Sabunir (OP)
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January 26, 2010, 02:48:41 AM |
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Hello. My understanding of Bitcoin is not perfect, so I would like to ask questions about its operation. When Generating, the user will gain 50 coins after creating 120 blocks. Why does the program continue generating blocks after that point? And why does one not gain another 50 coins after generating 240 blocks?
Also, I sent a few coins to someone to test the transaction system. Even though it was just a few coins, that transaction's status currently reads "166 blocks". It seems that it will continue incrementing indefinitely. Why is this?
I thank responders for increasing my knowledge.
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sirius
Bitcoiner
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January 26, 2010, 04:43:44 AM
Last edit: January 26, 2010, 02:45:37 PM by sirius-m Merited by EFS (50), ABCbits (2) |
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The user gets 50 coins when he has created 1 block. The coins can be used (they "mature") when 120 blocks have been generated by the whole network after he created the block. The number of blocks of a transaction means the number of new blocks in the whole block chain after the transaction. The whole block chain grows ad infinitum.
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Sabunir (OP)
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January 26, 2010, 06:16:23 PM |
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So that transaction will eventually read "1000 blocks" or more? Is this information important?
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riX
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January 26, 2010, 10:51:47 PM |
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Yes it will.
Importance is relative. You can use the number of blocks to calculate some statistics. Also, if you press ctrl+[numpad+], you will see the serial number and hash of the blocks. (At least on windows).
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satoshi
Founder
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Where it says "# blocks" in the status column I'm changing it to say "# confirmations". That might be clearer.
If you doubleclick on the transaction you get a little more information.
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yatyatling
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Giveaways, tutorials and more: https://Ecua.Mobi
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April 05, 2015, 06:45:05 AM |
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Where it says "# blocks" in the status column I'm changing it to say "# confirmations". That might be clearer.
If you doubleclick on the transaction you get a little more information.
This is the origin of the word 'confirmation' when a transaction gets approved in the blockchain. Great to found out this. |
Giveaways, tutorials and more: Visit Ecua.Mobi
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bitcoinwallet.id
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April 05, 2015, 06:47:36 AM |
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Hello. My understanding of Bitcoin is not perfect, so I would like to ask questions about its operation. When Generating, the user will gain 50 coins after creating 120 blocks. Why does the program continue generating blocks after that point? And why does one not gain another 50 coins after generating 240 blocks?
Also, I sent a few coins to someone to test the transaction system. Even though it was just a few coins, that transaction's status currently reads "166 blocks". It seems that it will continue incrementing indefinitely. Why is this?
I thank responders for increasing my knowledge.
It continue generating blocks?! The miners now are aimed to generate as more blocks as possible. Also you use a few bitcoins to test it? You are so rich! |
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e1ghtSpace
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Crypto since 2014
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April 05, 2015, 10:34:48 AM |
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SATOSHI IS BACK!! Oh wait people are quoting super old threads...
Ahh just looking through his posts is awe inspiring.
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AtheistAKASaneBrain
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April 05, 2015, 12:42:21 PM |
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blocks never stop generating, but the reward is decreasing over time & someday miners will get 0BTC reward
What will be the incentive for miners to keep mining to keep processing the transactions then? can the fees be enough to keep the whole thing moving? considering now the low price was a problem, what would happen by 2140? even if the price is 100 million dollars per BTC, if all its mined so what? |
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CoinKeeper
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April 05, 2015, 12:43:56 PM |
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If the blocks never stop generating in my PC, then I will be very rich now (given that all blocks generated have 25 BTC and the price of bitcoin is still the same as now)  |
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el kaka22
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www.Crypto.Games: Multiple coins, multiple games
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April 05, 2015, 01:55:39 PM |
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Hello. My understanding of Bitcoin is not perfect, so I would like to ask questions about its operation. When Generating, the user will gain 50 coins after creating 120 blocks. Why does the program continue generating blocks after that point? And why does one not gain another 50 coins after generating 240 blocks?
Also, I sent a few coins to someone to test the transaction system. Even though it was just a few coins, that transaction's status currently reads "166 blocks". It seems that it will continue incrementing indefinitely. Why is this?
I thank responders for increasing my knowledge.
It continue generating blocks?! The miners now are aimed to generate as more blocks as possible. Also you use a few bitcoins to test it? You are so rich! He isn't rich. Bitcoin is worth less than 1 cent at that time, so few coins (like 10 coins?) at that time have equal value of about 10000 satoshis. However if he don't sell the few coins and keep them to now, he is really losing $2500 (assume that the number of coins he used to test is 10). |
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jonald_fyookball
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Core dev leaves me neg feedback #abuse #political
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April 05, 2015, 02:19:32 PM |
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blocks never stop generating, but the reward is decreasing over time & someday miners will get 0BTC reward
What will be the incentive for miners to keep mining to keep processing the transactions then? can the fees be enough to keep the whole thing moving? considering now the low price was a problem, what would happen by 2140? even if the price is 100 million dollars per BTC, if all its mined so what? yes tx vol needs to increase a lot but there is time. |
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