Hi all,
I've series of stupid question about tx confirmation .
It's just number of blocks above the one with tx. in it. Right?
The first "confirmation" is the block that has the transaction in it.
Each additional "confirmation" is another block added to the blockchain after the block that has the transaction in it.
Blocks are made quite often so far.
The protocol is designed to try to keep block creation close to an average of 10 minutes per block. The protocol automatically adjusts difficulty every 2016 blocks. If the total minutes for the past 2016 blocks is less than 20,160 minutes (blocks are happening too fast), then the protocol increases difficulty. If the total minutes for the past 2016 blocks is more than 20,160 (blocks are happening too slow), then the protocol decreases difficulty.
But how about mining about yr 2110? or even later?
The protocol doesn't know anything about the date. It will work the same in 2110, and in 2200 (if it is still around then).
Won't it take much longer to find a block, or the rate when block is fund remain same?
The rate will remain the same.
Are we (they) going to wait few days to get confirmations?
That depends on how many confirmations you want. If you want more than 144 confirmations, then you'll usually have to wait more than a day.
