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How Do Bitcoin Transactions Work? The process is: 1. Make a payment (a bitcoin transaction) 2. Wait for it to be mined in a block (upto 10 mins on average) 3. Wait for more blocks to be mined on top (average 10 mins per block) 1. Make a payment. When you make a bitcoin payment, the transaction message is sent to the network, and passed around all the network participants (called ’nodes’). At this point the transaction is ‘unconfirmed,’ which means the nodes have seen that the payment has been initiated. They have validated it according to certain technical and business logic rules, but it isn’t yet been written into anyone’s bitcoin blockchain ledger. Unconfirmed transaction = valid, known transaction, but not yet included in the ledger. 2. Wait for it to be mined in a block (upto 10 mins on average). Miners take the list of unconfirmed transactions (specifically, those that they know about), and they bundle them into a block, which is just a list of transactions plus some other data. They then get to work ‘mining’ the block which means playing a guessing game to find a random number. If they guess right, then the block is published to the rest of the network. The computers on the network validate that the block meets the criteria, and then ignore it or store it into their blockchains. The competition then starts again with the unconfirmed transactions that have accumulated since. The network adjusts the difficulty the guessing game so that a block is created every 10 mins or so, irrespective of the amount of computing power in the network, or the number of transactions. 3. Wait for more blocks to be mined on top (average 10 mins per block). The next block is mined on top of the one with your transaction in. This new block will refer to the previous block (hence, ‘blockchain’). The more blocks that have been built on top of the one with your transaction, the more ‘baked’ into the blockchain it is, and so the harder it is to unwind through block-reorganisation attacks. Unconfirmed transaction -> Confirmed transaction (1 block) -> Confirmed transaction (many blocks) The current advice suggests that after 6 blocks, the chances of the transaction being unwound is very small. IIf you are receiving a payment; the higher the value, the longer you may want to wait. This reduces risk, although the risk reduction achieved shows diminishing returns. A GENTLE INTRODUCTION TO BITCOIN MINING 4PDF Image | Introduction To Bitcoin Mining
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