Toms Blog

Where I talk about Bitcoin and Technology

Are SPV payments safe?

2018-01-27 bitcoin

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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Flowee the Hub

2018-01-24 bitcoin flowee
My motivation for working on Bitcoin is actually several decades old. In one of my first jobs we had some consultants visit us explaining all the ins and outs of a retirement plan. As most people young and naive do, I signed up for monthly payments. When less than a year later the company went under I tried to recover the funds paid and to my surprise there was only maybe 10% left of it. Continue reading

On the path to Freedom of innovation (2)

2017-12-05 bitcoin flowee
I wrote some days ago about the creation, investment, rentier triple of how people can earn money (here). The first two create value for those people. A gain seen not just by those that do the work. Should someone invent a better device, and then an investor comes along to mass produce it, we can all get access to something new for a good price. Everyone gets richer by having an open market and plenty of creators and investors. Continue reading

On the path to Freedom of innovation

2017-11-28 bitcoin flowee
Where do I want to go? I’ve been asking myself. To answer where, I would need to know why, I thought. Why am I interested in Bitcoin in the first place? It has to do with socio-economics. Let me explain. It is generally recognised that there are 3 ways to earn money. The first is to create wealth. This is the most obvious one and most corporations do this, they create things people want. Continue reading

Bitcoin Classic Closing its doors

Bitcoin Classic was started in early 2016 with the clear intention of coming back to the coin that Satoshi indicated as his goal. Now this goal has been reached we will step down. When Classic started, the decision was to go for the lowest possible upgrade from 1 MB to 2 MB. It would avoid any technical complications and would lower the bar so far that we could not logically go any lower. Continue reading
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