Hell
I am a college student in a data management class doing a group project on bitcoin. I have a couple specfic questions but please correct me if you think i am wrong anywhere along the process.
My first question is about block chains/ transactions. From my understanding blocks generated somewhat randomly but at a rate that when put through the system equals about 6 blocks an hour. Now while this miner is solving, new transactions are recorded and added to the history. These transactions are verified and get secured by being 'buried' under other transactions, once sufficiently buried enough blocks will have your 'account balance' say 100 bitcoins, and if you sent any amount up to 100 it could be verified. Any amount over it would be denied by the system.
Now besides trying to over draw an account how else would a transactions be denied? Like not going through,
How many blocks are there, out there, being sovled at once? If no transactions occurred would there be any blocks, or is there a perpetual blocks being created via the last transactions of the miner?
Would a 'slower' miner does your chance of creating an orphan block increase?
Thanks,
Gnome
Only one block can be mined upon at any given time. If there were no transactions, a block would still be available for mining.
No, a slower miner does not increase the chances of an orphan block. A slow/bad network connection does.
