Linked Questions

0
votes
1answer
691 views

What happens if everyone suddenly adops bitcoins, or it becomes very easy to create blocks [duplicate]

I understand that bitcoins are currently produced at ~25BTC/10 min If I understand correctly how fast a block is created is what determines how fast bitcoins are created. If everyone starts using ...
2
votes
1answer
514 views

How is the hash target set and verified by all nodes? [duplicate]

As in the title - I understand that nodes look at the last two weeks of calculated hashes and adjust the difficulty to bring the average time to 10 minutes. But how exactly is this done? In ...
2
votes
2answers
295 views

What is the mechanism by which the 'system' adjusts the difficulty of finding blocks so one is found on average every 10 minutes? [duplicate]

Here we read: In the Bitcoin network, only blocks with certain hashes get accepted and included in the official list. The criteria for which blocks "count" is that their hash has to be below a ...
0
votes
1answer
29 views

How are difficulty level and block reward determined and stored in decentralized fashion in Bitcoin? [duplicate]

I know the difficulty level and block reward are periodically adjusted in Bitcoin to keep the block time approximately to 10 minutes. I guess these are not determined by a central authority but ...
54
votes
2answers
88k views

Can someone explain how the Bitcoin Blockchain works?

I'm trying to figure out how the blockchain works and how to read it via blockchain.info website. Is there a laymen way of explaining how the block chain works and how to read the blockchain to trace ...
3
votes
2answers
2k views

As transactions are getting increasingly slow and expensive, how can Bitcoin compete against newer better currencies? [closed]

If I understand correctly, every transaction needs new blocks to be created (mined), which is becoming increasingly hard, slow and expensive. Not mentioning the massive energy consumption, already ...
9
votes
1answer
569 views

Why would increasing the Bitcoin block size lead to a more centralised system?

Why does Bitcoin Core contributor Peter Todd think that increasing the Bitcoin block size would lead to a more centralised system? “The system doesn’t scale, and you just have to accept that and do ...
1
vote
3answers
2k views

Who decides that the new block is ready to hash?

I know that new blocks are relayed one block per 10 minutes but that time is not exact but average so: Who decides that the new block is ready to hash?
2
votes
2answers
646 views

What is the point of keeping transactions if they are hashed?

In the blockchain people keep saying that all of the transactions are listed. Then why are they hashed? What's the point of hashing them if you can't check the blockchain afterwards.
1
vote
1answer
3k views

Why is Bitcoin's unconfirmed transaction count rising and what effect does it have on the network?

I see that blockchain.info is reporting a large and steadily growing number of unconfirmed transactions. I assume that these are all transactions broadcasted to the network but never confirmed as a ...
2
votes
1answer
681 views

How do the clients agree on the target to hash for? [closed]

Edit: They do not agree on a specific target hash. Any hash lower than or equal to the difficulty is sufficient. This means clients only have to agree on difficulty.
5
votes
1answer
400 views

How does mining process takes Approximately 10 minutes?

I don't think that I fully understood the "difficulty" topic in blockchain, and therefore I don't understand how mining process takes close to 10 minutes. If I have "Target" value (some hash value, ...
2
votes
3answers
126 views

When to check for confirmationsl

When monitoring incoming transactions for a web wallet, should I check for confirmations on a timer, e.g. every minute? Or should I check once every block by using blocknotify?
0
votes
2answers
397 views

Why does bitcoin mining take so long?

I was wondering that a block (Here's a Block #506398) It's nonce is 1,229,291,212 (A little over a billion), Then why does it take so long to mine a block because my system alone can do about 500 GH/...
0
votes
1answer
60 views

Is it possible to create a blockchain network which will not increase in difficulty?

I would like to create a blockchain network which will stay at the same level of complexity, meaning it won't take longer or need stronger hardware to mine. Is such a thing possible?