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Author Topic: Up to 20 hours for transaction verification by the bitcoin network. What's that?  (Read 941 times)
becoin
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June 15, 2011, 11:29:54 AM
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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?
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"In a nutshell, the network works like a distributed timestamp server, stamping the first transaction to spend a coin. It takes advantage of the nature of information being easy to spread but hard to stifle." -- Satoshi
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June 15, 2011, 01:15:56 PM
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The BTC reward from mining a new block cannot be spent until 120 blocks.

15UFyv6kfWgq83Pp3yhXPr8rknv9m6581W
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June 15, 2011, 02:44:59 PM
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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?
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June 15, 2011, 02:56:57 PM
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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.

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June 15, 2011, 04:19:52 PM
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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.
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