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Tawsix (OP)
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April 22, 2011, 08:07:38 AM
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I am wondering why blocks are generated only once every 10 or so minutes.  Why not halve or quarter the time it takes to generate a block and lower the reward by the same amount so that transactions can be confirmed faster?  I feel like the confirmation of transactions is currently the weakest part of bitcoins, and that it makes them extremely inconvenient if they ever become a currency used in real life transactions.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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April 22, 2011, 08:35:45 AM
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It is arbitrary but it is a reasonable tradeoff between confirmation time and network consistency. If the blocks were created every minute or so, there will be a lot of "collisions", situations where blocks are created at almost the same time that result in the chain fork. Now, the chain forks are rare.
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April 22, 2011, 12:29:49 PM
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A Paypal transaction takes 6 months to confirm.

That I call extremely inconvenient.
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