Extremely slow syncing speed while starting bitcoin-qt on HDD
Extremely slow syncing speed while starting bitcoin-qt on HDD
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Let me love the Bitcoin, please.
After reading tiny snippets about Bitcoin all the time I decided to take a closer look at it ... and I was floored. Please don't get me wrong, I really really really want to love the concept, but it seems to be more or less unusable. There are some huge upsides to it: Built on mistrust, fixed amount of money, decentralized system, anonymity and so on. But my reality looked something like this:
I read about all the upsides. Sounds awesome, let's get rolling!
Client? Yes, there's a feature matrix, uh, let's just install the Qt client.
Oh great, there's my wallet and an address, this was easy. "Hey buddy, would you send me a tiny amount to test this?" - "Sure!"
What, synchronizing with the network? Just do whatever you want.
My buddy asked if I had gotten the money yet. I haven't.
After two hours: What does this thing do there with all the synchronizing? And where is the money?
Let's read up on the synchronizing. Oh, it downloads the blockchain. Wait, the whole thing? How big is it? Let's see, about 7GB. Let's have some fun with my slow internet connection and my small SSD!
Now let's read some more, can a buy a coffee here with Bitcoins? No. Okay, in the next big city? I can't find a location. Bummer.
Two hours later, the Qt client is still synchronizing? Jeez ...
Now as you might say, I should have read up on the details (blockchain!) before - but getting started seems to be a big hurdle for the non-geeks out there. Nothing like "get started in seconds!". Even I had some trouble grasping the concept, and I'm sitting in front of a computer for about two decades now. But wait, there's more! Since my connection is still under heavy load from the client, I could read up on all the things I have missed, and I found some inherent flaws:
The amount of money is limited, so there will be no hyperinflation. Awesome! But at the same time, there will be a deflation: The number of bitcoins is fixed, but the amount of money put into the system is rising and rising. So looking from a perspective of Bitcoins, you had to pay 10000 BTC for a pizza, but today you'll get one for less than 1 BTC.
Which brings me to the next point: The values are somewhat incomprehensible for "normal" people. Let's assume 1 BTC is worth $130. My coffee would cost about 0.01 BTC, that's a nice number. But as far as I know, the price is expected to go up and in some months my coffee could cost 0.001 BTC - great, now I have to talk about "Millibitcoins". Try explaining that to somebody who even has problems with the decimal places of regular prices ... I thought Bitcoins were all about micropayments?
And regarding that: Transaction fees. As somebody here in /Bitcoin wrote, if you get lots of very small transactions and try do move them together, it will be expensive to do so.
Here in the EU we have some strict regulations about money laundering, as far as I know there are similiar laws in the US. I have read about closed accounts because of small (!) Bitcoin transfers, some countries here still have no idea whether it is legal or not and so on ... so nobody will put money into a system which could be deemed highly illegal the next day.
Because of that, getting money into the system (and out again) is currently a little difficult. But as soon as its in there, it is easy to use - and I don't depend on a bank (I'm sure you've read about the Euro Crisis).
The system currently seems to be a giant speculative market: Buy Bitcoins low, sell them high, profit. For "real" transactions it is hard to use, especially because of the verification delay - as far as I understood, I could send $1 and it could be worth $2 when it arrives. This might be just a matter of time, but who will use a wildly fluctuating currency?
As already mentioned, the ever-growing blockchain might be okay for fast internet connections and big hard disks, but not for me. Even it is necessary, it sucks.
For me, Bitcoins could be an awesome form of worldwide, internet-based form of micropayments. The biggest market would be developing countries. But there are technical and legal barriers which push it into a corner for geeks who see conspiracies everywhere and want to crash the system ... which is exactly not what it should be. I read about Ripple, it seems to be a better alternative just because of the possibility for easy money exchanges - and it includes Bitcoin, too. So, is there something I just don't get yet? I get the impression Bitcoin is a great idea, but just the prototype for something better.
It turned out that Bitcoin Core does not work very well with network drive. I have mapped the data since with iscsi and this worked fine. Still all the syncing is slow in general by design which is bad, but there seems to be nothing to get around it. – michL Jan 31 '18 at 13:12 Bitcoin Core Synchronizing With Network Slow! Litecoin Ethereum! To use bitcoin core synchronizing with network slow this command you need to copy your bitcoin public address like we did in bitcoin blockchain y criptomonedas an earlier step.. Bitcoin Core Speeds bitcoin qt synchronizing with network slow UpThis is written in June 2016, for your information, so a bit more recent than some of the other fast bitcoin miner software answers to this question… 8.2k Views I am currently in the process of syncing a Bitcoin Core Wallet and have found it an immensely frustrating process Bitcoin, Dash, Litecoin and every Altcoins has its own core wallet. While the looks of each and every wallet may vary slightly its functionalities remain the same. Whenever you open your QT wallet the first thing your wallet does is; it starts scanning all the recent blocks on the blockchain and tries to catch up with the network. A way to install Bitcoin-Qt (Bitcoin Core) faster by download and import the (Bitcoin Core) prior to v as your wallet is it takes forever to sync to get will be slow to death if you're not using SSD when you launch Bitcoin-Qt for the first time. Mar 17, 2018 - Sync within Bitcoin core and repeat the second set of experiments.
How to Recover & Reload a BITCOIN WALLET 0.8.1-beta Win 7
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