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Updated text on FAQ & Innovation pages

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David A. Harding 2015-07-29 20:52:14 -04:00
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@ -297,16 +297,18 @@ en:
advantages: "What are the advantages of Bitcoin?" advantages: "What are the advantages of Bitcoin?"
advantagesli1: > advantagesli1: >
<em><b>Payment freedom</b></em> - It is possible to send and <em><b>Payment freedom</b></em> - It is possible to send and
receive any amount of money instantly anywhere in the world at any receive bitcoins anywhere in the world at any
time. No bank holidays. No borders. No imposed limits. Bitcoin time. No bank holidays. No borders. No bureaucracy. Bitcoin
allows its users to be in full control of their money. allows its users to be in full control of their money.
advantagesli2: > advantagesli2: >
<em><b>Very low fees</b></em> - Bitcoin payments are currently <em><b>Choose your own fees</b></em> - There is no fee to receive
processed with either no fees or extremely small fees. Users may bitcoins, and many wallets let you control how large a fee to pay
include fees with transactions to receive priority processing, when spending. Higher fees can encourage faster <a
which results in faster confirmation of transactions by the href="#you-need-to-know##instant">confirmation</a> of your
network. Additionally, merchant processors exist to assist transactions. Fees are unrelated to the amount transferred, so
it's possible to send 100,000 bitcoins for the same fee it costs
to send 1 bitcoin. Additionally, merchant processors exist to assist
merchants in processing transactions, converting bitcoins to fiat merchants in processing transactions, converting bitcoins to fiat
currency and depositing funds directly into merchants' bank currency and depositing funds directly into merchants' bank
accounts daily. As these services are based on Bitcoin, they can accounts daily. As these services are based on Bitcoin, they can
@ -383,45 +385,46 @@ en:
bettercurrency: "What if someone creates a better digital currency?" bettercurrency: "What if someone creates a better digital currency?"
bettercurrencytxt1: "That can happen. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position. There is already a set of alternative currencies inspired by Bitcoin. It is however probably correct to assume that significant improvements would be required for a new currency to overtake Bitcoin in terms of established market, even though this remains unpredictable. Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn't change fundamental parts of the protocol." bettercurrencytxt1: "That can happen. For now, Bitcoin remains by far the most popular decentralized virtual currency, but there can be no guarantee that it will retain that position. There is already a set of alternative currencies inspired by Bitcoin. It is however probably correct to assume that significant improvements would be required for a new currency to overtake Bitcoin in terms of established market, even though this remains unpredictable. Bitcoin could also conceivably adopt improvements of a competing currency so long as it doesn't change fundamental parts of the protocol."
transactions: "Transactions" transactions: "Transactions"
tenminutes: "Why do I have to wait 10 minutes?" tenminutes: "Why do I have to wait for confirmation?"
tenminutestxt1: > tenminutestxt1: >
Receiving a payment is almost instant with Bitcoin. However, there Receiving notification of a payment is almost instant with Bitcoin. However, there
is a 10 minutes delay on average before the network begins to is a delay before the network begins to
confirm your transaction by including it in a block and before you confirm your transaction by including it in a block.
can spend the bitcoins you receive. A confirmation means that A confirmation means that
there is a consensus on the network that the bitcoins you received there is a consensus on the network that the bitcoins you received
haven't been sent to anyone else and are considered your property. haven't been sent to anyone else and are considered your property.
Once your transaction has been included in one block, it will Once your transaction has been included in one block, it will
continue to be buried under every block after it, which will continue to be buried under every block after it, which will
exponentially consolidate this consensus and decrease the risk of exponentially consolidate this consensus and decrease the risk of
a reversed transaction. Every user is free to determine at what a reversed transaction.
point they consider a transaction confirmed, but 6 confirmations Each confirmation takes between a few seconds and 90 minutes, with
10 minutes being the average. If the transaction pays too low a
fee or is otherwise atypical, getting the first confirmation can
take much longer. Every user is free to determine at what
point they consider a transaction sufficiently confirmed, but <a href="#you-need-to-know##instant">6 confirmations</a>
is often considered to be as safe as waiting 6 months on a credit is often considered to be as safe as waiting 6 months on a credit
card transaction. card transaction.
fee: "How much will the transaction fee be?" fee: "How much will the transaction fee be?"
feetxt1: > feetxt1: >
Most transactions can be processed without fees, but users are Transactions can be processed without fees, but users are
encouraged to pay a small voluntary fee for faster confirmation of encouraged to pay a voluntary fee for faster confirmation of
their transactions and to remunerate miners. When fees are their transactions and to remunerate miners. When fees are
required, they generally don't exceed a few pennies in value. Your required, they currently don't exceed a few pennies in value,
Bitcoin client will usually try to estimate an appropriate fee but this may increase over time. Your
when required. Bitcoin client will pay what it thinks is an appropriate fee.
feetxt2: > feetxt2: >
Transaction fees are used as a protection against users sending Transaction fees are used as a protection against users sending
transactions to overload the network. The precise manner in which transactions to overload the network. The precise manner in which
fees work is still being developed and will change over time. fees work is still being developed and will change over time.
Because the fee is not related to the amount of bitcoins being Because the fee is not related to the amount of bitcoins being
sent, it may seem extremely low (0.0005 BTC for a 1,000 BTC sent, it may seem extremely low or unfairly high. Instead, the
transfer) or unfairly high (0.004 BTC for a 0.02 BTC payment). The fee is relative to the number of bytes in the transaction, so
fee is defined by attributes such as data in transaction and using multisig or spending multiple previously-received amounts
transaction recurrence. For example, if you are receiving a large may cost more than simpler transactions. If your activity follows
number of tiny amounts, then fees for sending will be higher. Such the pattern of conventional transactions, you won't have to pay
payments are comparable to paying a restaurant bill using only unusually high fees.
pennies. Spending small fractions of your bitcoins rapidly may
also require a fee. If your activity follows the pattern of
conventional transactions, the fees should remain very low.
poweredoff: "What if I receive a bitcoin when my computer is powered off?" poweredoff: "What if I receive a bitcoin when my computer is powered off?"
poweredofftxt1: "This works fine. The bitcoins will appear next time you start your wallet application. Bitcoins are not actually received by the software on your computer, they are appended to a public ledger that is shared between all the devices on the network. If you are sent bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear as if they were just received in real time. Your wallet is only needed when you wish to spend bitcoins." poweredofftxt1: "This works fine. The bitcoins will appear next time you start your wallet application. Bitcoins are not actually received by the software on your computer, they are appended to a public ledger that is shared between all the devices on the network. If you are sent bitcoins when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the bitcoins will eventually appear as if they were just received in real time. Your wallet is only needed when you wish to spend bitcoins."
@ -525,14 +528,15 @@ en:
crowdfundingtext: "Bitcoin can be used to run Kickstarter-like crowdfunding campaigns, in which individuals pledge money to a project that is taken from them only if enough pledges are received to meet the target. Such assurance contracts are processed by the Bitcoin protocol, which prevents a transaction from taking place until all conditions have been met. <a href=\"https://en.bitcoin.it/wiki/Contracts#Example_3:_Assurance_contracts\">Learn more</a> about the technology behind crowdfunding and try <a href=\"https://www.vinumeris.com/lighthouse\">Lighthouse</a>." crowdfundingtext: "Bitcoin can be used to run Kickstarter-like crowdfunding campaigns, in which individuals pledge money to a project that is taken from them only if enough pledges are received to meet the target. Such assurance contracts are processed by the Bitcoin protocol, which prevents a transaction from taking place until all conditions have been met. <a href=\"https://en.bitcoin.it/wiki/Contracts#Example_3:_Assurance_contracts\">Learn more</a> about the technology behind crowdfunding and try <a href=\"https://www.vinumeris.com/lighthouse\">Lighthouse</a>."
micro: "Micro payments" micro: "Micro payments"
microtext: > microtext: >
Bitcoin can process payments to the scale of a dollar and soon
even much smaller amounts. Such payments are routine even today.
Imagine listening to Internet radio paid by the second, viewing Imagine listening to Internet radio paid by the second, viewing
web pages with a small tip for each ad not shown, or buying web pages with a small tip for each ad not shown, or buying
bandwidth from a WiFi hotspot by the kilobyte. Bitcoin is bandwidth from a WiFi hotspot by the kilobyte. Bitcoin is
efficient enough to make all of these ideas possible. <a efficient enough to make all of these ideas possible. <a
href="https://bitcoinj.github.io/working-with-micropayments">Learn href="https://bitcoinj.github.io/working-with-micropayments">Learn
more</a> about the technology behind Bitcoin micro payments. more</a> about the technology behind Bitcoin micro payments
or about <a href="http://lightning.network/">future upgrades</a> currently
being designed and implemented to make micro payments more
accessible.
mediation: "Dispute mediation" mediation: "Dispute mediation"
mediationtext: "Bitcoin can be used to develop innovative dispute mediation services using multiple signatures. Such services could make it possible for a third party to approve or reject a transaction in case of disagreement between the other parties without having control on their money. Since these services would be compatible with any user and merchant using Bitcoin, this would likely lead to free competition and higher quality standards." mediationtext: "Bitcoin can be used to develop innovative dispute mediation services using multiple signatures. Such services could make it possible for a third party to approve or reject a transaction in case of disagreement between the other parties without having control on their money. Since these services would be compatible with any user and merchant using Bitcoin, this would likely lead to free competition and higher quality standards."