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How it propagates Alice’s wallet application can send the new transaction to any of the other bitcoin clients it is connected to over any Internet connection: wired, WiFi, or mobile. Her bitcoin wallet does not have to be connected to Bob’s bitcoin wallet directly and she does not have to use the Internet connection offered by the cafe, though both those options are possible too. Any bitcoin network node (other client) that receives a valid transaction it has not seen before, will immediately forward it to other nodes to which it is connected. Thus, the transaction rapidly propagates out across the peer-to-peer network, reaching a large percentage of the nodes within a few seconds. Bob’s view If Bob’s bitcoin wallet application is directly connected to Alice’s wallet application, Bob’s wallet application may be the first node to receive the transaction. However, even if Alice’s wallet sends the transaction through other nodes, it will reach Bob’s wallet within a few seconds. Bob’s wallet will immediately identify Alice’s transaction as an incoming payment because it contains outputs redeemable by Bob’s keys. Bob’s wallet application can also independently verify that the transaction is well-formed, uses previously- unspent inputs and contains sufficient transaction fees to be included in the next block. At this point Bob can assume, with little risk, that the transaction will shortly be included in a block and confirmed. A common misconception about bitcoin transactions is that they must be “confirmed” by waiting 10 minutes for a new block, or up to sixty minutes for a full six confirmations. While confirmations en‐ sure the transaction has been accepted by the whole network, such a delay is unnecessary for small value items like a cup of coffee. A merchant may accept a valid small-value transaction with no confir‐ mations, with no more risk than a credit card payment made without ID or a signature, like merchants routinely accept today. Bitcoin Mining The transaction is now propagated on the bitcoin network. It does not become part of the shared ledger (the blockchain) until it is verified and included in a block by a process called mining. See “Introduction” on page 177 for a detailed explanation. The bitcoin system of trust is based on computation. Transactions are bundled into blocks, which require an enormous amount of computation to prove, but only a small amount of computation to verify as proven. This process is called mining and serves two purposes in bitcoin: 26 | Chapter 2: How Bitcoin WorksPDF Image | Mastering Bitcoin
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