Confirmation - Bitcoin Wiki

Mining Bitcoin

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.
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SwC Poker: #1 Bitcoin Poker Site

SwC Poker is the largest Bitcoin online poker site in the world.
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Dogecoin

The most amazing place on reddit! A subreddit for sharing, discussing, hoarding and wow'ing about Dogecoins. The new innovative crypto-currency.
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Bitcoin transaction confirmation times

Hey guys, I am still kind of a newbie when it comes to Bitcoin. I send a bitcoin transaction earlier with a small fee, but after 3 HOURS I am still waiting for a confirmation. If bitcoin keeps getting more mainstream this is only going to increase right? That would make Bitcoin far inferior as opposed to alternative coins like Ethereum and NEM right? Why haven't we seen a shift more towards these coins? Or is there something bitcoin can do to improve on this front?
submitted by ELMOPINO to Bitcoin [link] [comments]

Bitcoin transaction confirmation times /r/Bitcoin

Bitcoin transaction confirmation times /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Transaction/Confirmation Time compared to top alternative coins. (Bar Graph)

Bitcoin Transaction/Confirmation Time compared to top alternative coins. (Bar Graph) submitted by GreenWins to Bitcoin [link] [comments]

I sent Bitcoin from Blockchain and 12 hours later there are still no confirmations. I think it's because Blockchain put the transaction fee too low, is there anything I can do about this or do I just have to sit and wait? After a certain amount of time will the coins go back to my initial wallet?

submitted by BewareTheScare to Bitcoin [link] [comments]

How do I pay for something using Bitcoin? What about bitcoin transaction fees, local exchange rates & blockchain confirmation times? [Bitcoin Basics Podcast]

How do I pay for something using Bitcoin? What about bitcoin transaction fees, local exchange rates & blockchain confirmation times? [Bitcoin Basics Podcast] submitted by CoinCompassBTC to Bitcoin [link] [comments]

How do I pay for something using Bitcoin? What about bitcoin transaction fees, local exchange rates & blockchain confirmation times? [Bitcoin Basics Podcast] (x-post from /r/Bitcoin)

How do I pay for something using Bitcoin? What about bitcoin transaction fees, local exchange rates & blockchain confirmation times? [Bitcoin Basics Podcast] (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

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.
submitted by genericgeek to btc [link] [comments]

A website accepting 0-confirmation transactions for Bitcoin back in 2011. How times have changed...

submitted by 1MightBeAPenguin to btc [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by unstoppable-cash to btc [link] [comments]

Bitcoin (BTC) in Space: How Cryptocurrency Solves Interplanetary Payments

Bitcoin (BTC) in Space: How Cryptocurrency Solves Interplanetary Payments

https://preview.redd.it/vgflkm9pq3521.png?width=512&format=png&auto=webp&s=a822255aa5d6156920ea33b0efc979b152fba236
https://cryptoiq.co/bitcoin-btc-in-space-how-cryptocurrency-solves-interplanetary-payments/
Space exploration and colonization is an inevitable reality in the future. NASA and private corporations like SpaceX and Blue Origin already have the technology to launch missions to other planets, but they are taking their time to raise funds and ensure 100 percent success.
SpaceX says it will land people on Mars by 2024.
The richest man in the world and Founder of Blue Origin, Jeff Bezos, says he will create a large moon colony with or without NASA’s help.
Bitcoin with its instant, decentralized, and secure transactions that travel at the speed of light is obviously the perfect currency for space, but there are some downsides.
Here, we’ll explore the benefits of using Bitcoin in space as well as the caveats.
The cost of “launching” Bitcoin into space is simply the transaction fee, usually less than $1, plus however much it costs for the high powered antennas to communicate with the internet across long distances in space.
Compare this to fiat cash money, which would be impractical to launch into space due to the costs of rocket fuel. Launching a $20 bill into space costs $22. Perhaps launching $100 bills into space will work, but the fee would still be hard to stomach, and residents of the moon or other planets will not have any small bills or coins.
Perhaps a fiat system could be set up with all the $100 bills stored in a central repository and then people use digital ledgers to keep track, but why go through all that trouble if Bitcoin already solves this problem.
Decentralized currency will be important in space. For example, if Jeff Bezos decides to leave the Earth and become the emperor of the moon, there could be backlash from Earth governments.
This may sound outlandish, but it is inevitable that once colonization of other planets begins new countries will eventually form that have no territory on Earth. In the moon colony example, if they have USD bank accounts, they could find that all their cash becomes instantly frozen at the first sign of political trouble.
It will be just about impossible for a country on the moon or another planet to get their money back in the event of an account seizure. Just like Donald Trump says make America great again, whoever is President in the future could say make Earth great again, and seize all of the bank accounts of interplanetary nations in order to subsidize Earth’s economy. Space nations will need Bitcoin in order to conduct interplanetary commerce without the threat of account seizures.
The problem with centralized currency becomes even more severe for the space cowboys, people who go off into space and decide to do whatever they want to do. If they break a law in any jurisdiction, which could be as simple as taking their ship off-planet without permission, they would have their bank accounts frozen.
The only option for rogue space adventurers is to carry currency with them onboard, since if their bank is frozen, and they are depending on the bank, they will either die in space or have to go back to their planet and get arrested.
Due to the scarcity of cash in space, the only good option for space cowboys would be gold or Bitcoin. Gold is heavy, and would cost tremendous fees in the form of rocket fuel everytime they liftoff from a planet. Also, holding a large amount of gold on a spaceship would make them easy targets for space pirates. Bitcoin would never cost anything during liftoff, since it is on the internet, and it cannot be stolen unless the private key is given over.
Further, imagine if someone gets a job from an employer on another planet, which will be quite common in the interplanetary economy. Workers would likely never even meet their bosses, and the workers perhaps would not want the native currency on their employer’s planet, since they would never be able to physically own it.
Bitcoin can be personally owned no matter where people are in space, since Bitcoin is cryptographically secure, and possession of the private key provides full ownership, in the same way, holding cash in your wallet is full ownership.
As is already being witnessed on Earth, Bitcoin is a universal currency. Instead of making a complicated FOREX system in space wrought with account seizures and third parties, it makes much more sense to just use Bitcoin. A space economy fueled by Bitcoin would be far more liquid and efficient than a fiat currency economy.
There are caveats to using Bitcoin in space due to the speed of light. Bitcoin transactions would only be able to travel across space at the speed of light. This means it takes 1.28 seconds for Bitcoin to reach the moon from the Earth, three minutes to reach Mars, 33 minutes to reach Jupiter, and 67 minutes to reach Saturn. Double these times and add 10 minutes for the average Bitcoin transaction confirmation time on other planets.
We mention Jupiter and Saturn because they have numerous moons that are ripe for colonization and could be a hotspot for human civilization in the future.
The transaction times to other planets, even for Saturn which is over an hour, is not a major issue. Even if transactions take a long time to propagate to Earth and confirm, they would still be confirmed. Perhaps people on other planets should put the maximum sensible transaction fees to ensure that transactions confirm as quickly as possible once received.
Clearly, Bitcoin will no longer be instantaneous in space, since transactions would not even show up on the block explorer until the transaction propagates to Earth and back, but it will work.
Mining Bitcoin on other planets is a major dilemma. On the moon, mining Bitcoin will still be quite doable, since the few seconds delay is not going to prevent miners from striking blocks on the moon, it will just put them at a slight disadvantage.
Mining on Mars is where problems will begin. If a miner on Mars strikes a block, and someone on Earth finds the block in the 3 minutes it takes the Martian block to reach Earth, the Martian miner will not get paid. Some truly stubborn miners may mine Bitcoin on Mars, but they will be at an extreme disadvantage, and they will not profit nearly as much as Earth miners.
On the moons of Jupiter and Saturn, mining Bitcoin becomes intractable. In the 33 minutes and 67 minutes respectively it takes Bitcoin transactions to reach Earth, the Jupiter and Saturn miners will be disenfranchised 100 percent of the time. This actually makes Bitcoin centralized, at least on a planetary scale since whichever planet has the most hash rate will get all the block rewards.
This is just an Earth-centric view, however. Since Bitcoin is decentralized, another planet could generate 50 percent or more of the hash rate and disenfranchise all of the miners on Earth. To prevent this sort of thing from happening, perhaps it would be best to have Bitcoin Jupiter, Bitcoin Saturn, Bitcoin Earth, and so forth.
Versions of Bitcoin for different planets is especially important, considering that a planet that achieves a significant hash rate, but not a majority hash rate, would be dealing with constant forks.
For example, miners on the moons of Saturn may verify transactions and put them into blocks, only to have their chain orphaned whenever a transmission is received from Earth. If every planet is using the same version of Bitcoin, it would be much less confusing and more secure to only have miners on one of the planets.
Since it will be many years before colonization of other moons and planets becomes a reality, perhaps the Bitcoin developers will have time to optimize Bitcoin for use in space, to remove these caveats and ensure Bitcoin functions perfectly in space.
submitted by turtlecane to Bitcoin [link] [comments]

About how much time did your longest and shortest BTC transactions take to confirm? (x-post from /r/Bitcoin)

submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Trying to figure out the cheapest but most secure altcoin to transfer your Bitcoin with? Use this tool to confirm transaction time against network security.

Trying to figure out the cheapest but most secure altcoin to transfer your Bitcoin with? Use this tool to confirm transaction time against network security. submitted by ArrayBoy to CryptoCurrency [link] [comments]

If you've been using bitcoin for a while you might have noticed that whenever bitcoin price seems to go up, the mempool always gets a bit congested. Is there a tool that can accurately estimate the time of confirmation for a bitcoin transaction?

Most wallets generally give an estimated time for a transaction to confirm but during busy hours it's generally unreliable making transactions stuck for hours and once the transaction is made most Blockchain explorers don't provide this service.
It would be great if I could check how long it will take for my transaction to confirm once I have made one.
submitted by primalfabric to Bitcoin [link] [comments]

Bitcoin transactions are instant. Confirmation is what takes time.

When you send bitcoin from wallet to wallet (what it was made for) the transaction is visible after maybe 5 seconds.
submitted by PM-ME-all-Your-Tits to Bitcoin [link] [comments]

Due to the Home Depot data breach my amex card was compromised. What a mess. I'm seriously considering joining the bitcoin revolution.

Just kidding (about the bitcoin). The bank proactively detected the fraud and called to inform me that they're issuing a new card. I can still use the compromised card while the new one is en route.
All in all it will take me less time to resolve this "dirty fiat" fraud than it would take to confirm a single bitcoin transaction.
Listen to voicemail from bank: 45 seconds
Estimated time to open and activate new card: 2 minutes
Total time outlay: 2:45
Bitcoin transaction confirmation time (per blockchain.info): 8 minutes
Another big win for bitcoin.
submitted by x99x to Buttcoin [link] [comments]

Tai Zen: "The Bitcoin Maximalist Retards will be DELIGHTED & TICKLED to find out that my bitcoin core transaction took less than 15 min to confirm today! 1st time in several yrs that it confirmed this quick for me. Reminds me of the good ole days when btc core was a p2p electronic cash!"

Tai Zen: submitted by FollowTheDamnChainCJ to btc [link] [comments]

Bitcoin average cost/transaction: $0.14. Ethereum: half a cent. Bitcoin median 1st confirmation time: 12 minutes. Ethereum: 12 seconds.

Sources:
https://bitcoinfees.21.co/
https://blockchain.info/charts/median-confirmation-time
Ethereum A transaction I did today, and https://blog.ethereum.org/2014/07/11/toward-a-12-second-block-time/
submitted by thouliha to btc [link] [comments]

Average confirmation time of #Bitcoin transactions January 2017 through December 2018

Average confirmation time of #Bitcoin transactions January 2017 through December 2018
This chart is to whoever is stating Bitcoin "is not scaling"......Average confirmation time of Bitcoin transactions from January 2017 to December 2018 (in minutes). Outlier (December 2017 removed where it took 2,322 minutes). BTC continues to scale in right direction for confirmation times.


https://preview.redd.it/n5bbdhfv2bc21.png?width=470&format=png&auto=webp&s=de8173c516f2c7f7fb9888c8ba9370b1193cff92
submitted by VisionaryCrypto to Bitcoin [link] [comments]

Merchants & Consumers months from now: Which bitcoin do you want to use the one with $5 transaction fee's and 3 to 6 hour confirmations times or the one that works?

submitted by Bitcoin3000 to btc [link] [comments]

Bitcoin Legacy mempool is flat. Perhaps evidence that high fees and unpredictable long confirmation times are making using stop transacting. We've got to get these transactions onto Bitcoin Cash or they will go to competitor coins.

Bitcoin Legacy mempool is flat. Perhaps evidence that high fees and unpredictable long confirmation times are making using stop transacting. We've got to get these transactions onto Bitcoin Cash or they will go to competitor coins. submitted by pamorris to btc [link] [comments]

PayFast Ending support for BTC: "there are a number of limitations and design flaws unique to Bitcoin [BTC] that make it an impractical substitute for cash, including high transaction fees and long confirmation times for buyers"

PayFast Ending support for BTC: submitted by vegasbooty to Cryptoandme [link] [comments]

The price fluctuations in bitcoin space is nothing new but most times during such fluctuations the mempool tends to gets logged making transactions stuck longer than expected. Found this great tool that gives an estimate of how long it will take for transactions to confirm!

The price fluctuations in bitcoin space is nothing new but most times during such fluctuations the mempool tends to gets logged making transactions stuck longer than expected. Found this great tool that gives an estimate of how long it will take for transactions to confirm! submitted by primalfabric to Bitcoin [link] [comments]

Transaction confirmations on the blockchain and in your ... confirm your bitcoin transaction in 1 minute (blockchain wallet) Bitcoin Transactions Explained Slow Bitcoin Transaction Confirmation? - Do This! - YouTube How to accelerate Blockchain unconfirmed transactions ...

Average Confirmation Time The average time for a transaction with miner fees to be included in a mined block and added to the public ledger. 30 Days 60 Days 180 Days 1 Year 3 Years All Time Raw Values 7 Day Average 30 Day Average 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 ... Bitcoin Confirmation Time []. To answer the question "How Long Does It Take To Transfer Bitcoin" it needs to understand that bitcoin transaction confirmation time depends on many factors.The deeper a transaction is buried, the harder it will be to manipulate. Although 0/unconfirmed transactions could be reversed via Finney attack, race attack, or 51% attack, small amounts of money will not be ... The average Bitcoin transaction fees are another metric that has been continuously declining since its May highs. Average Bitcoin Transaction Fees. Source: Blockchain.com Similarly to the required confirmation time, the average fees in USD per transaction reached its yearly high just days after the halving amounting to $6.6 at the time. After a transaction is broadcast to the Bitcoin network, it may be included in a block that is published to the network. When that happens it is said that the transaction has been mined at a depth of 1 block. With each subsequent block that is found, the number of blocks deep is increased by one. To be secure against double spending, a transaction should not be considered as confirmed until it ...

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Transaction confirmations on the blockchain and in your ...

Get your blockchain pending transactions confirmed fast The Bitcoin Mempool, Difficulty Adjustment, Hashrate, Block Time, Block Reward, Transaction Fees and much more is explained simply in this video. Bitcoin onchain data: https://studio.glassnode.com ... In some cases, It can appear as if your Bitcoin transaction is stuck and will not receive any network confirmation. This is a somewhat common misconception among users, as it can take longer than ... Go to Transaction Accelerator: https://www.viabtc.com/tools/txaccelerator/ View global Unconfirmed Transactions: https://blockchain.info/unconfirmed-transact... Every transaction must be added to a blockchain — an official public ledger of crypto transactions, in order to be considered successfully completed or valid...

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