Toms Blog

Where I talk about Bitcoin Cash and more

Are SPV payments safe?

2018-01-27 Bitcoin cash

There are still a lot of misconceptions out about SPV wallets, people make it seem like they are less useful than they are, and this is a shame.

SPV wallets are wallets with “Simplified Payment Verification”. A term that actually shows up in the original Bitcoin whitepaper from Satoshi Nakamoto.

The trick is that SPV wallets (which in practice is almost all wallets) check all the Bitcoin blocks, validate if the miners did their work but they do not download and check all the transactions. This limits the download and check of the entire 8 year blockchain to about 39 MB. Pretty neat eh?

So, what are people worried about?

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Re-thinking crypto transaction priorities

2017-09-19 Bitcoin cash
There is an air of oppression that lifted in the Bitcoin Cash ranks. This is still something we are getting used to, but the change is clear and the benefits are slowly being realized. We used to live with the people that want to forever have 1MB blocks and are still fighting against even a little increase on the SegWit2X chain. Those people were toxic, yes. But what is more important is that their ways of thinking affected everything about Bitcoin, and many times not for the better. Continue reading

UTXO Growth

2017-02-16 bitcoin
Over the last year we have seen quite a lot of people that get worried about the UTXO growth. Lets find out why. For those catching up; the UTXO is the Unspent Transaction Output database. The essential database that is needed to find out if a new incoming transaction is actually spending money that exists. The growth is explained well in this blog from Gavin Andresen, the blog is already older, so the growth has continued. Continue reading

Scaling Bitcoin on chain

2016-07-11 bitcoin
One of the most talked about topics in 2016 when it comes to Bitcoin is the lack of a good plan for growing and scaling the system into the future. I find this curious, as anyone that starts to depend on any system should do at least some investigation on what kind of growth it can handle and whether it can actually do what we want it to, this year and 5 years or longer into the future. Continue reading