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pooya87
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a better term to be used instead of confirmation that would also remove the confusion you have is "depth". when you say a transaction has 260000 confirmation you are really saying that this transaction is 260000 blocks deep. or in other words there were 260000-1 blocks found after the block that included that transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
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Maus0728
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It is called " block depth" which means it is the number of block attached after the block where your transaction is included, the concept is similar to how " stack"works in programming, like for example, the genesis block, there is a total of 632,974 (at the time of writing this) confirmations which means there is a 632,973 blocks above the block in question. More resources here! [1] https://en.bitcoin.it/wiki/Confirmation
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flower2 (OP)
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June 04, 2020, 04:37:38 AM |
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a better term to be used instead of confirmation that would also remove the confusion you have is "depth". when you say a transaction has 260000 confirmation you are really saying that this transaction is 260000 blocks deep. or in other words there were 260000-1 blocks found after the block that included that transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
Every depth block will cost computation power, am I right? If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
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odolvlobo
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June 04, 2020, 04:44:24 AM |
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a better term to be used instead of confirmation that would also remove the confusion you have is "depth". when you say a transaction has 260000 confirmation you are really saying that this transaction is 260000 blocks deep. or in other words there were 260000-1 blocks found after the block that included that transaction.
so no there is no maximum limit for that number, as long as bitcoin exists and its blockchain is growing that number is increasing for any transaction.
Every depth block will cost computation power, am I right? If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system? It is really just the age of the transaction --the number of blocks since the transaction was included in the block chain. Once a block is added, nothing more is done with it. It costs no more to store a block on your computer than it costs to store a photo.
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pooya87
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June 04, 2020, 04:44:46 AM |
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Every depth block will cost computation power, am I right? If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
yes, it is the "work" miners do in bitcoin because of its "proof of work" algorithm to find a new block. that work takes computation power which increases/decreases based on difficulty which then adjusts based on how many miners (ore more accurately how much hashrate) is going into mining bitcoin. it is not a burden, it is how bitcoin works. the chain will continue growing just like it has been growing for the past 11 years (ie. the entire lifetime of bitcoin). keep in mind that the transaction and its block are verified only once when the node receives them.
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Maus0728
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Every depth block will cost computation power, am I right? If the amount of transaction is very small, and the depth is infinite, will it become a burden to whole bitcoin system?
" block depth" does not consume computation power but adding blocks that include your transaction in blockchain does. what you are referring to is " mining". The bitcoin network is maintained because of the capabilities of miners in securing the whole network by solving complex mathematical algorithms (guesswork). By doing so, miners are being rewarded of 6.25 BTC (as of now) in which they can use to sustain their equipment and to profit as well. Moreover, the transaction fees also helps in maintaing the bitcoin network if however the maximum supply of bitcoin has been mined.
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Welsh
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June 04, 2020, 07:24:42 PM |
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To answer the question without giving the details required. There's a limit once new blocks have stopped being generated, and depending on your predictions of Bitcoin that could vary greatly. Theoretically, once you get a certain amount of confirmations it will be theoretically impossible to change anything, so adding on another 1000 won't effect it too much beyond a certain point. What others have said, considering confirmations as block depth is a better way of thinking about it.
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crwth
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June 05, 2020, 09:11:46 AM |
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Theoretically, once you get a certain amount of confirmations it will be theoretically impossible to change anything, so adding on another 1000 won't effect it too much beyond a certain point. What others have said, considering confirmations as block depth is a better way of thinking about it.
That's true unless you hack every chain, and today, it's impossible—no sense in trying to do anything with it. I do like it better as block depth, which is directly proportional to the current block right now. I'm curious about what others look at it as well.
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