Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
Ethereum is on track to have a higher annual transaction volume than Bitcoin for the first time.
2020 will be the first year Ethereum will have more transactions than Bitcoin. The huge development of DeFi in the Crypto space is undoubtedly a huge factor contributing to this. https://ibb.co/BjTvTKp Could we see Ethereum overtake Bitcoin as the 'top' crypto in the future?
Does the amount of bitcoin being transacted affect the transaction time?
I've heard that Bitcoin has something called proof-of-work, which though I may have not completely understood, is that the blockchain must validate the transaction for it to occur. (please correct me if I got something wrong) But how does that work exactly? Do all computers in the blockchain has to validate the transaction history of each bitcoin unit (and how many decimals is that)? And if so, does that mean the amount transacted can impact the transfer time?
Haven't waited on a Bitcoin transaction to confirm in a long time...
Sending some of my Bitcoin to an exchange today from cold storage. I initiated the transaction over 2 hours ago, and it still has at least another hour before it is estimated to be confirmed! I had no idea it was really this bad. Wow, what a shame! BTC is what I remember being Bitcoin. Just wanted to say keep up the good work. As more and more people have this eye opening experience, more and more will leave to better cryptocurrencies. Edit: Ended up taking just under 4 hours to confirm.
How much energy does a Bitcoin transaction really use? If fully adopted, could the energy required really be 15 time greater than the total energy consumed by the world on a yearly basis? (x-post from /r/Bitcoin)
10-24 23:25 - 'We haven't rolled back the chain. We've intervened in state. There's a difference; the former implies that innocent users' transactions that happened to be at the same time got rolled back with the DAO hacker, which did...' by /u/ur_mamas_krama removed from /r/Bitcoin within 13-23min
''' We haven't rolled back the chain. We've intervened in state. There's a difference; the former implies that innocent users' transactions that happened to be at the same time got rolled back with the DAO hacker, which did not happen. — Vitalik Non-giver of Ether (@VitalikButerin) October 28, 2019 ''' Context Link Go1dfish undelete link unreddit undelete link Author: ur_mamas_krama
eToro's Founder On Buying Bitcoin: "When I saw bitcoin for the first time in 2010 and I made a couple of transactions on the bitcoin protocol, I immediately fell in love" (x-post from /r/Cryptocurrency)
The current time for Bitcoin transaction get confirmed. In addition to the two aforementioned conditions, there’s a fixed time of 10 minutes, which is what miners take to validate the Bitcoin blocks. But this only happens when your transactions have been selected and included in the block. Otherwise, your transactions will remain unconfirmed in the Bitcoin mempool. To verify the mempool in ... Each Bitcoin transaction needs to be network-approved before completion. The standard set by the Bitcoin community is six transfer confirmations before it is complete. Each confirmation can be expected to take about 10 minutes, thus getting an average of one transaction per hour. The more transactions a network does, the longer each will take. There are a limited number of miners processing ... The average confirmation time for a Bitcoin transaction was 9.2 minutes in September 2020. This is much lower than the May 2019 peak of over 12 minutes. The effect of the longer transaction time ... Yes, of course, there are some Bitcoin transaction time estimators that you can use, but they all rely on the Bitcoin transaction fees you have attached to that particular transaction. So let say you have attached ‘X’ Satoshis/byte of fees for a Bitcoin transaction then you can very well calculate how much time (or how many blocks) you will need to wait before getting the first ... The average Bitcoin transaction time is currently around 1 hour. The short answer : However long it takes to transfer Bitcoin between wallets varies from transaction to transaction. When you make a Bitcoin transaction, it needs to be approved by the network before it can be completed.
Slow Bitcoin Transaction Confirmation? - Do This! - YouTube