Re: Introduction to Blockchain and Confirmation
Transactions are usually packed into "blocks" to be checked and submitted to the public blockchain; as per the standard bitcoin algorithm, it takes around ten minutes to mine one block. However, owing to its growing success, the Bitcoin network is frequently backlogged with transactions waiting to be packed into a block. Unfortunately, for some, this process does not happen instantaneously. In reality, bitcoin transactions are subject to uncertainty ranging from a few minutes to a couple of days. This is because bitcoin needs miners to validate transactions. Block sizes are small, and any who do not make one are packed into a wide queue known as the "bitcoin mempool." The mempool fluctuates in size, with waiting times often depending on transaction priority and fees that we will soon cover. Check out the latest Bitcoin Mempool for an idea of the backlog.
Transactions are usually packed into "blocks" to be checked and submitted to the public blockchain; as per the standard bitcoin algorithm, it takes around ten minutes to mine one block. However, owing to its growing success, the Bitcoin network is frequently backlogged with transactions waiting to be packed into a block. Unfortunately, for some, this process does not happen instantaneously. In reality, bitcoin transactions are subject to uncertainty ranging from a few minutes to a couple of days. This is because bitcoin needs miners to validate transactions. Block sizes are small, and any who do not make one are packed into a wide queue known as the "bitcoin mempool." The mempool fluctuates in size, with waiting times often depending on transaction priority and fees that we will soon cover. Check out the latest Bitcoin Mempool for an idea of the backlog.
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