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Topic: 5G positive effects on Bitcoin (Read 574 times)

Bravut (OP)

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5G positive effects on Bitcoin

February 27, 2024, 12:28:47 AM

With the vast improvement of technology across our world, finances, cryptocurrency, AI and even in the communication sector right now, from the time of 2G to 5G which is widely in use right now, our mobile phones, laptops, network servers now operate on 5G network with its high speed, high bandwidth, low latency and other improvement. 5G has shown great positive effects on the across the technology of our time, given at the speed in which, data is been generated and processed.

I like to think this will help boost the Bitcoin network, I tend to believe Bitcoin servers are now running on 5G which will help Bitcoiners in terms of as per:

1) Network congestion: With 5G now the network congestion has reduced because of its high speed processing power which would therefore aid the rate at which, Bitcoin miners and the entire Blockchain network carryout its activities with less stress. Which in turn saves time while increasing efficiency.

2)It would also ensure safety of data been stored in the network since it connects various devices at a time.

3)It would also save cost, like some people interested in running Bitcoin core nodes can now access it without those secluded devices, with bigger storage or need some Blockchain free data servers which is expensive thereby making some person uninterested but now with 5G we don't really rely on the servers again, with 5G and it's improvement more man-power will be added making the Bitcoin network boost and improve.
Amplifying the Bitcoin network with this technological advance is a great win for us.

Whats your take on this guys.
In what way is the Bitcoin, Blockchain technology and the whole cryptocurrency world taking advantage of this and improve the network systems?

PytagoraZ

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Re: 5G positive effects on Bitcoin

February 27, 2024, 01:03:22 AM

AFAIK. The bitcoin network does not use a centralized server or is hosted somewhere but instead uses a PoW (Proof of work) system carried out by bitcoin miners. The speed of the bitcoin network is due to the hashrate, transaction density, and the difficulty of the bitcoin algorithm. So there is no correlation with the 5G network and Bitcoin network speed. Influencing miners to have an impact on the bitcoin network hashrate is possible but 5G will not have a direct impact on the main bitcoin network

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Churchillvv

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Re: 5G positive effects on Bitcoin

February 27, 2024, 01:18:15 AM

Although this is Bitcoin related but it's not solely a technical discussion, I believe it fits some where else not here particularly.

The attributes of the 5G network which you have mentioned above is quiet not true statements in regards to how it will help the Bitcoin network. although it will increase the user experience of global internet users but it's not a ground for the attributes you mention.

You can read of Bitcoin network congestion [1] how it work, what causes them etc. to get aquatinted with the knowledge hence Bitcoin network connection is caused by factors like high rate of transactions (increase in Bitcoin adoption), cost of transaction fee, lastly size of transaction, each transaction on bitcoin network has a limit of 1 MB and when transactions are higher 1mb it takes more space in the block thereby causing reduction in transaction process which may lead to increase in tx fee.

[1] https://coinmarketcap.com/academy/article/3c4b01c6-1aa3-4d25-8dea-734e5d163671

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ranochigo

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Re: 5G positive effects on Bitcoin

February 27, 2024, 02:52:58 AM

Merited by ABCbits (3), Plaguedeath (1), paid2 (1)

This post is wrong.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

1) Network congestion: With 5G now the network congestion has reduced because of its high speed processing power which would therefore aid the rate at which, Bitcoin miners and the entire Blockchain network carryout its activities with less stress. Which in turn saves time while increasing efficiency.

The bottleneck on the network is the blocksize, not the bandwidth. The propagation of blocks and transactions on the network are not limited by bandwidth. The nature of Bitcoin's decentralized nodes ensures that bandwidth is not a bottleneck since each node connects to each other.

In addition, increment in hashrate does not result in a significantly higher block frequency in the long term due to the difficulty adjustments.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

2)It would also ensure safety of data been stored in the network since it connects various devices at a time.

Firstly, 5G does not ensure privacy nor security. Bitcoin has always been decentralized.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

3)It would also save cost, like some people interested in running Bitcoin core nodes can now access it without those secluded devices, with bigger storage or need some Blockchain free data servers which is expensive thereby making some person uninterested but now with 5G we don't really rely on the servers again, with 5G and it's improvement more man-power will be added making the Bitcoin network boost and improve.
Amplifying the Bitcoin network with this technological advance is a great win for us.

5G does not help to increase the node count because it is expensive. People wouldn't run a node on 5G because it can be significantly more expensive as compared to wired lines with no bandwidth restriction or cost by data usage. Bandwidth is not the main reason why people are not running nodes.

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ABCbits

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Re: 5G positive effects on Bitcoin

February 27, 2024, 11:58:52 AM

Merited by Plaguedeath (1)

Another obvious nonsense on technical board.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

No correlation. Congestion happen mainly due to block time, block size limit and how many transaction created by Bitcoiner.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

2)It would also ensure safety of data been stored in the network since it connects various devices at a time.

You mistook data safety with data availability. Besides, there are already many Bitcoin full node out there.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

While 5G generally offer better speed, the actual cost depends on your provider. If they charge high cost for 4G connection, i don't expect 5G will make it far cheaper.

Quote from: PytagoraZ on February 27, 2024, 01:03:22 AM

If you refer to "confirmation time" when you say "speed", block size limit and block time have far bigger role compared with hashrate and difficulty.

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NotATether

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Re: 5G positive effects on Bitcoin

February 27, 2024, 12:36:13 PM

Merited by stompix (2), Plaguedeath (1)

It seems to me that you don't really understand much about networking.

A fast 5G connection is equivalent to a fast WiFi connection. Both can have variable amounts of latency (ping time) which in particular makes them not ideal for using with a getblocktemplate miner.

This is the reason why the vast majority of nodes are connected by fiber-optic Etherenet cables - there are options for >1Gbps like 5Gbps and 10Gb speeds, and there is extremely low latency since it's wired.

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Bravut (OP)

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Re: 5G positive effects on Bitcoin

March 01, 2024, 09:45:57 AM

Quote from: ABCbits on February 27, 2024, 11:58:52 AM

You mistook data safety with data availability. Besides, there are already many Bitcoin full node out there.

Thanks for your contribution, please make clarity on this data safety and data availability you mean in that context.

If am correct you are saying 5G does not influence the bitcoin network in any way right??

Lucius

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Re: 5G positive effects on Bitcoin

March 01, 2024, 09:56:53 AM

Quote from: Bravut on March 01, 2024, 09:45:57 AM

~snip~
If am correct you are saying 5G does not influence the bitcoin network in any way right??

As other members have already written, 5G technology probably has almost no impact on mining itself, nor on the ordinary user who has a desktop/mobile wallet installed. We all like high internet speeds, but transactions are mostly very small in size and it doesn't matter if you use 2G or 5G.

In addition, 5G mobile stations consume a significantly larger amount of energy, so I once read that in China they even turned them off during certain parts of the day to save energy.

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Re: 5G positive effects on Bitcoin

March 01, 2024, 10:12:39 AM

Quote from: NotATether on February 27, 2024, 12:36:13 PM

This is the reason why the vast majority of nodes are connected by fiber-optic Etherenet cables - there are options for >1Gbps like 5Gbps and 10Gb speeds, and there is extremely low latency since it's wired.

This was the reply I was looking for, you can run your node or even miner on 4G if you want but at the end of the day it makes realistically not much sense. The chances of a user having to run a node , enough energy to keep it powered up and at the same time no internet cable near by are pretty slim, but try to find this in an area that has 5G coverage and you're talking about the near impossible.
And in a city center, what would be the point?

Quote from: Lucius on March 01, 2024, 09:56:53 AM

In addition, 5G mobile stations consume a significantly larger amount of energy, so I once read that in China they even turned them off during certain parts of the day to save energy.

5G consumes less electricity on the same data, the problem is that to reach the same coverage as they have shorter range you need far more 5G towers than 4G.

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Re: 5G positive effects on Bitcoin

March 01, 2024, 10:16:11 AM

#10

Quote from: Lucius on March 01, 2024, 09:56:53 AM

Quote from: Bravut on March 01, 2024, 09:45:57 AM

~snip~
If am correct you are saying 5G does not influence the bitcoin network in any way right??

5G is one of the most important change tools. 5G has two important components. The first is speed and bandwidth and the revolutionary innovations it brings in technological terms. The second is the differences it brings to the end user's life. With smart factories, smart agriculture, smart transportation, smart cities, 5G creates connectivity.

When 5G is fully integrated into our lives, it will positively affect not only Bitcoin but the entire crypto ecosystem. There are dozens of systems in the crypto ecosystem that will work together with 5G. With these, more people will be reached and it will be easier for cryptocurrencies to enter our daily lives. 5G means accessibility and speed to me, and it would be completely irrational to have a negative opinion about it.

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Bravut (OP)

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Re: 5G positive effects on Bitcoin

March 01, 2024, 10:28:24 AM

#11

Quote from: karabiber on March 01, 2024, 10:16:11 AM

Thanks a lot for your contribution.
They are expressing there points and I have learnt something new.
But I strongly believe there is a correlation between them.

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Re: 5G positive effects on Bitcoin

March 01, 2024, 11:21:57 AM

#12

Quote from: Bravut on February 27, 2024, 12:28:47 AM

Bitcoin miners solve puzzles to find Bitcoin blocks and confirm transactions. Find blocks or not, depends on their computational power and Internet speed does not increase or decrease their computational power. Bitcoin miners need good Internet connection but if you give a miner with ASIC and another miner with a laptop, same Internet connection standard and speed, it only helps the first miner with ASIC, with a second miner, it is useless.

In Bitcoin mining history, many generations of Bitcoin mining rigs were invented and its computational power increases a lot.

Bitcoin electricity consumption: an improved assessment .

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Re: 5G positive effects on Bitcoin

March 01, 2024, 11:55:45 AM

#13

Quote from: ranochigo on February 27, 2024, 02:52:58 AM

This post is wrong.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

2)It would also ensure safety of data been stored in the network since it connects various devices at a time.

Firstly, 5G does not ensure privacy nor security. Bitcoin has always been decentralized.

Quote from: Bravut on February 27, 2024, 12:28:47 AM

This.

And also, OP, 5G is a mobile network. I can't imagine people setting up nodes or miners on mobile network as opposed to wired connections. So I wouldn't think anyone would even be operating Bitcoin over 5G in the first place.

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Re: 5G positive effects on Bitcoin

March 01, 2024, 12:27:54 PM

#14

It would be great to have your own full node running on a cell phone with a 5G connection, something that at least a few years ago was impossible to do... The technology is making incredible leaps really, I imagine what it will be like in 10, 20 years... Many things await us

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Bravut (OP)

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Re: 5G positive effects on Bitcoin

March 01, 2024, 07:49:37 PM

#15

Quote from: thecodebear on March 01, 2024, 11:55:45 AM

This.

. So I wouldn't think anyone would even be operating Bitcoin over 5G in the first place.

Are you saying Bitcoin cant be run on 5G or you mean nobody would agree to run it on 5G?
Please kindly explain!!
I dont understand your point.

jrrsparkles

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Re: 5G positive effects on Bitcoin

March 01, 2024, 08:37:18 PM

#16

The speed of the internet doesn't play any role at all in the confirmation of the blockchain data but can claim it possibly crucial for the validation of data but that too in a negligible level, all that a node needs is to validate the block is stable connection and even with very basic network speed and then propagate the data to other nodes and this goes on.

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bSpend

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Re: 5G positive effects on Bitcoin

March 01, 2024, 09:04:41 PM

#17

Quote from: criptoevangelista on March 01, 2024, 12:27:54 PM

Lolz, I am not into networking and don't know a thing on how it works, and I know we have alot of technological advancement in different area including the blockchain technology, which is the tech that brings bitcoin and cryptocurrencies together.

But honestly, I gotta say that, waiting for the day when we can run full bitcoin nodes on our mobile phones like we do on our personal computers, is like waiting to see the day the world will come to an end, there are easier and better things to look forward to than this, for this may never happen, downloading the entire bitcoin blockchain data into a mobile phone memory is absolutely impossible, not to talk of the capacity, the CPU power the phone needs to run the data.

It is true that mobile phones are becoming even more advanced and powerful, but some things are still better left for computers to handle.

bluebit25

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Re: 5G positive effects on Bitcoin

March 01, 2024, 10:06:12 PM

#18

(1, 2, 3)

It seems OP is misunderstanding the operating principles of bitcoin and 5G. Other members have fully pointed out your mistakes for you, but still want to return to the title and talk about the indirect influence from technological development.

The stronger the technological development, the more we benefit from the use of tools, in another aspect of economic development and technological development (the relationship exists). But in my understanding, it is the growth in the scale of user usage when exposed to information, has financial capacity,... like an invisible link that we benefit from the general development in society. But that's clearly not the way the OP is labeling network technology with bitcoin.

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thecodebear

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Re: 5G positive effects on Bitcoin

March 01, 2024, 10:48:54 PM

#19

Quote from: Bravut on March 01, 2024, 07:49:37 PM

Quote from: thecodebear on March 01, 2024, 11:55:45 AM

This.

. So I wouldn't think anyone would even be operating Bitcoin over 5G in the first place.

Are you saying Bitcoin cant be run on 5G or you mean nobody would agree to run it on 5G?
Please kindly explain!!
I dont understand your point.

I'm saying 5G is a mobile network. On mobile networks you pay for bandwidth, plus you're not always going to be connected (assuming you're talking about mobile devices, though I guess some people use a mobile network for internet at home, actually I'm one of them but thats only because I live the vanlife). Whereas running a node at home over your wired internet connection you will always be connected (unless your internet cuts out which would be rare), and you get as much bandwidth as you want without any extra cost. Also pretty sure 5G is still gonna be quite a bit slower than a wired connection. So I'm saying I don't see any reason why someone would choose to run a Bitcoin node over a mobile network when running it on a computer at home makes much much more sense. But I'm also saying wired internet connections have always been better than mobile networks so 5G doesn't change anything, weird connections are still better, so why do you think this would somehow benefit the Bitcoin network?

What is the use case you are thinking of that would make someone want to run a node over a mobile network rather than wired internet at home?

boyptc

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Re: 5G positive effects on Bitcoin

March 01, 2024, 10:56:14 PM

#20

When 5G was still on its infancy, I've been reading conspiracy about it. I am sorry OP but with this, even you're likely telling about positivity of it for Bitcoin. There's really no correlation of 5g to Bitcoin or even mining.

While accessing to your exchanges account and buying Bitcoin might be helpful because you get better connection but that's it. There's no other benefit that someone can get from it but can watch a bunch of videos with a quick download speed and get access to most websites like cmc and have them load so fast.