[SOLVED] understanding bitcoin core - one block every 10min?

[daniel_712]

hi bitcoin community!

I'm trying to understand bitcoin and start mining.
bitcoin core is designed to find one block every ten minutes. that means one transaction every ten min., correct?
how can this work for a global currency network? IMO there must be the capability of millions of transactions every 10min?

do I understand this wrong?

thanks for help,
  Daniel

[franky1]

no, a block can hold upto 1mb of data

1 transaction can be anything from 250bytes+

which means a block holds anything from 1 transaction, (on average 1500) to if lucky, 4000 transactions.

also the time a block is created is not precisely 10 minutes. some blocks can be 2minutes some 1 hour. but the average is 1 per 10 minutes..

this is averaged, due to the fact that every 2016 blocks is calculated as about 2 weeks(2016*10=20160(=336 hours=14 days).. if 2016 blocks are created in less than 14 days after the last difficulty check. it means miners are working too fast. and so the difficulty is increased to slow them down. thus attempting to keep it to the average of 10minutes per block

[Jet Cash]

I think the days of mining bitcoin by individuals are long gone. If you want to understand Bitcoin and the blockchain, then you could try mining one of the altcoins.

[calkob]

Yes you understand this wrong......lol

go back to bitcoin.org and read the FAQ all over again or more likly for the 1st time and then you might get it, if not read them again......

[daniel_712]

Thank you for your help! I got it...

(disregard the last two posts....)

Daniel...

[n2004al]

hi bitcoin community!

I'm trying to understand bitcoin and start mining.
bitcoin core is designed to find one block every ten minutes. that means one transaction every ten min., correct?
how can this work for a global currency network? IMO there must be the capability of millions of transactions every 10min?

do I understand this wrong?

thanks for help,
  Daniel

The part in bold is not correct (if I'm wrong who want can correct me). Or better, is not correct the meaning of OP about what is a transaction. A transaction is every action with bitcoin made by everyone who own bitcoin and use it in whatever way. Every use of an bitcoin or part of it (satoshi in all its amount possible), every move of the previous, from one point to another create a transaction. The entirely amount of transactions create blocckchain. These transaction have a qualitative difference compared to all the movement of the data in internet. Go directly where are send and not going before at an server like do every kind of data which use the actual technology (structure, build) of internet. All this thanks to the technology used to build bitcoin and its movement named peer to per.

[cjmoles]

hi bitcoin community!

I'm trying to understand bitcoin and start mining.
bitcoin core is designed to find one block every ten minutes. that means one transaction every ten min., correct?
how can this work for a global currency network? IMO there must be the capability of millions of transactions every 10min?

do I understand this wrong?

thanks for help,
  Daniel

You're right! it wouldn't work if it took ten minutes for a transaction to be proven.  There are too many reasons to explain why it wouldn't work. We all start somewhere and a good place to start is here.  Mining bitcoin isn't profitable on a small scale anymore but there are other crypto currencies that you could try mining if you're interested in experiencing the technology. There'll only be one bitcoin though so don't get your hopes up with an altcoin....Ethereum looks interesting to me though and you might be able to get in on that one before it becomes unprofitable to mine.

[pereira4]

As franky explained it's not 1 transaction per minute (thank god lol).
For Bitcoin to scale globally, we need to run transactions outside of the blockchain, to make it more light weight so people can keep running nodes at home. If you make the blocksize too big this would kill Bitcoin decentralization and hence his value (what makes it distinctive from centralized payment processors).
I recommend that you study what lightning network is since it's the best way yet to scale bitcoin to worldwide levels.
Also support Core and not Classic, dont get fooled when you go on reddit and read a ton of bullshit.