So you ‘ve been standing here for the second year! And here I am waiting for confirmation of transaction with Bitcoins. Probably appointed a little commission. (From anecdote overheard to blockchain)
Easier, faster and easier! Such “slogans” I will be guided to clearly explain to you how long transaction confirmation takes. But first let us list the questions we will try to answer:
Sorry, but I” will “to speak rubbish” 😉 Without it to understand the principle of manipulations with cryptocurrency it will not turn out.
1) Bitcoin transaction information is recorded in special blocks, which are a list of transactions. If you put the blocks in a chain, you get a history of “walking” crypto.
2) The block consists of a header and a list of transactions. The header contains the transaction hash codes, native and hash of the previous block. The first in the list is a transaction, which indicates the remuneration (commission) for the creation of a new block.
3) To verify the authenticity of operations with crypto, transactions must be validated in blockchain. It is a distributed DB. Parts of it are stored on many computers in the Bitcoin network.
Validating and writing operations to blocks is a complex process and requires powerful hardware. Computing processes run on the side of the user connected to Bitcoin.
A transaction confirmation is its attachment to the transaction list in the block.
After the transaction with the crypto, the accounts on the sender and receiver side are not updated immediately. In traditional user applications, six blocks must be found to confirm the transaction, which prove its validity.
At the same time, the user conducting the operation can reduce the number of checks. This should be done if you operate on a small amount of Bitcoins. This simplifies and accelerates the transaction confirmation process.
If translation verification has not occurred, the system returns the funds back to the sender ‘s wallet.
I take an average of 20 minutes to an hour.
The waiting time depends on several components:
1) Workload of “cryptoset” – in the last two years the number of transactions with Bitcoins has increased more than 8 times. This can be seen in the chart below.
It shows an increase in the number of trillions of hashes performed per second on the Bitcoin network.
There are also bursts in the grid when the average number of transactions in blocks increases, and the block size itself increases to a critical value. That was the case last year.
This situation also occurs when a huge number of unconfirmed transactions are accumulated.
1) Small commission – in “cryptoset” first pass validation of transaction with large amount of remuneration to mainers. In some cases, if you save a lot, the confirmation procedure
2) Swings in the course of crypto – also increase the time of verification.
Here ‘s a video that tells us about a similar case.
I advise those looking for “unknown what” in their (and not only) operations with Bitcoins to enter the blockchain.info. Here you can find any information on blocks, transactions. As well as monitoring the general situation in the market.
To find out how many confirmations have passed for a particular transaction, go to the above site and enter a known hash in the search string. The block information is then displayed.
At the bottom of the page is a list of transactions made with it. Click and get the desired value.
Methods of reducing transaction time:
Increase of commission for miners – specialists advise “not to greed” and give for confirmation from 0.0002 BTC and more.
The volume of funds transferred – the more crypto you transfer, the status of the transaction is higher in “crypto networks.”
Use of specialized sites like coinbase.com – on such services buyers and sellers retain their keys. As a result, the confirmation takes place within this platform, not in the common network.
The use of Bitcoin wallets with the function of creating a multi-signature – on such services to confirm the operation with cryptocurrency from the user will only need to specify a private key. The second “signature” is the service key. In this way, no money or time is spent confirming the transaction.
This is the review for beginners taking the first steps towards the “side” of cryptocurrency. I hope my material will help you make these steps more confident!