What Are Bitcoin Blocks and Bitcoin Confirmations ?


Let’s say I sent you 1 Bitcoin. After a few minutes you see that this transaction
has received one “confirmation”. What does this actually mean? The block chain is built out of “blocks”. Each new block is a set of new unique Bitcoin transactions
that were recently made. So when I broadcasted to the network
that I want to send you 1 Bitcoin the transaction went into
an unconfirmed transactions pool. Miners entered the unconfirmed
transactions pool, took this transaction and others like it, verified they were valid, meaning I actually have
the 1 Bitcoin to spend, and grouped them into a block. The new block is set at
the top of the blockchain and is considered confirmed. Now miners can move on to build
the next block on top of that one. Each time a new block is built it means that the older blocks
got confirmed again, since they are checked also in the process. The more confirmations you get, the harder it will be for someone to
manipulate the system and remove the block
containing this transaction since it’s buried under the other blocks
that were confirmed. It is recommended to wait for
at least 6 confirmations in order to be 99.9% sure that
your transaction won’t get canceled. This takes roughly 1 hour to achieve. If you’re dealing with
smaller amounts of money you’re probably OK with
waiting for just 1 confirmation. Reversing a transaction takes
planning, time and effort and a lot of computing power. Most people probably won’t
go through all that trouble for a small amount of money. For more information,
visit 99Bitcoins.com A non-technical blog about
Bitcoin and cryptocurrency.

One thought on “What Are Bitcoin Blocks and Bitcoin Confirmations ?”

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