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Bitcoin [BTC]: Tone Vays speculates that bear market is not over while Adam Back claims ‘good things’ occurred during bear run

Akash Anand

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Bitcoin [BTC]: Tone Vays speculates that bear market is not over while Adam Back claims 'good things' occurred during bear run
Source: Pixabay

Bitcoin’s volatility and price surge had grabbed major headlines over the past week as it also started a bullish spread throughout the cryptocurrency market. In a recent interview with Bloxlive, Tone Vays and Adam Back spoke about the price hike as well as the trends in the crypto space.

Vays, who is a famous trader and Bitcoin bull, stated that it is great Bitcoin went up in value and that he had wanted the world’s largest cryptocurrency to reach this point since the end of 2018. He went on to say:

“For me, $5100 was the target so I conducted a couple of long trades and exited them. But in my opinion, I think the bull run is coming to an end. The bear market, on the other hand, has not ended and that’s why I am dealing with shorted Bitcoin right now.”

According to the trader, a lot of people are becoming bullish in the industry which “looks like a bull trap”. He also added that users shouldn’t expect Bitcoin’s price to go up much further and that the days ahead might be rough in terms of price. Tone Vays clamped down on the fact that “the Bitcoin bottom has not arrived”.



The panel discussion also included Adam Back, the founder of Blockstream who opined that he was interested in the long term trends of Bitcoin rather than the sudden peaks. In his words:

“Generally people have a long term outlook about Bitcoin, it is a perspective that I am looking at too. The good thing about the bear market is that people were able to focus on building the fundamentals with hundreds of experts and academics working to improve the Bitcoin ecosystem. Things like the Blockstream satellite service and the Lightning Network were some of the major accomplishments during the past couple of months.”

Adam Back was also in the news recently when Blockstream satellite had released an update to make it more flexible and efficient. He had then tweeted:

“This new @blockstream satellite code release broadcasts transactions before blocks, using compact blocks and a newer version of FIBRE. (transactions first was a commonly asked for #blockstreamsatellite feature). using compact blocks also reduces block transfer latency by >10x”





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Bitcoin

Bitcoin [BTC]: Andreas Antonopoulos breaks down life cycle of a transaction on the BTC blockchain

Akash Anand

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Bitcoin [BTC]: Andreas Antonopoulos breaks down the life cycle of a transaction on the BTC blockchain
Source: Pixabay

Bitcoin [BTC] and its intricacies have been a concept that many users in the cryptoverse have been trying to understand since its inception. In his latest video, Andreas Antonopoulos, a major Bitcoin bull and the author of Mastering Bitcoin, elucidated on the life cycle of a wallet transaction from start to finish.

Antonopoulos stated that from the point someone sends a transaction from a wallet to its confirmation on the Bitcoin blockchain, the wallet constructs a transaction by accumulating the BTC in the user’s wallet and assigning the addresses. The user’s wallet then transmits the transaction’s information to one of the many nodes it is connected to, from where it can be sent to ‘1, 2 or even 8 other nodes’. He added:

“The transaction is then transmitted to other nodes, which can be mining nodes, e-commerce payment gateways, and many such options. Each of those nodes will receive the transaction from your node and each of those, in turn, will validate every single transaction. When the nodes receive the transactions, they don’t’ know whether it was created by you or was forwarded and hence each of these transactions need to be validated individually.”

Antonopoulos went on to state that if all the nodes are validated, ie. if the payment details are correct and if it is confirmed that no double spend has occurred on the blockchain, then eventually through the process of ‘flood propagation’, the transaction information will be sent to every other node, out of which some may be mining nodes. In his words:



“Once the transaction reaches the mining pool, it maintains a pool of unconfirmed transactions, like a bucket where all this unconfirmed data is stored. This is the pool known as the mempool. Also, know that there isn’t THE mempool rather there is ‘A’ mempool. Information in separate mempools can be in a 99 percent overlap but there will never be a case where it will completely similar.”

According to the author, the mempool also serves the purpose of providing transaction for a miner to add a new block after which ‘the race is on’ for the next block. Miners usually have to construct a block and then solve the Proof of Work on it to eventually make it a confirmed block. Antonopoulos claimed that once the block is made, the information will be sent to the mining equipment to solve the PoW on that particular block and probably after a “billion hashes” the miners will find the block. The Bitcoin bull elucidated on the information transfer back by saying:

“Once the PoW is solved, the mining node will propagate the node back the same way as it received. The nodes validate the block on the way back and once all the nodes confirm its validity, then the user’s wallet will know that there is a confirmation on the transaction. That is the entire life cycle of a transaction.”





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