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17

You can select a higher fee if you want. This choice is intentionally limited to a 1x, 2x, and 3x multiplier to avoid leaking too much information via the fee (ie, if you're the only one using a 2.7x fee, your transactions will stick out). NOTE: from two weeks after the v3 fork, the fees multipliers will change from 1/2/3 to 1/20/166. The simplewallet ...


17

Recent simplewallet has an automatic refresh, every 90 seconds. If can be enabled and disabled by set auto-refresh 1 and set auto-refresh 0. To view current settings: set. When this was implemented, I believe the default was disabled, so if you created your wallet at that time (not sure exactly when that was), this might be off, and you need to enable it. ...


14

Daughter chains are one of the development goals for Monero. One of these daughter chains could theoretically be used to allow for instant/micro/etc transactions. The idea would be to allow super-fast transactions (or whatever other feature) on the daughter chain, and then settle back to main-chain once a day (or some other interval).


11

Pretty much any layer 2 system, such as Lightning Network. Doing this on main chain is mostly a bad idea, as mainchain needs to be as secure as possible. Instant transactions have less security (or require some sort of "escrow" to prevent them from being exploited) and so they have to reside on top of the safe-as-houses mainchain.


11

When you send a Monero transaction the sum of the outputs used in the ring transaction will exceed the amount of your payment. Once the transaction is confirmed the change is returned to your wallet. Change like all incoming transactions is unlocked after 10 blocks. Change: Monero sent as part of a transaction, but unique in that returns to your account ...


11

Received monero can be respent after 10 blocks (see CRYPTONOTE_DEFAULT_TX_SPENDABLE_AGE). At two minutes a block targetted, that means approximately 20 minutes.


10

Cryptonote is more sensitive to reorganizations than Bitcoin. In Bitcoin, if N blocks are reverted, all the transactions they contain are now ready to be mined again (or might already be included in blocks that replace those N blocks). In Cryptonote, if N blocks are reverted, any transaction that include an output created in those N blocks is also (...


10

I think the main purpose is to just prevent you from trying to spend a tx output that gets re-orged out of existence. At any point a block, or the last several blocks, or a lot of blocks can get orphaned, and the transactions included in them will be invalidated. However, the probability of a block getting orphaned decreases exponentially as more blocks are ...


9

It seems like a certain number of steps or confirmations needed when a block is found by a pool (I guess it's the same when mining solo), but I can't be sure. This is exactly right. When a block is mined, it cannot be spent until 60 blocks after it has been mined (with a 2 minute block time, this means roughly 2 hours). The same applies when solo mining. ...


9

You can first use the show_transfers command in monero-wallet-cli to see if your transaction shows there. It should show as "pending". Subsequently, you can use the flush_txpool command in monerod (the daemon). The wallet will shortly notice this and change the status of the transaction from "pending" to "failed". In order to get the right balance, however, ...


9

The block will not be rejected if it's included in a block mined by another miner who accepted it. See src/cryptonote_core/tx_pool.cpp, line 137 (or just after FEE_PER_KB). This implies a miner is free to mine transactions with a fee lower than this, and any block found with such transactions will be accepted.


9

Simplewallet communicates with the daemon (bitmonerod) but only when you issue a command. For that reason simplewallet will not refresh until you enter the refresh command even if the daemon is online and actively receiving blocks. The traditional "refresh" command will end its task after your wallet has scanned the blockchain up to the current block height. ...


8

Fees are rounded to 0.01 XMR per KB. Because of the way outputs are selected, calculating the size of a transaction in advance (and choosing your own fee) would be very difficult and time consuming. The transaction fee priority issue is not really important to Monero because its dynamic blocksizes will grow to meet demand. The need to pay a higher fee than ...


6

A payment id is optional, however in some cases it is very important otherwise the receiver may not realise you've sent money to them. Cases such as sending Monero to an exchange, or situations where someone uses one address to receive many payments, a payment id is going to be necessary. Generally though, unless the person/website specifically requests a ...


6

The reason bitcoin network is struggling is that there are too many transactions trying to get in a block, but the maximum allowed block size is hardcoded into the protocol rules. Nothing that can't be fixed - the amount of transactions is by no means massive. See here for some historical background on the subject. Monero, on the other hand, never had such ...


6

No, not really. If you didn't include a big enough fee or something it will fall out of the mempool after a day or so, but there's no way to ask all the nodes that have your TX in their mempool to kindly forget about it, afaik.


5

As jwinterm said, this is to avoid outputs being reused shortly after being created, in case of reorganizations. It is important to realize that the effects of an output being invalidated are more severe in Monero than Bitcoin. In Bitcoin, if an input is invalidated, any transaction using it as an input is also invalidated. In Monero, the same applies, but ...


5

The most obvious way is doing something like gratuitously increasing the Tx version or changing Tx structure. However, wallets have to be aware of this too, so it's a little more complicated (plus you waste version numbers). We haven't done that as the prior chain forks (especially in the recent one) haven't been extended much at all (i.e., they weren't ...


5

To the best of my extremely limited knowledge, I don't know if a limitation in the cryptonote protocol that would keep you from attempting to spend unconfirmed transaction outputs. I'd conclude from the above that it's simply a design choice to lower the chance of possible user confusion, similar to how simple wallet shows "locked/unlocked" balance, which ...


4

It will depend on the exchange since each exchange can set their own rules regarding withdrawals. However, assuming transaction is sent immediately when you place it on the exchange: The transaction should show up on the block chain in about 2 minutes (monero block time) It will appear as part of your balance, but not your unlocked balance until the ...


4

Due to monero privacy features, the recipient can't tell from where the funds came. Sometimes, you want to be able to tell a receiving transaction apart from another and that's where payment ID comes in handy. To address your particular question: If you're sending funds to shapeshift.io, they will provide you with an address and a randomly generated ...


4

Bitcoin has a backlog because there's only so many transactions that can fit into their 1mb blocks. Monero has an adaptive blocksize limit so in general it doesn't suffer from this problem. There can, however, be periods where there is a backlog because the blocksize limit isn't increasing rapidly enough. If a miner mines a block that is too large, ...


4

Leaving aside the fact that "sure" is a subjective concept... The network uses 10 blocks and 60 blocks to unlock monero coming from a user transaction, and a coinbase transaction, respectively. These provide guidelines as to what the Cryptonote creators thought to be reasonably safe values. You could also look at what number of confirmations exchanges ...


4

You're probably referring to the concept where a vendor will accept payment, even when the payment has not been included in a block. Sure, that works the same way in Monero that it does in Bitcoin. The transaction in question will be visible in the mempool. When the vendor sees the transaction in the mempool, he may decide to release goods to the customer....


4

In Monero, like other cryptocurrencies, the transactions themselves are fairly instant - they get instantly broadcast to the network and get placed in the tx pool. Wallets also see these transactions pretty much instantly. A transaction however is not deemed confirmed until it has been mined into a block. And even then, because there can be small reorgs on ...


3

As far as I know there is currently no "amount of confirmations" displayed by any of the block explorers. However, an easy way around this is to subtract the block your transaction was included in from the current blockheight. This will give you the number of confirmations. Thus, let's say your transaction was included into block 1111111 and the current ...


3

Monero transactions are pretty similar to Bitcoin ones regarding this: you see them on the network, they linger in the txpool till mined, the block they're in can be reorganized, and the more blocks on top of it, the less likely it is to happen. The Monero wallet offers the get_transfers RPC, which has a pool input field. When set to true, any transaction ...


3

It's rush hour at the moment. Eventually blocksize will grow big enough to confirm all the transactions - including yours. See how it develops here: http://moneroblocks.info/stats/block-medians In the meantime, you could use a higher fee for "mission critical" TX-es which usually skips the line. If everyone wanted to skip the line at the same time, then ...


3

Yes, change this line and recompile. It's a wallet thing, not consensus. There are caveats: You'll probably be the only one with changed config so someone could use it to fingerprint your TXes If a reorg happens, there's the risk of your transaction becoming invalid because inputs are referenced by offset


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