Bitcoin transaction meaning
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network.
These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends. This is only a very short and concise summary of the system.
If you want to get into the details, you can read the original paper that describes the system's design, read the developer documentation , and explore the Bitcoin wiki. How does Bitcoin work? This is a question that often causes confusion. Here's a quick explanation! The basics for a new user As a new user, you can get started with Bitcoin without understanding the technical details.
Balances - block chain The block chain is a shared public ledger on which the entire Bitcoin network relies. Transactions - private keys A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Most recipients require at least one confirmation to complete the transaction, including Wirex. If your transaction is unconfirmed, usually you just need to wait. Most transactions get completed within a day or two or more if the blockchain is overloaded.
In rare cases, transactions with low or absent fee may get stuck in unconfirmed status for over a week. In such situations, we recommend the following options:. The options above only apply to transactions sent from Wirex wallets.
If your transaction to Wirex wallet got stuck, please contact the service provider or find additional advice from this Bitcoin Magazine's article. Why is my bitcoin transaction 'unconfirmed'? Common reasons for unconfirmed transactions are: You have just made the transfer. The Bitcoin network needs at least 10 minutes, on average, to include the transaction in a block; The blockchain fee is too low or absent.
The lower the blockchain fee, the lower you transaction's priority in the Bitcoin network. Therefore, the longer the confirmation will take; The Bitcoin network is overloaded. Due to its limited capacity, the network simply cannot process transactions fast enough, especially during high transaction periods.