Bitcoin Forum
July 17, 2018, 08:38:21 AM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Up to 20 hours for transaction verification by the bitcoin network. What's that?  (Read 965 times)
becoin
Legendary
*
Offline Offline

Activity: 2016
Merit: 1005



View Profile
June 15, 2011, 11:29:54 AM
 #1

The transfer from another person can almost instantly be visible in your wallet, but it can take around 10 minutes until I can use it. So far so good. On FAQ page of one of the mining pools, however, you can read that transactions on the bitcoin network can take up to 120 blocks (20 hours) to be verified. Anyone willing to enlighten me how block chain of 120 blocks can be verified?
The World's Betting Exchange

Bet with play money. Win real Bitcoin. 5BTC Prize Fund for World Cup 2018.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1531816701
Hero Member
*
Offline Offline

Posts: 1531816701

View Profile Personal Message (Offline)

Ignore
1531816701
Reply with quote  #2

1531816701
Report to moderator
1531816701
Hero Member
*
Offline Offline

Posts: 1531816701

View Profile Personal Message (Offline)

Ignore
1531816701
Reply with quote  #2

1531816701
Report to moderator
1531816701
Hero Member
*
Offline Offline

Posts: 1531816701

View Profile Personal Message (Offline)

Ignore
1531816701
Reply with quote  #2

1531816701
Report to moderator
error
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500



View Profile
June 15, 2011, 01:15:56 PM
 #2

The BTC reward from mining a new block cannot be spent until 120 blocks.

3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
becoin
Legendary
*
Offline Offline

Activity: 2016
Merit: 1005



View Profile
June 15, 2011, 02:44:59 PM
 #3

The BTC reward from mining a new block cannot be spent until 120 blocks.
This is a major clarification, error. Thanks.
So, if I am a solo miner I'll get the mining reward 120 blocks after I've solved a block or I get it instantly but system would not accept it for payment until 120 blocks are solved after it?
error
Hero Member
*****
Offline Offline

Activity: 588
Merit: 500



View Profile
June 15, 2011, 02:56:57 PM
 #4

The BTC reward from mining a new block cannot be spent until 120 blocks.
This is a major clarification, error. Thanks.
So, if I am a solo miner I'll get the mining reward 120 blocks after I've solved a block or I get it instantly but system would not accept it for payment until 120 blocks are solved after it?

You will see the 50 BTC in your Bitcoin client after 2 confirmations; and it will say 118 blocks until maturity. After 120 confirmations you will be able to spend it.

3KzNGwzRZ6SimWuFAgh4TnXzHpruHMZmV8
becoin
Legendary
*
Offline Offline

Activity: 2016
Merit: 1005



View Profile
June 15, 2011, 04:19:52 PM
 #5

The BTC reward from mining a new block cannot be spent until 120 blocks.
This is a major clarification, error. Thanks.
So, if I am a solo miner I'll get the mining reward 120 blocks after I've solved a block or I get it instantly but system would not accept it for payment until 120 blocks are solved after it?

You will see the 50 BTC in your Bitcoin client after 2 confirmations; and it will say 118 blocks until maturity. After 120 confirmations you will be able to spend it.
Confirmations for what? Do I need to confirm receipt of those confirmations?! Do you mean 2 solved blocks? If so how is that different to the regular block count on the bitcoin client? Is there a screenshot I can see how do they look like? Again, thanks for taking the time to respond.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!