Hi I would like to ask you guys for some details about getting reward from minning block when there is a fork - two miners get different blocks at the same time. Both of these block will have the coinbase transaction. Does it means that both of users wallets will have information about this transaction? If yes what will happen when both users will quickly go to bitcoin's ATM and take fiat currency from this reward?
1 Answer
Does it means that both of users wallets will have information about this transaction?
Both miners will see their own coinbase outputs in their wallet software, yes. However, the two coinbase transactions will be separate.
If yes what will happen when both users will quickly go to bitcoin's ATM and take fiat currency from this reward?
They cannot do this. Coinbase outputs are immature, and unspendable, for 100 blocks. After 100 blocks, a fork should ideally be resolved already. If it is not resolved, then only the miner on the same side of the fork as the ATM operator will be able to access his coins, as the ATM will not be aware of the coins on the other side of the fork.
answered Mar 29, 2019 at 10:34
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Thanks, so one more question, what will happen that we have this fork and in one block we send for example 10 BTC to someone else and this person will immediately go to the ATM (which will be in the same side as our destination address which right now get the money), pickup the money and after few block this chain will be depracated (there will be other longer chain?– KonradCommented Mar 29, 2019 at 10:50
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@Konrad simply: the user will have the money, but the ATM operator will no longer have the BTC payment. This is why waiting for a few confirmations is highly recommended, especially for larger payments.– chytrikCommented Mar 29, 2019 at 19:33
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I don't understand, what does it mean that "the ATM operator will no longer have the BTC payment", so it will be possible to cash out money or not? :)– KonradCommented Apr 2, 2019 at 5:06