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Author Topic: The Blockchain Confirmations  (Read 47 times)
Kevin Dubbeld
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February 13, 2018, 01:19:22 PM
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Isn’t it right that bitcoins transactions are only confirmed when a block is mined?

Normal bitcoin website explain it like this: "Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network." So really how could the network confirm it, without new blocks?

So when we hit 21.000.000 and there are no blocks to mine, how will you transfer your bitcoin if it can’t be confirmed?

Quote from: buybitcoinworldwide.com/confirmations

Please share reliable sources when trying to help find a solution. Thank you!
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Maveth13
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February 13, 2018, 01:34:00 PM
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I think you're mixing blocks and bitcoin itself. Bitcoins come as reward with every block, blocks will and can still be mined but without the reward. We will hit 21 million bitcoins, not 21 million blocks.
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February 13, 2018, 02:52:06 PM
 #3

Isn’t it right that bitcoins transactions are only confirmed when a block is mined?

Normal bitcoin website explain it like this: "Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network." So really how could the network confirm it, without new blocks?

So when we hit 21.000.000 and there are no blocks to mine, how will you transfer your bitcoin if it can’t be confirmed?

Quote from: buybitcoinworldwide.com/confirmations

Please share reliable sources when trying to help find a solution. Thank you!

The limit of 21 million refers to the units of Bitcoin that will ever be generated. Each new block found currently will generate new bitcoins, given as a reward to the miner that solved the block. Once these rewards dwindle... As the reward halves every 210k blocks, miners will still be incentivised through fees included with transactions. So there is always an incentive to mine.

Also, blocks don't necessarily mean your txs are confirmed. They only are when/if the miner solving the block includes yr tx in the block. They're free to choose from the pool of txs... And can even choose to mine an empty block (including no txs except for the coin base tx generating new coins) if they want.

DannyHamilton
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February 13, 2018, 02:56:14 PM
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 #4

Isn’t it right that bitcoins transactions are only confirmed when a block is mined?

Normal bitcoin website explain it like this: "Roughly every ten minutes, a new block is created and added to the blockchain through the mining process. This block verifies and records any new transactions. The transactions are then said to have been confirmed by the Bitcoin network." So really how could the network confirm it, without new blocks?

So when we hit 21.000.000 and there are no blocks to mine, how will you transfer your bitcoin if it can’t be confirmed?

Quote from: buybitcoinworldwide.com/confirmations

Please share reliable sources when trying to help find a solution. Thank you!

Blocks will continue to be mined as long as bitcoin exists.

Miners earn money for creating blocks of transactions and completing the proof-of-work. That revenue comes form two sources.

1. A block subsidy of new currency added to the system (inflation).

2. Transaction fees from the transactions that the miner includes in the block.

The block subsidy started at 50 BTC per block.  Approximately every 4 years (exactly every 210,000 blocks), the subsidy is cut in half (and rounded down to the nearest 0.00000001 BTC.  So, it was cut to 25 BTC per block back in late 2012, and it was cut to 12.5 BTC per block back in mid 2016.  This cutting in half of the subsidy will continue until approximately the year 2140 when the subsidy will be cut from 0.00000001 BTC to 0.0 BTC. After that there will no longer be a subsidy.

Meanwhile as bitcoin gains popularity and use, there are more transactions.  This results in higher transaction fee value.  As the subsidy decreases and the value of the fees increase, the percentage of the miner's revenue that comes from fees will increase over time. Eventually, more than 110 years form now, the revenue of the miner will come entirely from these fees.

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