the Bitcoin client. There are some more complex alternatives for performing the same thing described here if your wallet does not support the zapwallettxes option, so you are not out of luck in such cases either. You can do the same thing with the Python-based tool called Pywallet as an alternative to using the qt wallet method described here.

bitgold-main

We have already covered the BitGold service that offers an easy way to acquire Gold and to spend it for everyday payments or store it as an investment and you can also always redeem your gold for cash or have it physically sent to you. The service has had support for purchasing Gold with Bitcoins for quite some time already, but it seems that they have significantly expanded the number of supported crypto currencies that can be used. Below is a list of crypto currencies that are supported by the service for purchasing Gold, but do note that there are some additional limitations associated with Gold purchases using BTC or another cryptocoin.

Supported crypto coins for Gold purchase:
– Bitcoin (BTC)
– BitCrystals (BCY)
– Bitshares (BTS)
– Blackcoin (BLK)
– Clams (CLAM)
– Counterparty (XCP)
– Dash (DASH)
– Digibyte (DGB)
– Dogecoin (DOGE)
– Emercoin (EMC)
– Ether (ETH)
– Factoids (FCT)
– Litecoin (LTC)
– Maidsafe (MAID)
– Mintcoin (MINT)
– Monacoin (MONA)
– Monero (XMR)
– Namecoin (NMC)
– Novacoin (NVC)
– Nubits (NBT)
– Nxt (NXT)
– Peercoin (PPC)
– Reddcoin (RDD)
– Ripple (XRP)
– Shadowcash (SDC)
– Startcoin (START)
– StorjX (SJCX)
– Tether (USDT)
– Vericoin (VRC)
– Vertcoin (VTC)
– Voxels (VOX)

What still seems to be missing and what we want to see in the future is also the option not only to purchase Gold with crypto currencies, but also to withdraw it in BTC or another crypto currency. For the moment you can still only Redeem your gold owned via a bank transfer, to a prepaid card or in a physical form sent to you. You can of course use the Gold Backed Prepaid MasterCard that the service offers to do regular everyday payments just like you can do with any other MasterCard or send Gold to other users by email similar to how PayPal works for money. So pretty much the only thing that the service needs now is to add the ability to convert your Gold to Bitcoin or another crypto currency and have it sent to your digital wallet.

For more details about the Gold-centered digital payments service BitGold…

sgminer-5-1-1-x11evo

There is now an sgminer fork for GPU mining Revolvercoin (XRE) that uses a new X11 Evo algorithm (source) for AMD GPUs. The new X11 Evo algorithm comes as a solution to the already available ASIC miners for the standard X11 algorithm, meaning that X11 Evo is only CPU and GPU mineable for the moment, though CPU mining with a GPU miner available is not very reasonable. The first altcoin to use the new X11 Evo algorithm is Revolvercoin (XRE). The hashrate you can expect to get from the X11 Evo algorithm is a few times lower than what the same AMD GPU could be capable of providing with the regular X11 algorithm, so something like 2-3 MHS is to be expected at the moment depending on your GPU.

To download the Windows binary of the sgminer X11 Evo fork for Revolvercoin (XRE) GPU mining…


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