Linked Questions

-1
votes
1answer
232 views

What modification of the proof of work algorithm will speed up confirmations as the network hashrate increases? [duplicate]

From my observations of the BitCoin network, the increase in overall network hashrate does not seem to improve the network in any way other than to make an attack more difficult. I was wondering ...
1
vote
0answers
61 views

Reducing block generation time [duplicate]

Is there any drawback to reducing the time it takes to generate POW, essentially reducing block generation time and confirming transactions faster. What if the difficulty is reduced so that the POW ...
114
votes
5answers
19k views

Why is 6 the number of confirms that is considered secure?

Why is 6 is the number of confirmations that is considered secure? I haven't found any mathematical explanation or otherwise that explains why it is 6 and not 5 or 7. Is there a historical reason for ...
64
votes
11answers
10k views

Will Bitcoin suffer from a mining Tragedy of the Commons when mining fees drop to zero?

One issue that I haven't seen clearly addressed is the possible Tragedy of the Commons in Bitcoin's future (see this answer). 40 years into the future, the only significant direct benefit for honest ...
19
votes
1answer
3k views

What are the differences between Bitcoin and Litecoin?

What are the differences between the Bitcoin and Litecoin algorithms and protocol?
17
votes
5answers
1k views

How do you create a planet-specific cryptocurrency that will ignore longer block chains from other planets?

I'm sure that cryptocurrencies will play a huge part of the economy across the solar system, when we have colonized many different planets, moons, and asteroids. But there are problems with using a ...
2
votes
2answers
384 views

How do you answer the question “Why 10 mins?” for beginners?

I'm often asked "Why is the average mining time about 10 mins?". How do you answer this question if you are asked by beginners?
4
votes
3answers
362 views

Could Bitcoins (or any other blockchain based cryptocurrency) feasibly ever be used for purchases that need to go through fast?

Today, one of the problems with cryptocurrencies like Bitcoin is that it takes quite some time for a transfer to go through and enough confirmations to take place. This really isn't a problem when it ...
2
votes
1answer
228 views

Why not multiply “six confirmations” and divide Time-Between-Blocks and Reward by the same factor?

It seems that choosing a good factor to use to expand Bitcoin's capacity is a good idea. The software would divide some of its calculated values by this factor, such as the target time between blocks ...
2
votes
1answer
81 views

What is the benefit of having a fixed target block interval?

By design Bitcoin targets a block interval of 10 minutes. How does the blockchain benefit from maintaining a bounded block time?