Bitcoin Chain

Bitcoin was created to be a decentralized and trustless payment network – with the power to do this offered by the block chain and its potential to publicly confirm the digital currency’s digital transactions.

Rather contentiously, nevertheless, as the bitcoin economy expands, a lot more and a lot more transactions are becoming carried out off the block chain.

Such transactions are tracked on private databases instead of the block chain, and cannot be publicly tracked.

CoinDesk

"$113m in Gox Bitcoins Believed To Be Moving Thr

2014-03-08 11:26:57 by ough-the-Blockchain

"$113m in Gox Bitcoins Believed To Be Moving Through Block ChainMar 7, 2014 at 23:24 | Danny Bradbury
"Is Gox moving money through the bitcoin block chain? If so, why?"
Why else would they split this? They are on the run. They want to split this up into hundreds of wallet and shove this into a mixer service to a point where we can't track them anymore. Mark Karpeles really ran off with the money.
Give me my coins Karpeles !
Somebody claiming to be stupid enough to get coins stolen from cold store (which is of course impossible) Is most-likely also stupid enough to start moving around his magically found cold storage cash

Bitcoin is cumbersome

2014-03-08 19:54:03 by -

When bitcoins are sent, all the funds held in a particular address are sent, and the ‘change’ – the part that is surplus to requirements – is sent to a change address, usable by the sender. However, the block chain has to confirm that the change has been returned before it can be reused.
If you were to try and send bitcoins to lots of users very frequently from one address containing a lot of bitcoins, then you would have to wait 10 minutes or more for the block chain to confirm your returned change, before conducting your next transaction.

Are Off-Block Chain Transactions Bad for Bitcoin?  — CoinDesk
Bitcoin was designed to be a decentralized and trustless payment network – with the power to do this provided by the block chain and its ability to publicly confirm the digital currency's digital transactions.

Chain's API Takes the Hard Work Out of Bitcoin App Development  — CoinDesk
Developing for bitcoin can be a bit of a slog. The protocol was designed with transactions, not applications, in mind, and getting to grips with the technology can be intimidating, not only for the general public, but for developers too.

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