1. If I initiate a transaction from my wallet, does my transaction go to only one node? Does wallet client send to multiple nodes?

  2. What happens if no miner decides to include my transaction? Would my transaction fail and waste the fee?

How does a bitcoin transaction enter the network?

every peer in the network has the relayed transaction

  1. Usually how long does one announced transaction to be disseminated to the entire network? Is there any reference or data on this?

  2. What do we mean by longest available chain? Is it like [1 2 3] vs [1 2 3 4] or [3 2 1] vs [5 6 7 8]? How does the protocol ensure the ordering between transactions?

1 Answer 1

  1. Each node is in contact with a handful of peers.

  2. If no miners include your transaction, the money never left your wallet.

  3. Propagation may take a few tens of seconds to reach most of the network. See How long does it take to propagate a newly created block to the entire Bitcoin network and why?

  4. Actually length of chain is not important, that's a shorthand way of talking about accumulated proof of work. The branch with the most work invested in it is the one that nodes will select and use. I believe this mainly affects the node's UTXO set (a list of coins in the whole Bitcoin network that are available for spending by their owners). The primary job of the proof of work mechanism and of miners is arguably the ordering of transactions.

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