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everaja (OP)
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July 09, 2015, 12:53:30 AM |
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Whats the Significance of Network Propagation in Bitcoin Transaction. Just be specific to the point , dont tell the meaning of network propagation , do let me know its significance in confirmation of a transaction. I just see few terms like : poor , good , high priority ... Q2. whats the maximum time a transaction can take to confirm? Thanks in advance to all who helped me.  |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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achow101
Moderator
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Activity: 3374
Merit: 6535
Just writing some code
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July 09, 2015, 01:01:00 AM |
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Whats the Significance of Network Propagation in Bitcoin Transaction.
Just be specific to the point , dont tell the meaning of network propagation , do let me know its significance in confirmation of a transaction.
I just see few terms like : poor , good , high priority ...
I don't think these two are related... If your transaction does not propogate through the whole network, some miners may not receive your transaction thereby not including it in any blocks they confirm. If it doesn't some of the larger miners, it may not be confirmed quickly because larger miners have a higher probablility of finding blocks. Q2. whats the maximum time a transaction can take to confirm?
It is possible for a transaction to never confirm. |
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DannyHamilton
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July 09, 2015, 01:09:18 AM |
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Whats the Significance of Network Propagation in Bitcoin Transaction.
Just be specific to the point , dont tell the meaning of network propagation , do let me know its significance in confirmation of a transaction.
I just see few terms like : poor , good , high priority ...
In order for a transaction to be confirmed a solo miner, or mining pool, need to: - Know about your transaction
- Choose to include your transaction in the block they are attempting to solve
- Successfully solve the block before any miner that is not including your transaction in their block
If your transaction is not well propagated, then it reduces the number of miners, or mining pools, that have heard about the transaction. Therefore, it reduces amount of hash power that is working on confirming your transaction in the next block that is solved. This in turn, increases the chances that a block will be solved that does not include your transaction. Q2. whats the maximum time a transaction can take to confirm?
It is possible for a transaction to never be confirmed. As an extreme example, disconnect a wallet from the internet and create a transaction. Then destroy the wallet without re-connecting to the internet. That transaction will never confirm. As a less extreme example, send a transaction that does not propagate well. If it hasn't confirmed after a few days, peers will begin to drop it from their memory pool to make room for other transactions. If you and the recipient both don't bother to re-broadcast the transaction, it is possible that the entire network will forget about the transaction without it becoming confirmed. It is also possible that a new transaction that does propagate well will be created that uses the exact same bitcoins. If that new transaction confirms, then the old one will never be able to. |
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kshyzer
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July 09, 2015, 01:14:36 AM |
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hmm, i got a transaction 2 days ago... and until now it was unconfirmed (no double spend confirmed)..., and i checked now... and it just disappeared from my blockchain transaction logs lol...
can anyone explain me what happened? how can i recovery it? D:
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achow101
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Just writing some code
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July 09, 2015, 01:18:15 AM |
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hmm, i got a transaction 2 days ago... and until now it was unconfirmed (no double spend confirmed)..., and i checked now... and it just disappeared from my blockchain transaction logs lol...
can anyone explain me what happened? how can i recovery it? D:
It was "forgotten" by the network. The network will drop unconfirmed transactions after a few days to keep the mempool lower. Just resend the transaction. Nothing happened to your Bitcoin. |
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kshyzer
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July 09, 2015, 01:20:18 AM |
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hmm, i got a transaction 2 days ago... and until now it was unconfirmed (no double spend confirmed)..., and i checked now... and it just disappeared from my blockchain transaction logs lol...
can anyone explain me what happened? how can i recovery it? D:
It was "forgotten" by the network. The network will drop unconfirmed transactions after a few days to keep the mempool lower. Just resend the transaction. Nothing happened to your Bitcoin. hmm, but i was receiving it, not sending..., from a website (but it's look is dead now) D: |
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DannyHamilton
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Activity: 3374
Merit: 4606
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July 09, 2015, 01:31:21 AM |
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hmm, i got a transaction 2 days ago... and until now it was unconfirmed (no double spend confirmed)..., and i checked now... and it just disappeared from my blockchain transaction logs lol...
can anyone explain me what happened? how can i recovery it? D:
It was "forgotten" by the network. The network will drop unconfirmed transactions after a few days to keep the mempool lower. Just resend the transaction. Nothing happened to your Bitcoin. hmm, but i was receiving it, not sending..., from a website (but it's look is dead now) D: Contact the people that run the website and inform them that they have failed to send you the bitcoins that they owe you. If they are a legitimate website, they will investigate their transaction and re-send it. If they are a scam website, then you'll never get the bitcoins. |
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kshyzer
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July 09, 2015, 01:34:26 AM |
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hmm, i got a transaction 2 days ago... and until now it was unconfirmed (no double spend confirmed)..., and i checked now... and it just disappeared from my blockchain transaction logs lol...
can anyone explain me what happened? how can i recovery it? D:
It was "forgotten" by the network. The network will drop unconfirmed transactions after a few days to keep the mempool lower. Just resend the transaction. Nothing happened to your Bitcoin. hmm, but i was receiving it, not sending..., from a website (but it's look is dead now) D: Contact the people that run the website and inform them that they have failed to send you the bitcoins that they owe you. If they are a legitimate website, they will investigate their transaction and re-send it. If they are a scam website, then you'll never get the bitcoins. hmm, so when this happens the btc get back to the sender? |
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DannyHamilton
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July 09, 2015, 01:47:07 AM |
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hmm, so when this happens the btc get back to the sender?
Until the transaction confirms the bitcoins have never really left the sender. The sender's wallet might show the balance reduced, but that's just because the sender's wallet is assuming that the transaction will confirm eventually. A poorly written wallet might not notice that the transaction has been forgotten about by the network, so the sender might need to find a way to re-set their wallet. A better written wallet will either re-broadcast unconfirmed transactions, or will update the user's balance so that they can re-send the transaction. |
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everaja (OP)
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July 09, 2015, 03:04:05 AM |
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] I just see few terms like : poor , good , high priority ...
I don't think these two are related... But i think these terms are related to Network propagation as i see : Network Propagation :3% - 34 Nodes - (Very Poor) in my transaction. |
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achow101
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Just writing some code
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July 09, 2015, 03:36:07 AM |
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] I just see few terms like : poor , good , high priority ...
I don't think these two are related... But i think these terms are related to Network propagation as i see : Network Propagation :3% - 34 Nodes - (Very Poor) in my transaction. Oh, I see. I though you were talking about priority earlier. I didn't realize that. |
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everaja (OP)
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July 09, 2015, 03:43:07 AM |
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Oh, I see. I though you were talking about priority earlier. I didn't realize that.
ok, when i first saw my transaction it showed Network Propagation :3% - 34 Nodes - (Very Poor) after sometime Network Propagation :0% - 0 Nodes - (Very Poor) again after sometime Network Propagation :4% - 40 Nodes - (Very Poor) why all this is changing if the miners are fixed then how can the percent change with time and is there any role of nodes in confirming a transaction? |
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achow101
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Just writing some code
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July 09, 2015, 03:48:12 AM |
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Oh, I see. I though you were talking about priority earlier. I didn't realize that.
ok, when i first saw my transaction it showed Network Propagation :3% - 34 Nodes - (Very Poor) after sometime Network Propagation :0% - 0 Nodes - (Very Poor) again after sometime Network Propagation :4% - 40 Nodes - (Very Poor) why all this is changing if the miners are fixed then how can the percent change with time and is there any role of nodes in confirming a transaction? Nodes don't really have a role besides validating your transaction and forwarding it to other nodes. If your transaction isn't spread very far, then it is unlikely it will make it to a miner to mine into a block and confirm it. The number of nodes changes with time because nodes go up and down constantly. With few nodes, if some of them go down, they won't relay it to other nodes (duh). However, your client continuously broadcasts it so other nodes will pick it up and relay it so it propogates through the network and reaches miners. |
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