An Ever Growing Bitcoin Blockchain???

Cryptocurrency discussions
EconoD
Posts: 59
Joined: Fri Oct 17, 2014 8:37 pm

An Ever Growing Bitcoin Blockchain???

Post by EconoD » Mon Oct 20, 2014 11:57 pm

I've been waiting a couple of days now for the blockchain to download, have to say it's been a real enthusiasm killer. I'm noticing overtime I run the wallet it has to sync again the latest transactions. So, if you're away for a month you'll be waiting hours and hours again. Have I got this wrong, is there something I could do? Yep using a torrent to get the blockchain.

Do we expect people to join the currency in a year and wait a week to get the blockchain before they can start transacting?

Doing some quick reading around, there are articles saying it's a non-issue the solution is there?


What are people's thoughts about this?

Regards,
EconoD

GN912457
Posts: 24
Joined: Mon Oct 20, 2014 5:23 pm

Re: An Ever Growing Blockchain???

Post by GN912457 » Wed Oct 22, 2014 11:23 am

Econod have you read my mind or are you part of the NSA stealing my ideas :lol: :lol:

okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: An Ever Growing Blockchain???

Post by okpatriot » Sun Oct 26, 2014 9:56 pm

EconoD wrote:I've been waiting a couple of days now for the blockchain to download, have to say it's been a real enthusiasm killer. I'm noticing overtime I run the wallet it has to sync again the latest transactions. So, if you're away for a month you'll be waiting hours and hours again. Have I got this wrong, is there something I could do? Yep using a torrent to get the blockchain.

Do we expect people to join the currency in a year and wait a week to get the blockchain before they can start transacting?

Doing some quick reading around, there are articles saying it's a non-issue the solution is there?


What are people's thoughts about this?

Regards,
EconoD
Downloading the blockchain isn't the problem. There are ways to download the latest version of the chain via a file called bootstrap.dat. You put this file in the same directory your wallet.dat and conf file live (c:\users\username\appdata\roaming\bitcoin in windows). It will automatically import it all. You can get this file from : http://sourceforge.net/projects/bitcoin ... t/download

The real problem and what really takes time is verifying the blocks. Whether you download the chain the normal way or use a bootstrap.dat file, your client has to validate all of the blocks. Depending on how fast of a cpu you have will determine how long this takes. But there are solutions to this. It is what is called a multibit wallet which does not have to store the whole blockchain. Pretty much most mobile wallets are based off of multibit.

EconoD
Posts: 59
Joined: Fri Oct 17, 2014 8:37 pm

Re: An Ever Growing Blockchain???

Post by EconoD » Sun Oct 26, 2014 10:39 pm

Thanks for the reply.

Can you recommend a good multibit wallet?

Did the bootstrap thing and then waited .... and waited, then had the Yosemite upgrade which got in the way, waiting then waited some more after that.


It's just when I switch on even a day later the wallet can take a long time to sync, I'm wondering if it's really popular that there may be a race condition where the block chain is growing faster than you can sync with it? If there were billions of transactions going on around the world, could it cope? Noob question, I know. ;)

okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: An Ever Growing Blockchain???

Post by okpatriot » Sun Oct 26, 2014 11:42 pm

EconoD wrote:Thanks for the reply.

Can you recommend a good multibit wallet?

Did the bootstrap thing and then waited .... and waited, then had the Yosemite upgrade which got in the way, waiting then waited some more after that.


It's just when I switch on even a day later the wallet can take a long time to sync, I'm wondering if it's really popular that there may be a race condition where the block chain is growing faster than you can sync with it? If there were billions of transactions going on around the world, could it cope? Noob question, I know. ;)
Official Multibit Wallet: https://multibit.org/

No the blockchain is not growing faster than one can sync with it. If anything the bitcoin blockchain grows slowly as it only generates a block every 10 minutes (many alt coins generate a block every 30 seconds!). The maximum block size in bitcoin is 1MB, so if you figure 6 blocks per hour * 24hr * 1MB = 144MB maximum size to download after the wallet being off for 24 hours. With a full default number of 8 connections, each one would have to send the chain at 18MB/sec for you to get 144 blocks instantly if the blocks were max size. Most people don't have connections that can send that fast but In reality it shouldn't take more than about 5 minutes to download 144 blocks. Your average 12Mbps broadband connection can download 144MB in about 2 minutes if the people(s) on the other end can send it that fast. You are somewhat at the mercy of how fast your peers can send the data to you.

What usually takes most of the time is the verifying. I would think most modern machines (core i3/i5/i7 2.0Ghz and faster etc..) would verify 10 blocks in less than a minute. So for a full day you could wait as long as 15 minutes if the computer isn't very fast. If it's taking longer than that, look at the client and see what it is stuck on... It should say downloading or verifying etc... If it is showing neither of these but isn't sync'd it might be your network (firewall, uPnP etc...) causing it to take a while to initiate a connection. Check to see how many connections you have if any.

A lightweight multibit wallet solves all of this though. Or you can just leave your wallet running 24/7. That is what most of us do.

EconoD
Posts: 59
Joined: Fri Oct 17, 2014 8:37 pm

Re: An Ever Growing Blockchain???

Post by EconoD » Tue Oct 28, 2014 10:08 am

Great reply, thanks very much, that clarifies a lot! I should do a bit more technical reading, but you've helped get me started.

Cheers,
EconoD

EconoD
Posts: 59
Joined: Fri Oct 17, 2014 8:37 pm

Re: An Ever Growing Blockchain???

Post by EconoD » Tue Oct 28, 2014 11:40 am

Downloaded the Multibit software, and within a minute it had synchronised! This is days better than the other clients!

It's the best layout I've seen with useful help and even a quote for the current value of Bitcoin.

Thanks very much.

EconoD
Posts: 59
Joined: Fri Oct 17, 2014 8:37 pm

Re: An Ever Growing Blockchain???

Post by EconoD » Tue Oct 28, 2014 12:43 pm

Quick question about Multibit:

In the help about backing up the keys it says:
You can export your private keys from a MultiBit wallet into a file (using the 'Tools | Export private keys Export private keys' option) and, as long as you do not manually create new receiving addresses, you can use the private key file as a backup for the wallet.
I'm assuming if you add more receiving addresses then you have to do another backup? It doesn't say explicitly, so I'm a little unsure. So if you're an active user adding receiving addresses frequently you need to back up as many times as addresses?

Cheers,
EconoD

okpatriot
Posts: 29
Joined: Sun Oct 12, 2014 11:09 pm

Re: An Ever Growing Blockchain???

Post by okpatriot » Tue Oct 28, 2014 10:21 pm

EconoD wrote:Quick question about Multibit:

In the help about backing up the keys it says:
You can export your private keys from a MultiBit wallet into a file (using the 'Tools | Export private keys Export private keys' option) and, as long as you do not manually create new receiving addresses, you can use the private key file as a backup for the wallet.
I'm assuming if you add more receiving addresses then you have to do another backup? It doesn't say explicitly, so I'm a little unsure. So if you're an active user adding receiving addresses frequently you need to back up as many times as addresses?

Cheers,
EconoD
Yes, you are correct. Here is a quote from : https://multibit.org/en/help/v0.5/help_ ... ckups.html

"Each time a new receiving address is generated a new private key is made which must be backed up."

Bitcoinar
Posts: 4
Joined: Tue Nov 04, 2014 7:45 am

Re: An Ever Growing Bitcoin Blockchain???

Post by Bitcoinar » Tue Nov 04, 2014 7:57 am

You Can try Bootstrap to sync the bitcoin wallet quickly.

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